The tokenized stock platform xStocks, operated by the Kraken ecosystem, reached a cumulative transaction volume of $25 billion. This figure, officially confirmed by the company, not only represents a commercial success for the exchange but also positions real-world assets (RWA) as the sector with the greatest traction at the intersection of traditional finance (TradFi) and Web3.
To understand the scale of this achievement, we need to look back. In the 2024 adoption cycle, most tokenized stock projects struggled to maintain daily volumes above $10 million due to fragmented liquidity and regulatory uncertainty.
xStocks‘ growth has been radically different: in November 2025, the platform reported a cumulative volume of $10 billion. The jump to $25 billion in less than a quarter represents a 150% increase. This acceleration surpasses the adoption rate of the first spot Bitcoin ETFs in their initial months, demonstrating that there is pent-up demand for equity assets that operate under the logic of cryptocurrencies: instant settlement and 24/7 availability.
Unlike traditional stock markets that close on weekends and holidays, xStocks’ volume shows consistent activity, with 18% of transactions occurring outside of Nasdaq and NYSE trading hours. “xStocks has merged traditional markets with cryptocurrencies, transforming the idea of tokenized stocks into a global infrastructure. Surpassing the $25 billion milestone so quickly demonstrates that investors worldwide are ready for open, permissionless markets built for the internet age,” said Val Gui, General Manager of xStocks.
The On-Chain vs. Closed Systems Differential
It’s also important to analyze the behavior of these assets beyond the Kraken interface. xStocks‘ true innovation lies in its transparency and composition. On the one hand, its multichain distribution is key, as the total volume, approximately $3.5 billion, has been moved across public rails such as Solana, Ethereum, and TON. This allows investors to avoid relying exclusively on a centralized platform for custody.
On the other hand, the holding metrics are significant, given that there are currently over 80,000 unique addresses holding tokenized versions of stocks like Nvidia, Apple, and Tesla. This validates that the asset is permeating the DeFi ecosystem as a form of stable collateral.
Finally, the capital efficiency is also noteworthy. Backed 1:1 by underlying assets in regulated custodians, these tokens are enabling institutional investors to perform arbitrage between the traditional spot market and liquidity pools in decentralized protocols—something technically impossible just two years ago.
Structural impact: who is affected by this expansion?
xStocks’ expansion is generating a paradigm shift on three fronts:
- Emerging Market Investors: For a user in Latin America or Southeast Asia, opening an account with a US broker typically involves high fees and bureaucratic processes that take weeks. With tokenization, access is immediate and has minimal barriers to entry.
- DeFi Protocols: The arrival of low-volatility assets (compared to altcoins) allows lending protocols to have more robust collateral bases, reducing the risk of cascading liquidations during crypto market crashes.
- Traditional Exchanges: Institutions like the NYSE are forced to adopt this model. xStocks’ ability to process mint and redemption automatically highlights the obsolescence of the T+2 (two business days) settlement system that still prevails in much of the financial world.
What to watch: sustainability indicators
To prevent this growth from being interpreted as a short-term bubble, the market must monitor three critical factors in the coming months:
- Proof of Reserves Audits: The publication of quarterly reports linking outstanding tokens to physical shares held in custody will be the key indicator that confirms or invalidates the confidence of major investors.
- Regulatory Developments: Any filings with international regulators regarding the nature of these tokenized swaps will determine whether xStocks can expand its portfolio to include commodity ETFs or treasury bonds.
- Interoperability: Future success will depend on whether these assets can be transferred from one blockchain to another without losing liquidity, thus preventing the creation of “capital islands.”
