XStocks, the tokenized equity platform launched by Backed and Kraken, has crossed $10 billion in trading volume just 135 days after going live.
Key Takeaways
- XStocks surpassed $10 billion in total transaction volume just four months after its launch, reflecting strong demand for tokenized assets.
- The platform supports over 60 tokenized equities and ETFs, including shares of Tesla, Amazon, Nvidia and Meta.
- With operations on Ethereum, Solana, BNB Chain and Tron, XStocks attracted over 45,000 token holders and $135 million in assets under management.
- Regulatory uncertainties persist, but analysts say tokenized markets are gaining serious traction as hybrid financial models emerge.
What Happened?
XStocks, created by asset tokenization firm Backed in collaboration with crypto exchange Kraken, has achieved a significant milestone in a short time. Since its public launch just four months ago, the platform has processed more than $10 billion in trading volume, marking a major leap forward for tokenized equities.
xStocks have crossed $10B in Total Volume.
— xStocks (@xStocksFi) November 12, 2025
Across CEXes and DEXes, from retail traders to pros, we’re bringing tokenized equities to everyone. The assets users want, on the apps they use, and the exchanges they trust.
Now to double it. pic.twitter.com/TfBBk0TyEm
Explosive Growth in Tokenized Equities
XStocks launched with a broad lineup of more than 60 tokenized stocks and exchange-traded funds, featuring big names like Tesla, Amazon, Nvidia and Meta Platforms. Each token represents a 1:1 backing with the corresponding share or ETF, issued under a joint initiative by Backed and Kraken.
The platform operates across several major blockchain networks, including Ethereum, Solana, BNB Chain and Tron, allowing users to trade and transfer tokenized assets easily across different ecosystems. This multichain support has fueled the platform’s accessibility and growth worldwide.
Key platform statistics include:
- Nearly $2 billion in blockchain-based transactions.
- Over 45,000 on-chain token holders.
- Total assets under management of $135 million.
The company reported that activity on the platform surged in recent months, with usage climbing over 40 percent in the last 30 days and doubling in the two months prior. This momentum signals rising investor confidence in tokenized financial products.
Institutional Access and 24/7 Trading
XStocks is part of a broader movement to bring traditional financial assets onto blockchain rails. Its main competitors include Securitize, which offers tokenized private shares and funds, and Robinhood Markets, which has begun pilot programs for stock tokens.
According to Mark Greenberg, Kraken’s Global Head of Consumer, XStocks is bridging the gap between traditional investing and digital assets. He emphasized that the platform’s global reach and strong user adoption show growing interest in more accessible and internet-native financial instruments.
One standout feature of tokenized stocks is their ability to be traded 24/7, unlike traditional exchanges with fixed hours. This continuous trading model enables investors to react to market events in real time and better manage risk, contributing to a shift toward more flexible and programmable equity markets.
Regulatory Ambiguity Still Looms
Despite the explosive growth, tokenized stocks remain largely untested under most regulatory frameworks. John Murillo, chief business officer at fintech company B2Broker, noted that investors do not technically own shares but hold tokens issued by intermediaries.
Murillo said:
Legal experts warn that without clear guidelines, such products exist in a gray area between securities and crypto assets. Platforms like XStocks must ensure full collateralization and transparent custody practices to avoid regulatory backlash in regions like the United States and Europe.
Data from analytics firm RWA.xyz shows that approximately $666 million in tokenized public equities is currently held on-chain, not including cumulative trading volumes. Analysts expect this figure to grow as new frameworks emerge in regions like the European Union, Hong Kong and Singapore.
CoinLaw’s Takeaway
I found the pace of XStocks’ growth nothing short of remarkable. In my experience watching fintech trends, very few platforms gain this much traction so quickly. The ability to trade real-world equities on blockchain networks with 24/7 access is a game changer. But let’s be real. The legal structure is still murky. I’d advise caution for investors jumping in without understanding what kind of exposure these tokens represent. That said, if regulation catches up, tokenized stocks could soon be a core part of every investor’s toolkit.
