Kraken’s xStocks Hits $25B Volume Milestone With 80,000 On-chain Holders

Tokenized Equities Gain Momentum on Kraken

Kraken’s push into tokenized equities has reached a major milestone. The crypto exchange’s xStocks platform has surpassed $25 billion in cumulative trading volume in less than eight months since launch, signaling strong and growing demand for blockchain-based access to traditional financial assets.

This development has quickly become part of the latest crypto news, as it highlights how crypto platforms are expanding beyond digital assets into regulated, real-world markets. Tokenized equities allow users to trade blockchain-based representations of publicly listed stocks and ETFs.

With xStocks, Kraken is positioning itself at the center of this shift, combining crypto infrastructure with familiar financial instruments. The rapid growth of the platform suggests that users are not just experimenting with tokenized stocks but actively adopting them.

xStocks Hits a Major Milestone in Record Time

Kraken launched xStocks in 2025 in partnership with Backed Finance, a firm that issues tokenized assets backed 1:1 by real equities. In under eight months, the platform processed more than $25 billion in total transaction volume, including activity across centralized exchanges, decentralized exchanges, and minting and redemption flows.

Source: xStocks

This growth accelerated quickly. xStocks crossed $10 billion in cumulative volume in November, and since then, volume has increased by roughly 150%. That pace stands out in a market where many crypto products struggle to maintain momentum beyond their initial launch phase.

The volume figure reflects more than just speculative trading. It shows consistent usage across different market conditions, suggesting that tokenized equities are becoming a functional part of user portfolios rather than a short-term trend.

Onchain Adoption Shows Real User Demand

Beyond raw trading volume, on-chain data reveals how deeply users are engaging with xStocks. The platform now has more than 80,000 unique on-chain holders, with approximately $3.5 billion in trading volume occurring directly on public blockchains.

This level of on-chain participation matters. It shows that users are not simply trading through centralized order books but are holding, transferring, and interacting with these assets in decentralized environments. That behavior points to growing confidence in tokenized financial products.

Market volatility also plays a role here. As crypto market prices continue to fluctuate, some users appear to be diversifying into tokenized equities to gain exposure to traditional stocks while staying within crypto-native infrastructure. This shift highlights how tokenization can act as a bridge between markets during uncertain conditions.

What xStocks Says About the Future of Tokenized Assets

xStocks is part of a broader movement toward tokenizing real-world assets. The platform offers access to more than 60 tokenized equities and ETFs, including shares tied to major U.S. companies such as Amazon, Nvidia, Tesla, and Meta.

Each token represents direct ownership backed by real shares held by regulated custodians. This structure addresses one of the biggest concerns around tokenized assets: trust. By ensuring full backing and transparent issuance, Kraken and Backed Finance have lowered the barrier for mainstream users.

The growth of xStocks also reflects a larger trend. Tokenized stocks now account for an estimated $1.2 billion in market capitalization, up from near zero just months ago. That expansion suggests tokenization is moving from experimentation into early adoption.

Why Platforms Like Kraken Are Leading This Shift

Kraken’s role in this transition is not accidental. The exchange already operates within regulated frameworks and serves a global user base familiar with digital assets. Adding tokenized equities allows Kraken to offer broader financial access without forcing users to leave the crypto ecosystem.

For many users, this convenience matters. Instead of juggling multiple platforms, they can access stocks, ETFs, and digital assets in one place. This approach also aligns with changing user behavior, where people no longer see crypto and traditional finance as separate worlds.

As platforms evolve, the ability to offer multiple asset classes may influence how users decide where to trade or buy crypto, especially when trust, compliance, and product depth become deciding factors.

Tokenized Equities Are Moving From Experiment to Adoption

Kraken’s xStocks milestone represents more than a headline number. Crossing $25 billion in volume in under a year shows that tokenized equities are finding real product-market fit. Strong on-chain participation and rapid growth suggest users see value beyond speculation.

This trend points toward a future where blockchain infrastructure supports a wider range of financial assets. As tokenization matures, platforms that combine transparency, regulation, and usability are likely to lead.

For the crypto industry, xStocks offers a clear signal. Innovation is no longer limited to new tokens or protocols. It now includes rethinking how traditional assets move, trade, and settle in a digital-first financial system.