Tokenized U.
S. equities platform xStocks, a collaboration between cryptocurrency exchange Kraken and asset tokenization firm Backed, has reported over $10 billion in combined transaction volume across centralized and decentralized exchanges. This includes nearly $2 billion generated from onchain activity, achieved within 135 days of its public launch.
The milestone indicates a growing international demand for open, permissionless, and interoperable financial assets that bridge traditional capital markets with the internet economy. xStocks enables users in eligible regions to gain exposure to U.
S. stocks and exchange-traded funds (ETFs). These assets can be held on platforms like Kraken or in self-custodial wallets, providing opportunities for decentralized finance (DeFi) applications where they can be used as collateral.
Initially launched on the Solana blockchain and made accessible to Kraken clients in over 160 countries, as well as Bybit users, xStocks has since expanded its presence to Ethereum. Further integrations are planned to broaden access and liquidity across various blockchains and platforms.
Beyond Kraken, xStocks supports a network of global partners, including Alchemy Pay, Bybit, Gate.io, Phantom Wallet, Trust Wallet, and Wallet in Telegram. This multi-platform alliance aims to integrate traditional equities into the open internet economy, facilitating the seamless buying, trading, and transfer of tokenized stocks across networks, wallets, and exchanges.
Mark Greenberg, Kraken’s Global Head of Consumer, commented on the achievement, stating, “xStocks have bridged the worlds of crypto and traditional investing, turning the promise of tokenized equities into a global reality. Crossing this milestone so quickly proves that people around the world want financial assets that live natively on the internet — permissionless, open, and accessible to anyone. xStocks are redefining how real-world assets can move, trade, and thrive onchain.”
Each xStock is fully backed 1:1 by its underlying equity or ETF, which is held by a licensed custodian in a bankruptcy-remote structure. Backed issues these tokens in partnership with Kraken, which provides distribution, capital, and liquidity. To date, the xStocks ecosystem has attracted more than 45,000 unique onchain holders, accumulating over $135 million in aggregated assets under management (AUM).
This growth represents a significant development for real-world assets (RWA) onchain, as investors increasingly seek transparent, borderless access to traditional markets through self-custodial systems. The multi-chain, multi-platform approach of xStocks is designed to support its objective of making global investing seamless, permissionless, and suited for the internet age.
It is important to note that xStocks have not been registered under the United States Securities Act of 1933 or any U.
S. state securities laws. Consequently, xStocks are not available in the United States or to U.
S. persons and may not be offered, sold, or delivered, directly or indirectly, in the United States or to U.
S. persons.
