XStocks leads tokenized equity issuers with $17M weekly growth

XStocks, the tokenized equities platform built by Backed Finance and now under Kraken parent company Payward, added $17.3 million in market cap over the past seven days. That weekly gain was the largest among tokenized stock issuers. Ondo Finance added $10 million in the same stretch. Superstate added $3.9 million. Robinhood trailed at $3.3 million.

The platform launched on Solana on June 30, 2025, with roughly 60 US stocks and ETFs. Fourteen months later, it lists more than 700 assets. Cumulative transaction volume has topped $35 billion. The holder base has expanded to approximately 200,000 wallets.

Each xStocks token is backed 1:1 by actual shares held in regulated custody. When someone buys a token representing, say, Apple stock, a real Apple share sits in a custodial account. The model combines the compliance assurances of traditional brokerage with the 24/7 availability and global reach of blockchain rails.

One token in the ecosystem, STRCx, represents Strategy’s variable preferred shares. STRCx carries a market cap of roughly $135 million on Ethereum, a substantial share of xStocks’ overall footprint.

Ondo Global Markets remains a strong competitor. In on-chain metrics like total value locked and decentralized exchange volume, Ondo often leads. Binance’s bStocks platform rounds out the top tier. Ondo and xStocks together control roughly 77% of the combined tokenized equities market cap, with bStocks accounting for the remainder.

Where xStocks distinguishes itself is in breadth. The 700-plus asset catalog and roughly 200,000 holders give it strong distribution metrics. Its integration with centralized exchange infrastructure through the Kraken relationship means it can capture volume that never touches a DEX.

Traditional stock markets operate on fixed schedules. The New York Stock Exchange opens at 9:30 AM Eastern and closes at 4 PM. Tokenized stocks trade around the clock on blockchain networks.

XStocks explicitly excludes US persons from its platform. That regulatory choice sidesteps the SEC’s jurisdiction while opening the door to the vast majority of the world’s population that currently has limited access to US equity markets.

The $2.8 billion total market cap for tokenized equities, a sector that includes offerings from Bybit and others, is still a fraction of the roughly $50 trillion US stock market.