Kraken's xStocks Backing Assets Top $800 Million as Holders Pass 300,000

xStocks, a platform for tokenized equities and ETFs, has reached $800 million in backing assets with a user base exceeding 300,000 unique holders. The protocol supports 715 distinct instruments across ten different blockchains, including Ethereum, Solana, and BNB Chain, while reporting $40 billion in cumulative transaction volume. These tokens are backed 1:1 by underlying securities held in regulated custody, providing holders with economic exposure to price movements and dividends. The platform operates through over 100 integrations, allowing tokens to be traded, transferred, or used as collateral in decentralized finance protocols. Despite this growth, the European Securities and Markets Authority classifies these as wrapped tokenized equities, noting that legal ownership of the underlying shares remains offchain. Consequently, holders do not possess direct voting rights or legal claims against the underlying companies, relying instead on the issuer and custodian. This milestone highlights the increasing integration of traditional financial assets into multi-chain ecosystems, though it underscores the ongoing regulatory distinction between economic exposure and legal title in the RWA sector.