Kraken’s tokenized equities platform, xStocks, has surpassed $25 billion in cumulative transaction volume less than eight months after launch, reflecting growing investor engagement with blockchain-based representations of traditional assets. The figure includes activity across centralized and decentralized venues, as well as minting and redemption flows.
The tokens, issued by regulated provider Backed Finance, represent 1:1 backed versions of publicly traded equities and exchange-traded funds, with Kraken acting as a primary distribution and trading venue. Since its launch in 2025, the platform has listed more than 60 tokenized equities tied to major US companies, while onchain trading alone has reached $3.5 billion and attracted over 80,000 unique holders.
Rising onchain participation indicates increasing integration of tokenized equities into decentralized finance ecosystems and self-custody workflows. The milestone also aligns with broader growth in tokenized real-world assets, a segment expanding despite broader crypto market volatility and declining aggregate market capitalization.
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