Kraken xStocks volume surpasses $25 billion milestone

Traders Union
All News
Crypto News
Kraken xstocks volume

All news

Top Stories

Editors' Picks

Crypto News

Financial News

Currencies

Market Voices

Billionaires

Companies

Regulators News

Yaroslav Dmytrenko

20.02.2026

Kraken xStocks volume surpasses $25 billion milestone — Kraken xStocks attracts 80,000 holders, $25B volume

Trading volume on Kraken’s xStocks platform has surpassed $25 billion, while the number of token holders has exceeded 80,000, as investors increasingly turn to blockchain-based versions of U.S. equities.

On Thursday, crypto exchange Kraken announced that less than eight months after launching its xStocks platform for trading tokenized equities, total transaction volume had exceeded $25 billion. This figure includes trading on centralized and decentralized exchanges, as well as token issuance and redemption activity.

The milestone represents a 150% increase since November, when cumulative xStocks transaction volume first surpassed $10 billion.

According to Cointelegraph, xStocks tokens are issued by Backed Finance, a regulated asset provider that creates 1:1 tokenized representations of publicly traded stocks and exchange-traded funds. Kraken serves as the primary venue for distribution and trading, while Backed is responsible for structuring and issuing the tokenized instruments.

Unlike trading that occurs solely within centralized exchange order books, onchain activity takes place directly on public blockchains, where transactions are transparent and wallets can self-custody assets.

When xStocks debuted in 2025, it offered more than 60 tokenized stocks, including shares of major U.S. tech companies such as Amazon, Meta Platforms, Nvidia and Tesla. Kraken now reports that eight of the 11 largest tokenized stocks by unique holders are part of the xStocks ecosystem.

A breakout moment for tokenized stocks?

Tokenization of real-world assets (RWA) remains one of the fastest-growing segments of the digital asset market. According to industry data, while the broader crypto market shrank by $1 trillion over the past month, the total value of tokenized real-world assets increased by 13.5% during the same period.

Market capitalization of tokenized shares since January 2025. Source: Token Terminal, Cointelegraph

Data from Token Terminal shows that the market capitalization of tokenized stocks reached $1.2 billion in December, despite being nearly nonexistent six months earlier.

Some observers suggest tokenized equities may be experiencing their own “stablecoin moment,” referring to the rapid adoption that pushed U.S. dollar–pegged digital assets into mainstream use.

As we wrote, Kraken launches new SPAC targeting digital asset firms

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.