Kraken–Backed xStocks Surpasses $10B in Volume Just Four Months later than Launch
Backed–Kraken Platform Gains Traction
XStocks, the tokenized equity platform launched by real-world asset tokenization firm Backed and crypto platform Kraken, has surpassed $10 billion in total transaction volume just four months later than its debut. The milestone points to rising investor interest in tokenized equity and ETF products traded on public blockchains.
The platform went live earlier this year with more than 60 tokenized equities, including Nvidia, Amazon, Tesla and Meta Platforms, as well as a selection of platform-traded funds. Each xStock token is backed 1:1 by the corresponding share or ETF, issued by Backed in partnership with Kraken.
XStocks runs on ETH, Solana, BNB Chain and Tron, allowing trades and transfers across multiple blockchain networks. The company said it has processed almost $2 billion in on-chain transactions, with about 45,000 holders and assets under management totaling $135 million.
Investor Takeaway
Part of a Broader Tokenization Push
XStocks joins a growing field of firms bringing traditional assets onto blockchains. Competitors include Securitize, which offers tokenized funds and private shares, and Robinhood Markets, which has begun pilot programs for stock tokens in selected regions. The sector has attracted attention from platforms viewking to merge regulated securities with blockchain settlement.
Backed and Kraken’s collaboration gives XStocks access to institutional liquidity and crypto-native distribution. For Kraken, which already provides staking, custody and spot trading, tokenized equities broaden its product base at a time when platforms are under pressure to diversify revenue beyond .
Regulatory Clouds Remain
The surge in tokenized stock trading comes as legal uncertainty lingers. “It is crucial to understand that investors do not own actual shares; they hold tokens issued by intermediaries, which may entitle them to payouts if the underlying shares increase in value or are sold,” said John Murillo, chief business officer at fintech firm B2Broker. “That distinction is central to how regulators will eventually classify these products.”
Most represent synthetic exposure rather than direct ownership, meaning they fall into a gray area between securities and crypto assets. Industry lawyers say platforms like XStocks must maintain full collateralization and transparent custody structures to avoid enforcement risks in the U.S. and Europe.
According to data from analytics firm RWA.xyz, the value of tokenized public equities held on-chain stands at about $666 million, excluding cumulative trading volume. Analysts expect the figure to grow as more brokerages and issuers launch regulated tokenization pilots under frameworks emerging in the European Union, Hong Kong and Singapore.
Investor Takeaway
XStocks’ ahead growth reflects the appeal of real-world asset tokenization during a broader rebound in digital-asset markets. If volumes continue at the current pace, the platform could outstrip the first-year totals of earlier RWA projects by a wide margin. Whether regulators treat xStock tokens as securities or digital receipts will determine how rapidly such products gain traction in major financial centers.
