TL;DR
- Category leadership and scale: xStocks is the largest provider/framework of tokenized stocks, surpassing Total trading volume over $25 billion through CEX + DEX + mint/redemption activity, carried out in less than eight monthsindicating sustained liquidity and real market usage (not experimental infrastructure).
- Onchain Adoption and Market Share Signals: The milestone includes On-chain volume over $3.5 billion, 80,000+ unique channel holdersand leadership according to the extent of the incumbents: 8 of the first 11 shares tokenized by single holders are xStocks, and xStocks represent 68% of the first 25 shares tokenized by single holders (to February 17, 2026).
- Interoperability model and standard: Each xStock is fully supported 1:1 by the underlying stock/ETF, held with a authorized depositary in a remote bankruptcy structure; xStocks are integrated into exchanges, DeFi, self-custody wallets and consumer applicationsdesigned for cross-chain mobility (live on Solana, Ethereum and TONwith more integrations planned), reflecting a push towards always active, permissionless, interoperable tokenized equity rails.
Market dynamism and maturity
xStocks has surpassed $25 billion in total trading volume across centralized and decentralized venues, solidifying its position as the largest provider and leading framework for tokenized stocks in the world.
This milestone includes over $3.5 billion in onchain activity from over 80,000 unique onchain holders. Tokenized actions are no longer experimental infrastructures. These are dynamic markets with sustained liquidity, active participation and growing global demand.
Adoption spans centralized exchanges, DeFi protocols, self-custody wallets, and consumer applications, with xStocks becoming one of the leading examples of this multi-site integration in practice. As the category matures, usage is consolidating around standards that provide true liquidity, repeat engagement, and seamless interoperability across chains.
Always-on markets, permissionless access, and cross-chain mobility are becoming baseline expectations rather than optional features.
Global demand for tokenized stocks accelerates
Crossing $25 billion in combined CEX, DEX, mint and buyback trading volume in less than eight months marks a defining moment for the tokenized equity category.
xStocks adoption continues to outpace competing standards, reflecting strong demand and growing confidence in fully collateralized, transparently structured models that connect traditional U.S. capital markets with blockchain infrastructure.
Onchain metrics also reinforce this leadership. xStocks holds 8 of the top 11 positions for stocks tokenized by unique holders and represents 68% of the top 25 stocks tokenized by unique holders as of February 17, 2026.
As institutions continue to evaluate tokenization strategies, major crypto platforms including Bybit, Gate.io and others have already integrated xStocks, bringing tokenized US stocks to thousands of retail investors, professional traders and institutional clients around the world.
Building open and interoperable capital markets through the xStocks Alliance
xStocks is not just a product. This is the infrastructure layer of the gold standard of tokenized stocks.
The xStocks ecosystem is growing at a rapid pace. New assets are listed every month. New manufacturers are integrating the framework. New partners join the xStocks Alliance. This is not about incremental growth, but the formation of a new market structure.
The reason is that xStocks are not built in a walled garden or on a single blockchain. The xStocks Alliance approach advances a shared vision of tokenized stocks rooted in interoperability, as well as open and permissionless standards. xStocks are designed to move seamlessly between individuals, platforms, and on-chain ecosystems without friction or fragmentation.
Together, Alliance members enable thousands of holders around the world to access, trade, transfer and use tokenized shares across networks. Open systems create greater liquidity, stronger network effects and more sustainable markets. Interoperable assets provide far greater utility than siled financial products ever could.
“xStocks has merged the crypto and traditional markets, transforming tokenized stocks from an idea into a global infrastructure. Surpassing the $25 billion milestone so quickly demonstrates that investors around the world are ready for open, permissionless markets built for the internet age,” said Val Gui, CEO of xStocks. “xStocks is reinventing how real-world assets move, trade and thrive on-chain, without borders or downtime.”
Fully supported. Built to scale.
Each xStock remains fully backed by its underlying stock or ETF, held by an approved custodian in a remote structure in the event of bankruptcy. This model ensures that tokenized actions are based on real ownership and designed for long-term trust.
More than 80,000 unique onchain holders now participate in the ecosystem, with nearly $225 million in cumulative assets under management on xStocks. Onchain activity continues to accelerate alongside broader adoption of real-world assets.
Operating on Solana, Ethereum and TON, with additional blockchain integrations coming, xStocks is designed to maximize liquidity and reduce fragmentation wherever users choose to build.
Reaching $25 billion in trading volume is more than a milestone. This is a sign that global financial markets are becoming more open, more accessible and increasingly connected to the Internet.
xStocks are issued by Backed Assets (JE) Limited (a Jersey limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company authorized to carry out digital asset business by the Bermuda Monetary Authority. xStocks are not and will not be registered with any local securities regulator. PDSL (Kraken) does not provide investment advice and/or recommendations, and no communication, whether through any Kraken app or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek independent professional advice if they are unsure about the suitability of an investment for their circumstances or needs, including the potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment can go up as well as down, and past performance is not a reliable indicator of future results. Not available in the United States or to U.S. persons. Geographic restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the base prospectus and associated final terms for xStocks at to find out more.
