Kraken’s xStocks Tokenized‑Equities Platform Breaks $25 B Transaction‑Volume Barrier
The exchange’s tokenized‑stock offering has logged more than $25 billion in cumulative trading activity in under eight months, signaling expanding demand for on‑chain equity products.
SAN FRANCISCO – February 20, 2026 – Kraken announced Thursday that its xStocks platform has surpassed $25 billion in total transaction volume since its launch in early 2025. The figure aggregates trades executed on both centralized and decentralized venues, as well as the minting and redemption of the tokenized securities.
The milestone marks a roughly 150 % jump from the $10 billion volume milestone the service reached in November 2025. The surge is driven by a combination of traditional exchange order‑book activity and a rapidly growing segment of on‑chain trading, which alone has generated about $3.5 billion and attracted more than 80,000 distinct blockchain wallets.
How xStocks Works
Tokenized equities on xStocks are issued by Backed Finance, a regulated asset‑provider that creates 1:1 backed digital representations of publicly listed stocks and exchange‑traded funds (ETFs). Kraken acts as the primary distribution channel and trading hub, while Backed Finance maintains the legal and custodial framework for the underlying assets.
When the product debuted, it listed over 60 tokenized equities, including shares linked to leading U.S. technology companies such as Amazon, Meta Platforms, Nvidia and Tesla. According to Kraken, eight of the eleven most‑held tokenized equities by unique holder count now belong to the xStocks ecosystem, underscoring the platform’s expanding market share within the nascent tokenized‑equities sector.
Broader Market Context
Tokenization of real‑world assets (RWAs) continues to outpace the wider crypto market, which has seen a net loss of roughly $1 trillion in market capitalisation over the past month. Data from industry trackers indicate that tokenized RWAs have risen 13.5 % in total value during the same period.
Analysts draw parallels between the growth trajectory of tokenized stocks and the early “stablecoin moment” that propelled fiat‑pegged tokens into mainstream use. Token Terminal reported that the market capitalisation of tokenized equities reached $1.2 billion in December 2025—a dramatic increase from virtually zero six months earlier.
Implications and Outlook
The accelerating adoption of tokenized equities suggests that investors are beginning to treat these digital assets not only as tradable instruments but also as building blocks for broader decentralized finance (DeFi) strategies. On‑chain transparency, self‑custody options and interoperability with DeFi protocols are likely to deepen this integration.
Kraken’s performance may also encourage other exchanges to expand tokenized‑stock offerings, potentially increasing liquidity and driving further regulatory clarity. With the platform now handling a sizable share of the tokenized‑equity market, its ability to maintain compliance, secure custody and efficient settlement will be critical as institutional participation grows.
Key Takeaways
- $25 B milestone: xStocks has logged more than $25 billion in cumulative volume—including CEX, DEX and mint/redemption activity—within eight months of launch.
- On‑chain growth: Roughly $3.5 billion of that volume occurs on public blockchains, supported by over 80 k unique wallet holders.
- Market penetration: Eight of the eleven largest tokenized equities by holder count now trade on xStocks, indicating rising market share.
- Sector expansion: Tokenized RWAs are up 13.5 % over the past 30 days, while the overall crypto market shed about $1 trillion in value.
- Stablecoin analogy: The rapid uptake mirrors the early adoption curve of stablecoins, hinting at a potential inflection point for tokenized assets.
- Future outlook: Continued on‑chain integration and institutional interest could further cement tokenized equities as a core component of the digital‑asset ecosystem.
Kraken’s xStocks achievement underscores the growing convergence of traditional equity markets with blockchain technology, positioning tokenized stocks as a notable driver of diversification in the broader crypto landscape.
Source: https://cointelegraph.com/news/kraken-xstocks-25b-tokenized-equities-volume?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
