Tokenized stocks issued through xStocks have reached a $1 billion onchain market capitalization, marking significant growth for the platform since its launch in June 2025.
Platform Growth and Expansion
xStocks launched on June 30, 2025, initially offering approximately 60 tokenized US stocks and ETFs. By October 2026, the platform had expanded to over 1,300 assets across more than 11 blockchains. The onchain market cap stood at roughly $685 million in early September 2026 before climbing to approximately $886 million by October 25, 2026.
The platform was launched by Backed Assets (JE) Limited, which has since been acquired by Payward, the parent company of Kraken.
How xStocks Works
Each token is structured to mirror one share of a real stock or ETF, backed 1:1 by underlying shares held in regulated custody. The tokens are structured as tracker certificates rather than direct share ownership, which enables round-the-clock trading on blockchains rather than being limited to traditional market hours.
Trading Activity
Cumulative trading volume on the platform has surpassed $40 billion. Onchain decentralized exchange activity alone exceeded $1 billion in a single month during September 2026.
Accessibility Restrictions
xStocks tokens are not available to US persons, despite tracking US stocks and ETFs.
Broader Market Context
xStocks operates within a broader tokenized equities category estimated to be worth approximately $2.67 billion.
Key Considerations
Holders of xStocks tokens depend on the issuer and custodian to maintain the 1:1 backing arrangement. Regulatory treatment of tokenized equities remains a variable that could reshape access and structure of these products.
