XStocks hits $10B in volume 4 months after launch as tokenized stocks gain traction
XStocks, a tokenized equity platform created by Backed and Kraken, has surpassed $10 billion in transaction volume just over four months after launch. The platform offers over 60 tokenized equities and ETFs, fully backed 1:1 by underlying assets, and operates across Ethereum, Solana, BNB Chain, and Tron. XStocks has $2 billion in onchain transaction activity, 45,000 onchain holders, and $135 million in assets under management. Despite regulatory uncertainties, tokenized equities like XStocks and competitors such as Securitize and Robinhood have seen rapid growth, with $666 million in tokenized public stocks currently held onchain.
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XStocks Achieves Milestone in Transaction Volume
XStocks, a tokenized equity platform developed by RWA tokenization firm Backed and crypto exchange Kraken, has surpassed $10 billion in total transaction volume. This achievement comes just four months after its launch, highlighting a growing interest in tokenized investment products.
Tokenized Assets Offered on XStocks
The platform launched earlier this year, offering over 60 tokenized equities, including major companies such as Nvidia, Amazon, Tesla, and Meta Platforms. It also includes several exchange-traded funds (ETFs). Each xStock token is fully backed 1:1 by its underlying equity or ETF, issued through a partnership between Backed and Kraken.
Multi-Blockchain Reach and Onchain Growth
XStocks operates across multiple blockchain ecosystems — Ethereum, Solana, BNB Chain, and Tron — making the platform widely accessible. Additionally, the platform has reported nearly $2 billion in onchain transaction activity and participation from over 45,000 onchain holders, with total assets under management reaching $135 million.
Competitive Landscape in Tokenized Equities
The xStocks offering is part of a broader trend in tokenized equities. Competitors include Securitize, which creates tokenized shares, funds, and other RWAs on blockchain, as well as Robinhood Markets, which has started rolling out stock tokens in selected regions. This reflects the growing interest across platforms in providing exposure to tokenized equities.
Regulatory Uncertainty in Tokenized Assets
Despite its rapid growth, the tokenized equities market remains in a legal gray area. According to John Murillo, Chief Business Officer at fintech firm B2Broker, tokenized shares represent digital exposure to underlying financial assets rather than direct ownership of the shares. Investors hold tokens issued by intermediaries, which may entitle them to payouts but not ownership rights.
Market Insights and Current Data
Despite regulatory concerns, the total value of tokenized public stocks held onchain has reached approximately $666 million, according to industry data. This figure excludes cumulative trading volume. The continued growth suggests strong investor confidence in tokenized equities, even as the sector awaits clearer regulatory guidelines.