Tokenized stocks issued by xStocks on X Layer have reached a market cap of $172.8 million, representing a 187.2% increase over one month. The platform, which launched on X Layer on June 15, has expanded from barely existing on the chain three months prior to become a notable entrant in tokenized securities trading.
Platform Overview
xStocks, built by Backed Finance and hosted on OKX's Ethereum Layer 2 blockchain, now offers more than 900 tokenized US equities and ETFs. Each token is backed 1:1 by the actual underlying security held in regulated custody, rather than functioning as synthetic derivatives or algorithmic mirrors.
The portfolio comprises approximately 88% equities and 12% ETFs, structured with diversification limits that prevent any single asset from exceeding about 9% of total portfolio value. MicroStrategy's tokenized counterpart (MSTRx) represents one of the largest positions at approximately $28.6 million in market cap.
Trading occurs through the OKX Wallet, enabling 24/7 market access compared to the six-and-a-half-hour trading window of traditional US equity markets.
Broader Expansion
The xStocks platform launched more broadly on June 30, 2025, and has since expanded across multiple blockchains. Cumulative trading volumes have reached between $35 billion and $40 billion across approximately 800 assets.
Regulatory and Structural Considerations
Backed Finance, the Swiss-based issuer, operates within a regulated framework with assets held in regulated custody. The company is associated with Payward, Kraken's parent company.
Tokenized tracker certificates provide price exposure to underlying securities without conferring shareholder rights such as voting. The 1:1 backing model depends on the continued solvency and transparency of custodial and issuance infrastructure. Regulatory frameworks governing tokenized securities remain subject to change as jurisdictions continue to evaluate this asset class.
