XStocks Hits $10B in 4 Months, Tokenized Stocks on the Rise

Riding the wave of growing interest in digital securities, XStocks, a tokenized equity platform developed by Backed and cryptocurrency exchange Kraken, has achieved impressive early success. In just four months, trading activity on the platform exceeded $10 billion. This milestone highlights strong demand for tokenized investment products and illustrates how blockchain technology is increasingly merging with traditional finance.

Rapid Adoption and Early Performance

The platform reached this milestone only 135 days after it became publicly available. At launch, XStocks offered more than 60 tokenized shares from leading companies, including Nvidia, Amazon, Tesla, and Meta, along with a variety of exchange-traded funds (ETFs). Every token represents its corresponding stock or ETF on a 1:1 basis and was issued by Backed together with Kraken.

These offerings quickly drew substantial attention, resulting in significant trading and strong user engagement. The early performance of the platform is particularly notable:

• Blockchain-based transactions on XStocks reached nearly $2 billion, reflecting a high level of market participation.
• The platform attracted over 45,000 token holders, with assets under management totaling approximately $135 million.
• Based on data released in early November, platform activity grew rapidly, rising over 40% in the 30 days leading up to the report and 100% in the 60 days before that, reflecting XStocks’ strong early momentum in tokenized equities.

Kraken’s Global Head of Consumer, Mark Greenberg, noted that XStocks effectively bridges digital assets with traditional investing, transforming tokenized equities into a global offering. He pointed to the rapid growth as evidence of worldwide interest in accessible, internet-based financial assets. This global reach is supported by the platform’s presence on multiple blockchain networks, including Ethereum, Solana, BNB Chain, and Tron, which allows users from diverse ecosystems to participate seamlessly.

Growth and the Future of Tokenized Markets

Despite ongoing regulatory uncertainties, John Murillo, chief business officer at fintech firm B2Broker, noted that tokenized stocks continue to expand even amid an unclear legal environment. Supporting this trend, recent data shows that on-chain holdings of tokenized shares amount to approximately $666 million, excluding overall trading volume. 

This growth is reinforced by one of the main advantages of tokenized stocks: their ability to be traded around the clock. DigiFT and Tiger Research note that continuous trading allows investors to manage risk at any time, beyond standard market hours, and contributes to a new equity market model where programmable assets operate more efficiently than traditional holdings.

Looking ahead, DigiFT and Tiger Research predict that tokenization of real-world assets will shift from experimental projects to the development of broader infrastructure. Hybrid markets combining licensed and unlicensed structures, tokenized stock platforms, and the introduction of on-chain IPOs are expected to form the framework for this emerging financial ecosystem.