Bitaigen Research 
Kraken recently announced that its tokenized‑stock platform xStocks, launched less than eight months ago, has already generated cumulative trading volume exceeding $25 billion USD. This figure aggregates buying and selling activity on both centralized exchanges (CEX) and decentralized exchanges (DEX), as well as the minting and redemption of the tokens themselves. Compared with the milestone of $10 billion USD first crossed in November of last year, the overall trading scale has grown by roughly 150 %.
On the on‑chain side, xStocks’ activity is similarly impressive. The platform reports that total on‑chain transaction value has reached $3.5 billion USD, and that there are more than 80,000 distinct holders. On‑chain operations occur directly on public blockchains, making the transaction process transparent and allowing users to retain custody of their assets— a stark contrast to the model where trades are matched solely within a centralized exchange’s internal order book. Participants are not only buying and selling tokenized stocks but also gradually integrating them into the broader decentralized finance (DeFi) ecosystem.
Looking at the holder composition, when counting unique wallet addresses, 8 of the 11 most‑watched tokenized stocks have already been added to the xStocks ecosystem, further illustrating Kraken’s penetration in this niche market segment.
The tokens behind xStocks are issued by the regulated asset provider Backed Finance. Backed designs and issues token certificates that are 1:1 pegged to publicly traded stocks and exchange‑traded funds (ETFs), while Kraken handles the primary distribution and trading functions. At launch, the platform offered more than 60 tokenized stocks, covering major U.S. technology firms such as Amazon, Meta Platforms, NVIDIA, and Tesla.
Source: xStocks
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In this article we outline the latest market performance of Kraken’s tokenized‑stock platform, dissect the rapid growth in trading volume and on‑chain holder counts, and explore the regulatory framework and DeFi integration path behind it, helping readers grasp the evolving dynamics of this emerging asset class.
Tokenized stocks mirror the early surge of stablecoins
Tokenization of real‑world assets (RWAs) remains one of the fastest‑growing segments in the digital‑asset space, even as the broader cryptocurrency market has been on a downtrend since the start of the year. Industry data indicates that over the past 30 days, the total value locked in tokenized real‑world assets rose by 13.5 %, while the overall crypto market capitalization shrank by roughly $1 trillion USD during the same period.
Observers point out that tokenized stocks are undergoing a phase comparable to the “early explosion” of stablecoins— a rapid influx of users and capital in a short time frame that pushes dollar‑pegged digital assets toward mainstream adoption. According to Token Terminal, the aggregate market cap of tokenized stocks surpassed $1.2 billion USD in December of last year, whereas such assets were virtually nonexistent six months earlier.
Since September 2023, the market cap of tokenized stocks has shown a pronounced upward trajectory. Source: Token Terminal
For more detailed information about Kraken’s xStocks surpassing $25 billion in trading volume and reaching over 80,000 on‑chain holders, feel free to follow Bitaigen (比特根) and its related coverage.
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