Kraken’s xStocks Hit $10B in Total Trading Volume

Tokenized U.S. equities platform xStocks, developed by crypto exchange Kraken in collaboration with Backed, has crossed $10 billion in total trading volume across centralized and decentralized exchanges in just under five months since launching. The tokenized stocks have seen nearly $2  billion in on-chain trades.

In an announcement on Wednesday, Nov. 12, Kraken also said that more than 45,000 unique on-chain holders have traded xStocks — up from 25,000 in August. The platform gives users in eligible regions — which do not include the United States — exposure to U.S. stocks and exchange-traded funds via tokens backed 1:1 by the equities or ETFs they represent, which are held by licensed custodians.

The platform, initially launched on Solana, has since expanded to Ethereum, as well as to TRON and BNB Chain. Despite the diversity, Solana remains the dominant chain in terms of liquidity. The xStocks platform’s total aggregated assets under management currently sit at $134.4 million, per Dune Analytics data.

As of press time, Tesla’s tokenized stock remains xStocks’ most popular product, with over $30 million in tokenized asset value, which is roughly twice the value of xStocks’ second-largest asset, tokenized Nvidia shares.

In late August, just under two months after xStocks launched, the platform announced it had reached $500 million in cumulative on-chain volume, making the current milestone a 4x increase.

However, as The Defiant reported at the time, that cumulative number is comparable to daily trade volumes on the largest Solana DEXs, which saw a total of $3.85 billion traded in the past 24 hours alone, with the top-3 protocols seeing over $500 million each.