Tokenized equities aren't theoretical anymore. Kraken's partnership with Backed, xStocks, has already generated more than $10 billion in total trading activity across centralized and decentralized venues in just under five months, according to a Kraken update. Roughly one-fifth of that flow has occurred on-chain, with nearly $2 billion recorded on public networks.
Key numbers, different story
- Total trading volume: $10B+ across CEXs and DEXs
- On-chain settlement: nearly $2B
- On-chain addresses interacting: 45,000+, up from 25,000 in August
- Current AUM across xStocks tokens: $134.4M, per Dune Analytics
That mix tells two things at once: velocity is high relative to assets under management, and the majority of activity still happens off-chain. Even so, the address growth suggests a widening base of on-chain participants.
Where the liquidity actually lives
xStocks launched on Solana and later expanded to Ethereum, TRON, and BNB Chain. Despite the multi-chain rollout, Solana remains the center of gravity for liquidity. That aligns with the chain's broader trading profile: over the past 24 hours, Solana DEXs have processed about $3.85 billion in swaps, with each of the top three protocols clearing more than $500 million, per DeFiLlama. In other words, xStocks' cumulative on-chain turnover is still small relative to a single busy day on Solana's native DEX rails—yet the runway for absorption is plainly there.
What people are buying
Tech bellwethers dominate. Tokenized Tesla leads the board with more than $30 million in tokenized value—roughly double the footprint of tokenized Nvidia. That skew toward high-beta growth names mirrors the speculative profile of on-chain traders, while offering a 24/7 wrapper around traditional U.S. equities.
How xStocks works—and who can use it
xStocks provides exposure to U.S. stocks and ETFs via tokens backed 1:1 by the underlying securities, held by licensed custodians. Access is limited to eligible jurisdictions—importantly, the United States is not included. The design aims to bridge TradFi assets into crypto-native venues without synthetic exposure, while staying within regional compliance boundaries.
Growth milestones and the pace of adoption
In late August—less than two months post-launch—xStocks reported $500 million in cumulative on-chain volume. Crossing nearly $2 billion on-chain since then marks roughly a 4x rise in just a few months, alongside a jump in on-chain participants to more than 45,000 addresses. The remaining $8+ billion in total trading underscores that centralized venues still account for the majority of flow.
Why this matters
- Real-world assets are gaining traction: Tokenized public equities are moving from pilot to production, pushing RWAs deeper into mainstream crypto trading.
- Liquidity follows user experience: Solana's dominant share suggests fees, throughput, and DeFi integrations remain decisive for asset velocity.
- CeFi–DeFi convergence: The split between on- and off-chain activity highlights a pragmatic path—bootstrap with centralized pipes while on-chain rails mature.
- Regulatory perimeter: Exclusion of U.S. users shows how regional rules continue to shape where and how tokenized securities can scale.
What to watch next
- On-chain share of total volume: Does the percentage of on-chain settlement climb from today's ~20%?
- Chain concentration: Whether Ethereum, TRON, or BNB Chain gain meaningful liquidity relative to Solana.
- Product breadth: Expansion beyond megacap tech into diversified ETFs and sector funds could broaden the user base.
- Market structure: Improvements in redemption, interoperability, and cross-chain liquidity could compress spreads and attract larger ticket sizes.
- Policy shifts: Any movement on tokenized securities access in the U.S. would be a game-changer.
Bottom line: xStocks has proven early product-market fit by pairing familiar equities with crypto-native rails. The next phase will be less about headline turnover and more about deepening on-chain liquidity, improving market plumbing, and expanding who can legally participate.