Kraken’s tokenized stock platform, xStocks, has surpassed $25 billion in total trading volume less than eight months after launch, highlighting the platform’s accelerating adoption as tokenization gains traction among mainstream investors.
Kraken revealed As of Thursday, the $25 billion figure includes trading on centralized and decentralized exchanges, as well as coin minting and redemption activities. This milestone represents a 150% escalate since November, when xStocks first surpassed $10 billion in cumulative trading volume.
xStocks tokens are issued by Backed Finance, a regulated asset provider that creates tokenized representations of listed stocks and funds on a 1:1 ratio. Kraken serves as the main distribution and trading venue, while Backed is responsible for structuring and issuing tokenized instruments.
When xStocks debuted in 2025, it offered over 60 tokenized stocks, including stocks tied to major US tech companies such as Amazon, Meta Platforms, Nvidia and Tesla.
Kraken said onchain activity has been a key growth driver since launch, with xStocks generating $3.5 billion in onchain trading volume and surpassing 80,000 unique onchain holders.
Unlike trading, which takes place solely on the internal order books of centralized exchanges, onchain activity takes place directly on public blockchains, where transactions are crystal clear and wallets can manage assets themselves.
Growing participation on the network suggests that users are not only trading tokenized stocks, but also integrating them into broader decentralized finance (DeFi) ecosystems.
Kraken said eight of the top 11 tokenized stocks by unique holders are now part of the xStocks ecosystem, signaling increased market share in the emerging tokenized stocks sector.
Related: Kraken launches tokenized securities trading in Europe with xStocks
Tokenized stocks reflect the early growth of stablecoins
Real-world asset (RWA) tokenization remains one of the fastest-growing segments of the digital asset market, even though cryptocurrency prices have been on a downward trend since the beginning of the year.
According to industry data, tokenized RWA assets have increased by 13.5% in the last 30 days. By comparison, the broader cryptocurrency market lost about $1 trillion in market value over the same period.
Market watchers say tokenized stocks may be experiencing their own “stablecoin moment,” a reference to the rapid early adoption that catapulted dollar-pegged digital assets into the mainstream.
Data from Token Terminal shows tokenized stocks reached a market capitalization of $1.2 billion in December, after being virtually non-existent six months earlier.
Related: Crypto Investment Guide 2026: Bitcoin, Stablecoin Infrastructure, Tokenized Assets