Kraken said its tokenised equities platform xStocks has surpassed $25 billion in total transaction volume less than eight months after launch, highlighting accelerating adoption of blockchain-based US stock exposure.
The exchange said the $25 billion figure includes trading across centralised and decentralised venues as well as minting and redemption activity, representing a 150% increase since November when cumulative volume first crossed $10 billion.
Kraken said onchain activity has been a key growth driver, with xStocks generating $3.5 billion in onchain trading volume and exceeding 80,000 unique onchain holders.
The tokens are issued by Backed Finance, a regulated asset provider that creates 1:1 backed tokenised representations of publicly traded equities and exchange-traded funds, while Kraken acts as a primary distribution and trading venue.
When xStocks launched in 2025 it offered more than 60 tokenised equities, including exposure to major US technology names such as Amazon, Meta Platforms, Nvidia and Tesla, allowing users to gain price exposure through blockchain-based instruments rather than traditional brokers.
Unlike trades confined to centralised exchange order books, onchain transactions occur directly on public blockchains where activity is transparent and assets can be self-custodied, enabling integration into decentralised finance ecosystems.
Kraken said eight of the 11 largest tokenised equities by unique holder count now sit within the xStocks ecosystem, as tokenised real-world assets rose 13.5% in total value over the past 30 days even while the broader crypto market shed around $1 trillion in value, with data from Token Terminal showing tokenised stocks reached a $1.2 billion market capitalisation in December after being virtually nonexistent six months earlier.