Ether.Fi has launched native xStocks minting and redemption on OP Mainnet, removing wrapped Ethereum routing and giving eligible users direct access to tokenized equities inside self-custodial accounts. The move comes as Token Terminal data shows tokenized stocks reached approximately $5 billion in market capitalization, an 841.3% increase over the prior year.
The full xStocks catalog of more than 1,500 equities has been running natively on OP Mainnet for several months, according to Optimism. Eligible users can mint through the xStocks.fi web interface. The catalog covers the full Russell 1000 plus assets such as NVDAx, TSLAx, QQQx, SPYx and TBLLx. Ether.Fi first added xStocks trading in wrapped form with its Summer 2026 release, but the new architecture settles directly on OP Mainnet instead of routing through Ethereum mainnet.
The setup separates responsibilities across three layers: Backed Assets and Payward operate the xStocks asset layer across 12 chains, Ether.Fi provides the application layer and self-custodial user accounts, and OP Mainnet serves as settlement infrastructure. Optimism Foundation and OP Labs do not issue, operate, custody or administer xStocks. Native deployment makes the assets composable with lending markets, DEXs and applications on OP Mainnet without a bridge, subject to issuer limits and geographic availability. xStocks have generated over $46 billion in transaction volume since June 2025.
Broader competition among tokenized-equity issuers is intensifying. Binance’s bStocks, issued by BTech Holdings Limited in Abu Dhabi Global Market, lead with a reported market cap of approximately $1.29 billion, while Kraken-distributed xStocks from Jersey-based Backed Assets (JE) Limited hold about $1.02 billion and Ondo Global Markets accounts for roughly $1.00 billion. Castle Labs data dated November 12 valued the sector at about $3.01 billion across 1,655 instruments, with daily trading activity of $1.44 billion. A separate tracker, tokenstock.info, reported a smaller aggregate valuation of $2.43 billion on November 11, reflecting differences in how providers classify equity-linked certificates, pre-IPO instruments and circulating supply.
Redemption mechanics differ meaningfully. xStocks direct issuer redemption is subject to a $5,000 minimum and identity verification, while Ondo Global Markets reports standard minimums starting at $1 and some instant-liquidity routes applying a $10 threshold. Binance relies on designated conversion infrastructure through Nest Trading Limited, with regulatory eligibility determining access. Daily trading volume is heavily concentrated: bStocks generated approximately $981 million, compared with $135.7 million for xStocks and $127.4 million for Ondo Global Markets. Access remains geographically restricted; xStocks are unavailable in the United States, United Kingdom and other restricted jurisdictions.
