Key takeaways
- xStocks assets surpass $1 billion after quadrupling since February
- Tokenized equities generate $45 billion in cumulative transaction volume
- More than $100 million in xStocks enters decentralized finance
Kraken's tokenized equities ecosystem, xStocks, has surpassed $1 billion in assets under management, marking another milestone for blockchain-based stock trading as investors increasingly seek exposure to traditional financial markets through crypto infrastructure.
According to Payward's October 28 announcement, the platform crossed the threshold on October 27, up from approximately $225 million in February. The ecosystem now supports more than 1,500 tokenized representations of stocks, ETFs and IPOs spanning American, British, European and Hong Kong markets.
The milestone comes as competition intensifies between Kraken, Robinhood and Ondo Finance to bring publicly traded assets onto blockchains. Earlier tokenized stock growth had already pushed weekly trading activity toward $3 billion across leading networks.
xStocks Grows From 60 Assets to More Than 1,500
Launched in June 2025 with 60 tokenized U.S. equities and ETFs on Solana, xStocks has expanded into an ecosystem spanning more than 10 blockchains and hundreds of integrated partners.
Payward reports more than $45 billion in cumulative transaction volume and over 550,000 holders worldwide. Another $100 million in xStocks has been deployed across decentralized finance protocols, where eligible assets can serve as collateral or participate in lending.
Unlike ordinary brokerage accounts, tokenized stocks can move between supported exchanges, wallets and blockchain applications. Kraken has also expanded traditional stock trading across Europe, giving eligible customers access to conventional equities alongside blockchain-based representations.
The expansion includes tokenized Russell 1000 constituents, increasing coverage of major U.S. companies. However, the 1,500-plus ecosystem figure does not mean every asset is available through Kraken itself or in every jurisdiction.
Solana and Ethereum Compete for Tokenized Equity Activity
Tokenized equities are becoming an increasingly competitive market as blockchain networks seek to attract trading, settlement and financial applications.
Solana provided the original infrastructure for xStocks, while Ethereum-compatible networks have expanded distribution. Mantle introduced tokenized equities through xStocks and Bybit before adding a tokenized Franklin Templeton ETF.
The opportunity extends beyond trading. Bybit has enabled selected xStocks collateral across margin and lending products, allowing traders to borrow against tokenized equity exposure.
Meanwhile, rival Ondo Stocks surpassed $1 billion in tokenized asset value in August, demonstrating that Kraken is competing against another rapidly expanding issuer rather than building the market alone.
Tokenized Stocks Still Face Ownership and Regulatory Limits
Despite their growth, xStocks are not legally identical to owning shares through a traditional brokerage account.
The tokens are issued by Backed Assets (JE) Limited and provide economic exposure to underlying securities. Holders do not receive ordinary shareholder voting rights or direct cash dividends, although dividend benefits may be reflected through token adjustments.
Access also remains restricted. xStocks are unavailable to U.S. persons and investors in several other jurisdictions, including the United Kingdom, while regional eligibility and available products vary.
Regulatory opposition has become another challenge. Microsoft, Google and Goldman Sachs recently joined other companies questioning tokenized shares, highlighting tensions between established securities markets and blockchain-based alternatives.
