Less than eight months after its inception, Kraken’s tokenised stock platform, xStocks, has topped $25 billion in total transaction volume, highlighting the platform’s rapid acceptance as tokenisation becomes more popular with mainstream investors.
Kraken revealed on Thursday that the $25 billion total includes minting and redemption activities in addition to trading on both centralised and decentralised exchanges. Since November, when xStocks’ total transaction volume surpassed $10 billion, the milestone signifies a 150% increase.
Backed Finance, a regulated asset provider that produces 1:1 backed tokenised representations of publicly traded stocks and exchange-traded funds, is the company that issues the xStocks tokens. Backed oversees creating and issuing the tokenised products, while Kraken acts as the main distribution and trading platform.
More than 60 tokenised stocks were available when xStocks made its debut in 2025, including shares connected to well-known US tech firms like Amazon, Meta Platforms, Nvidia, and Tesla.
With xStocks generating $3.5 billion in on-chain trading volume and achieving 80,000 unique on-chain holders, Kraken claimed that on-chain activity has been a major growth driver since launch.
on-chain activity happens directly on public blockchains, where transactions are visible and wallets can self-custody assets, in contrast to trading that only takes place within the internal order books of centralised exchanges.
An increase in on-chain participation indicates that users are incorporating tokenised stocks into larger decentralised finance (DeFi) ecosystems in addition to trading them.
According to Kraken, the xStocks ecosystem currently includes eight of the eleven biggest tokenised equities by unique holder count, indicating a rise in market share in the nascent tokenised equity industry.
Even if the overall price of cryptocurrencies has been down since the beginning of the year, tokenisation of real-world assets (RWAs) is still one of the fastest-growing sectors of the digital asset market.
Industry data shows that over the past 30 days, the total value of tokenised RWAs has climbed by 13.5%. In contrast, the market value of the larger cryptocurrency market fell by almost $1 trillion over that time.
Tokenised stocks, according to market watchers, might be having their own “stablecoin moment,” a reference to the quick early acceptance that brought dollar-pegged digital assets to the public.
Data from Token Terminal shows tokenized stocks reached a market capitalization of $1.2 billion in December, after being virtually non-existent six months earlier.
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