Kraken’s xStocks Hits $25 Billion in Tokenized Trades in Under Eight Months

Kraken-owned xStocks has surpassed $25 billion in total transaction
volume, highlighting the rapid growth of tokenized equities across centralized
and decentralized venues.

According to the crypto exchange, the figure covers trading on exchanges, activity on DeFi
platforms, and mint and redemption flows, all reached in less than eight
months.

xStocks Hits $25 Billion as Tokenized Equities Scale

Onchain activity accounts for more than $3.5 billion of the
total, with over 80,000 unique onchain holders participating in the ecosystem. xStocks currently holds eight of the top eleven tokenized
equities by unique holders and represents 68% of the top 25 tokenized stocks by
holder count as of 17 February 2026.

$25,000,000,000 in total transaction volume.In under 7 months since launch.@xStocksFi is making history.As part of @payward’s group, xStocks is cementing its position as the largest provider and leading framework for tokenized equities globally. pic.twitter.com/XTPyXOMpBU

— Kraken (@krakenfx) February 19, 2026

The instruments trade across centralized exchanges, DeFi
protocols, self‑custody wallets and consumer applications, allowing
users to move exposure between venues.

You may also like: Kraken-Backed xStocks Debut on Deutsche Börse’s 360X

“xStocks have fused crypto and traditional markets, turning
tokenized equities from an idea into global infrastructure. Eclipsing the $25
billion milestone so quickly demonstrates that investors around the world are
ready for markets that are open, permissionless, and built for the internet
age”, commented Val Gui, the General Manager for xStocks.

Custody Model, Market Access and Alliance Growth

Notably, crypto trading platforms including Bybit and Gate.io have
integrated xStocks, extending access to tokenized U.S. equities for retail
traders, professional users and institutional clients.

Late last year, Kraken acquired Backed Finance, the firm behind the issuance of xStocks. The exchange aimed to bring these tokenized products closer to its main trading business as it works toward a planned public listing in 2026. Kraken already offered several tokenized stocks and ETFs that are created by Backed.

Additionally, xStocks went live on 360X this month, giving Deutsche Börse Group clients access to tokenized versions of major equities on a regulated secondary trading venue. It also marked the first major product milestone under the partnership the two firms announced in December.

This article was written by Jared Kirui at www.financemagnates.com.



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