X Layer, OKX's Ethereum layer 2 built using Polygon CDK and zkEVM technology, has accumulated approximately $91.5 million in market cap across 836 tokenized assets in under three months. The platform launched its xStocks integration on June 15 following a partnership announcement with xStocks to bring tokenized US equities, ETFs, and commodities to the chain.
The milestone places X Layer at roughly 3.1% of the overall tokenized equities market, a position the platform held zero share in before mid-June. The portfolio maintains notable diversification, with no single asset exceeding approximately 9% of total holdings. MicroStrategy's tokenized stock, MSTRx, represents the largest holding at around $8.45 million.
Platform Structure and Access
X Layer's xStocks offering provides 1:1 backed tokens representing real stocks with zero-fee trading and permissionless self-custody. Users in over 110 countries can participate, though US persons are excluded. The chain uses OKB for transaction fees.
Assets issued by Backed Finance trade through OKX Wallet, with the platform's asset mix skewed heavily toward equities at roughly 88%, with ETFs comprising the remaining 12%.
Broader xStocks Ecosystem
X Layer's $91.5 million represents a portion of the larger xStocks platform, which maintains total assets under management ranging from $685 million to $811 million across multiple blockchains. Solana remains the dominant chain for xStocks, followed by Ethereum, with X Layer in third position.
The platform has recorded cumulative trading volumes exceeding $35 billion since launching on June 30, 2025. Each token is backed 1:1 by the underlying asset through issuer Backed Finance, ensuring real stocks and ETF units correspond to on-chain tokens.
Distribution Strategy
OKX Wallet integration provides xStocks assets on X Layer accessible to OKX's existing user base without requiring users to navigate unfamiliar interfaces or bridge assets across chains. This distribution advantage compressed adoption timelines significantly, with X Layer capturing 3.1% of the tokenized equities market within three months starting from zero.
