The xStocks platform, launched by tokenization firm Backed in collaboration with crypto exchange Kraken, has surpassed $10 billion in cumulative trading volume just four months after debut. The market-on-chain product list features more than 60 tokenized equities, including names like Nvidia, Amazon, Tesla and Meta Platforms, alongside several ETFs.
Built on Ethereum, Solana, BNB Chain and Tron, xStocks allows fractional ownership and 24-7 trading of U.S. stocks via tokens backed 1:1 by actual shares. The milestone reflects rising investor interest in digital-asset representations of traditional securities, even amid regulatory uncertainty. Analysts say the growth signals tokenized equities are shifting from early experiments toward broader market participation.
While the product offers innovative access and settlement features, questions remain over investor protection, custody structures and potential fragmentation of the traditional stock market.