Kraken’s xStocks tops $25B in volume with more than 80K onchain holders

Blockchain-based versions of US stocks are drawing growing investor activity, with onchain wallets and cross-venue trading expanding rapidly.

Kraken’s tokenized equities platform, xStocks, has surpassed $25 billion in total transaction volume less than eight months after launch, underscoring accelerating adoption as tokenization gains traction among mainstream investors.

Kraken disclosed Thursday that the $25 billion figure includes trading across centralized exchanges and decentralized exchanges, as well as minting and redemption activity. The milestone represents a 150% increase since November, when xStocks first crossed $10 billion in cumulative transaction volume.

The xStocks tokens are issued by Backed Finance, a regulated asset provider that creates 1:1 backed tokenized representations of publicly traded equities and exchange-traded funds. Kraken serves as a primary distribution and trading venue, while Backed is responsible for structuring and issuing the tokenized instruments.