But this moment isn’t about one crypto platform. It reflects the continued expansion of an open, interoperable ecosystem.
xStocks were built as a market-neutral framework for tokenized equities, an infrastructure that any centralized exchange, self-custodial wallet, or onchain application could seamlessly integrate. Whether investors access xStocks on Kraken, or through any member of the xStocks Alliance, they are tapping into the same standardized, liquid, 1:1-backed tokenized equities layer.
When xStocks launched, 60 equities were tokenized and listed. The approach was deliberate: start focused, ensure liquidity depth, refine the mechanics, and build the foundations for scale.
Today, that number stands at 100 tokenized equities.
A milestone, not a ceiling
This expansion is not simply about adding tickers. It reflects two parallel priorities: broadening investor choice while scaling liquidity alongside it. More listings only matter if markets remain tight, efficient, and institutionally credible. That means deeper order books, stronger cross-venue participation, and infrastructure designed for long-term growth.
$25 billion in volume: xStocks sets the benchmark
Since launching in June 2025, xStocks have surpassed $25 billion in total transaction volume, setting the benchmark for adoption, liquidity, transparency, and interoperability in tokenized equities. In a market still defining its standards, xStocks have rapidly emerged as the gold standard.
“The question is no longer whether equities belong onchain, but how fast we can scale them. With 100 fully backed listings and over $25 billion in volume, we have shown the model for xStocks works at scale,” said Val Gui, General Manager of xStocks. “The next step is expanding access to every major U.S. equity and, ultimately, other leading global equities across international markets. That is when tokenized equities move from innovation to truly the future of financial infrastructure.”
As additional exchanges and platforms join the xStocks Alliance, the ecosystem strengthens. More venues deepen liquidity. Deeper liquidity attracts more participants. And greater participation accelerates the transition from isolated tokenization experiments to a unified global framework for digital equities.
The roadmap: 500 xStocks and a global equities layer
By the end of 2026, the ambition is significantly larger: expanding the xStocks universe to more than 500 tokenized equities, while continuing to deepen liquidity, expand global access to tokenized equities, and grow the number of partners integrating xStocks into the future of finance.
The direction is clear: broader access, deeper markets, and onchain equities is the future of finance, built for the internet age.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not nor will be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
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