TL;DR
- Category leadership and scale: xStocks is the largest provider/framework for tokenized equities, surpassing $25B+ total transaction volume across CEX + DEX + mint/redemption activity, achieved in under eight months, indicating sustained liquidity and real market usage (not experimental infrastructure).
- Onchain adoption and market share signals: The milestone includes $3.5B+ onchain volume, 80,000+ unique onchain holders, and leadership by breadth of holders: 8 of the top 11 tokenized equities by unique holders are xStocks, and xStocks account for 68% of the top 25 tokenized stocks by unique holders (as of Feb 17, 2026).
- Model and interoperability standard: Each xStock is fully backed 1:1 by the underlying stock/ETF, held with a licensed custodian in a bankruptcy-remote structure; xStocks are integrated across exchanges, DeFi, self-custody wallets, and consumer apps, designed for cross-chain mobility (live on Solana, Ethereum, and TON, with more integrations planned), reflecting a push toward always-on, permissionless, interoperable tokenized equity rails.
Momentum and market maturity
xStocks have surpassed $25 billion in total transaction volume across centralized and decentralized venues, reinforcing their position as the largest provider and leading framework for tokenized equities globally.
The milestone includes more than $3.5 billion in onchain activity from over 80,000 unique onchain holders. Tokenized equities are no longer experimental infrastructure. They are live markets with sustained liquidity, active participation, and growing global demand.
Adoption spans centralized exchanges, DeFi protocols, self custody wallets, and consumer applications, with xStocks emerging as a leading example of this multi venue integration in practice. As the category matures, usage is consolidating around standards that deliver real liquidity, repeated engagement, and seamless interoperability across chains.
Always-on markets, permissionless access, and cross chain mobility are becoming baseline expectations rather than optional features.
Global tokenized equities demand is accelerating
Crossing $25 billion in combined CEX, DEX, mint and redemption transaction volume in under eight months marks a defining moment for the tokenized equities category.
xStocks adoption continues to outpace competing standards, reflecting strong demand and growing confidence in fully collateralized, transparently structured models that bridge traditional U.S. capital markets with blockchain infrastructure.
Onchain metrics also reinforce this leadership. xStocks hold 8 of the top 11 positions for tokenized equities by unique holders and account for 68% of the top 25 tokenized stocks by unique holders as of February 17, 2026.
While institutions continue to evaluate tokenization strategies, leading crypto platforms — including Bybit, Gate.io, and others have already integrated xStocks, bringing tokenized U.S. equities to thousands of retail investors, professional traders and institutional clients worldwide.
Building open, interoperable capital markets through the xStocks Alliance
xStocks is not just a product. It is the infrastructure layer for the gold standard of tokenized equities.
The xStocks ecosystem is expanding at pace. New assets are listed every month. New builders are integrating the framework. New partners are joining the xStocks Alliance. This is not incremental growth, it is the formation of a new market structure.
The reason is because xStocks are not being built inside a walled garden or on a single blockchain. The xStocks Alliance approach is advancing a shared vision for tokenized equities rooted in interoperability, as well as open and permissionless standards. xStocks are designed to move seamlessly between individuals, platforms, and onchain ecosystems without friction or fragmentation.
Together, Alliance members are enabling thousands of holders worldwide to access, trade, transfer, and utilize tokenized equities across networks. Open systems create deeper liquidity, stronger network effects, and more durable markets. Interoperable assets unlock far greater utility than siloed financial products ever could.
“xStocks have fused crypto and traditional markets, turning tokenized equities from an idea into global infrastructure. Eclipsing the $25 billion milestone so quickly demonstrates that investors around the world are ready for markets that are open, permissionless, and built for the internet age”, said Val Gui, General Manager for xStocks. “xStocks are reimagining how real-world assets move, trade, and thrive onchain — without borders or downtime.”
Fully backed. Built to scale.
Each xStock remains fully backed one to one by its underlying stock or ETF, held by a licensed custodian in a bankruptcy remote structure. This model ensures tokenized equities are grounded in real ownership and designed for long term confidence.
More than 80,000 unique onchain holders now participate in the ecosystem, with nearly $225 million in aggregate AUM across xStocks. Onchain activity continues to accelerate alongside broader real world asset adoption.
Operating across Solana, Ethereum, and TON, with additional blockchain integrations coming, xStocks are built to maximize liquidity and reduce fragmentation wherever users choose to build.
Reaching $25 billion in transaction volume is more than a milestone. It is a signal that global capital markets are becoming more open, more accessible, and increasingly native to the internet.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not nor will be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
