US based crypto exchange operator Kraken has announced that its xStocks tokenized stocks trading unit (developed in partnership with Backed) has surpassed $10 billion in combined centralized and decentralized exchange transaction volume, including nearly $2 billion in onchain activity.
Achieved in just 135 days since public launch, Kraken said that the milestone reflects surging global appetite for open, permissionless, interoperable financial assets that connect traditional capital markets to the open internet economy.
Expanding access to tokenized equities
With xStocks, people in eligible regions can gain exposure to U.S. stocks and ETFs, hold assets on platforms like Kraken or self-custodial wallets, and unlock a wide range of DeFi opportunities using their holdings as collateral.
Initially launched on Solana and made available to Kraken clients in more than 160 countries and Bybit users, xStocks have since expanded to Ethereum, with upcoming integrations extending access and liquidity across blockchains and platforms.
Building a global network of partners
Beyond Kraken, xStocks are powering a rapidly growing ecosystem of global partners — including Alchemy Pay, Bybit, Gate.io, Phantom Wallet, Trust Wallet, Wallet in Telegram and others.
Together, these integrations form a thriving multi-platform alliance that connects traditional equities to the open internet economy, allowing users to buy, trade and transfer tokenized stocks seamlessly across networks, wallets and exchanges.
Bridging traditional markets and onchain innovation
Mark Greenberg, Kraken Global Head of Consumer, said,
“xStocks have bridged the worlds of crypto and traditional investing, turning the promise of tokenized equities into a global reality. Crossing this milestone so quickly proves that people around the world want financial assets that live natively on the internet – permissionless, open and accessible to anyone. xStocks are redefining how real-world assets can move, trade and thrive onchain.”
Fully backed and transparently structured
Each xStock is fully backed 1:1 by its underlying equity or ETF, held by a licensed custodian in a bankruptcy-remote structure. Tokens are issued by Backed, in partnership with Kraken, which provides distribution, capital and liquidity – combining regulatory rigor with crypto-native interoperability.
Growing participation and real-world asset momentum
To date, more than 45,000 unique onchain holders have joined the xStocks ecosystem, with over $135 million in aggregated AUM. The momentum marks a major step forward for real-world assets (RWA) onchain, as investors seek borderless, transparent access to traditional markets through self-custodial systems.
Powering the future of permissionless investing
xStocks’ multi-chain, multi-platform model underpins its mission to make global investing seamless, permissionless and built for the internet age.
For investors based in the European Economic Area, xStocks are provided by Payward Europe Digital Solutions (CY) Limited (“PEDSL”), regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no 342/17.
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.
