#xStocks
37 articles tagged #xStocks — curated RWA tokenization coverage.
Ondo crypto leads the tokenized stocks market
The tokenized stock market has reached a total market capitalization of $2.8 billion across 21 different issuers, highlighting the rapid expansion of real-world assets on the blockchain. Ondo Finance currently dominates this sector with a 34.9% market share, supported by over 150,000 unique holders and $1.01 billion in total value locked. Despite Ondo's leadership, the market shows significant concentration, with Ondo, xStocks, and Binance bStocks collectively controlling 78.6% of the total market cap. Recent data indicates that xStocks is emerging as a primary competitor, outpacing Ondo in weekly market cap growth by adding $17.3 million compared to Ondo's $10 million. The broader ecosystem is experiencing substantial activity, evidenced by a 194% increase in monthly transfer volume to $23.49 billion and a 41.6% rise in active addresses. This growth underscores the increasing institutional and retail appetite for on-chain exposure to traditional equity markets. As competition intensifies among top issuers, the sector continues to solidify its position as a critical pillar of the broader RWA landscape.
Kraken Brings 7,000+ U.S. Stocks to Europe, Becomes First Crypto Platform Offering Traditional Shares and Tokenized Equities in One Account
Kraken has launched commission-free trading for over 7,000 U.S.-listed stocks and 700 tokenized xStocks for customers across the European Economic Area. This integration allows users to manage traditional equities and tokenized assets within a single regulated account under the MiFID II framework. By offering both traditional shares and 1:1 collateralized xStocks, Kraken aims to bridge the gap between traditional finance and crypto-native infrastructure. The platform, operated by Payward Europe Digital Solutions, distinguishes itself from competitors like Crypto.com and Bitpanda by providing a unified interface for both asset types. Tokenized equities currently represent 15% of the RWA market, with a total market capitalization of approximately $2.8 billion. Kraken, alongside Ondo Finance and Binance, controls 77% of this specific sector. This expansion signifies a major shift toward institutional-grade convergence, as trading activity on the platform increasingly pivots toward equity-based products despite a 13% year-over-year decline in total transaction volume.
XStocks leads tokenized stock issuers with $17M market cap growth in a single week
The tokenized equities sector has reached a total market capitalization of approximately $2.8 billion, with the Solana-based platform xStocks emerging as the fastest-growing issuer. Backed by Kraken’s parent company, Payward, xStocks added $17.3 million in market cap over a single week, significantly outpacing competitors like Ondo Finance and Superstate. Originally launched in June 2025, the platform has expanded its catalog to over 700 assets and reports $35 billion in cumulative transaction volume. The platform utilizes a 1:1 backing model where tokens are supported by actual shares held in regulated custody. By excluding US persons, xStocks navigates regulatory complexities while providing global investors with 24/7 access to US equity markets. The combined market share of top issuers, including xStocks, Ondo, and Binance’s bStocks, now accounts for roughly 77% of the total tokenized equities market. While this growth is notable, the sector remains a small fraction of the $50 trillion traditional US stock market, highlighting significant room for future expansion. This trend underscores the increasing institutional interest in bridging traditional brokerage compliance with the efficiency of blockchain rails.
Kraken launches US
Kraken has expanded its European Economic Area (EEA) service offering by enabling eligible customers to trade over 7,000 conventional US-listed stocks directly through its Kraken Pro platform and mobile app. This integration allows users to manage traditional equities alongside more than 600 crypto assets and over 700 xStocks, which are tokenized representations of publicly listed equities. Operating under its Markets in Financial Instruments Directive II (MiFID II) authorization, Kraken’s Cyprus-based entity, Payward Europe Digital Solutions, facilitates these commission-free trades. Since the launch of xStocks in 2025, the product has achieved over $38 billion in total transaction volume, signaling significant user demand for hybrid trading environments. Currently, xStocks holds approximately $609 million in market capitalization, positioning it as the second-largest tokenized stock issuer globally behind Ondo Finance. This development marks a strategic convergence of traditional finance and blockchain-based assets, providing a unified interface for diverse investment classes. By bridging the gap between conventional shares and tokenized versions, Kraken is positioning itself as a primary venue for institutional and retail investors seeking integrated asset management.
Kraken Partners With Nasdaq To Build Tokenized Equity Gateway
Kraken parent company Payward has entered a strategic partnership with Nasdaq to develop an equities transformation gateway designed to bridge regulated tokenized equity markets with permissionless blockchain networks. This infrastructure will leverage Kraken’s xStocks product, which has already facilitated over $25 billion in total transaction volume and currently supports more than 85,000 unique holders. The gateway aims to enable the movement of tokenized equities between permissioned environments and open on-chain ecosystems, with a planned launch in the first half of 2027. By utilizing xStocks as the underlying infrastructure, the initiative seeks to address the current fragmentation of liquidity by allowing equities to function as interoperable collateral across various trading and lending platforms. Payward will manage essential KYC and AML compliance while serving as the primary settlement layer for Nasdaq’s issuer-sponsored equity token design. This development represents a significant shift in market structure, moving away from siloed brokerage systems toward a unified margin framework. Ultimately, the project aims to enhance capital efficiency by enabling tokenized shares to be used natively within spot, derivatives, and financing markets.
OKX to list Unified Tokenized Stocks XSNOW, XBOT and more for spot trading
OKX has launched Unified Tokenized Stocks, a new product category allowing users to trade price exposure to traditional equities and ETFs on its spot market. These assets, identified by an 'X' prefix such as XAAPL or XTSLA, are powered by the xStocks framework developed by Payward. The platform consolidates tokenized versions of the same underlying stock into a single order book, facilitating 24/7 trading regardless of traditional market hours. Users can trade these assets using USDT without needing a separate brokerage account or fiat conversion, and the tokens are supported on both the Solana and X Layer blockchains. While the product allows for automated strategies like grid and DCA bots, it does not confer actual shareholder rights or ownership of the underlying companies. Dividends are handled automatically through reinvestment at the issuer level, with adjustments made to the user's share balance. This development represents a significant step in bridging traditional equity markets with blockchain infrastructure, enabling crypto-native users to access stock price exposure seamlessly within their existing exchange accounts.
Kamino Lend holds nearly half of tokenized stock deposits on Solana
Kamino Lend has established itself as the primary venue for borrowing against tokenized equities on the Solana blockchain, currently capturing 82.6% of the network's market share in this segment. Following the integration of xStocks on July 14, 2025, the protocol enabled users to deposit synthetic versions of traditional assets like SPYx and AAPLx as collateral to borrow stablecoins. This development allows investors to access liquidity against their equity positions without triggering taxable sale events, a utility previously restricted to prime brokerage relationships. By late July 2026, total tokenized stock collateral on Solana reached an all-time high of $53 million, with Kamino managing over $31 million of that volume. Despite this growth, tokenized equities remain a small fraction of Kamino Finance's total value locked, which ranges between $1.1 billion and $2.3 billion. The dominance of the xStocks standard, which holds 86.5% of the issuance share on Solana, has been a primary driver for this concentration of lending activity. While this shift highlights a new use case for DeFi composability, it also introduces unique counterparty risks related to the underlying reserve and redemption mechanisms of the tokenized assets.
xStocks dominates tokenized stock deposits into DeFi with 58% share
The Solana-based platform xStocks, developed by Backed Finance, has emerged as the dominant force in the tokenized equities market, capturing 58% of all tokenized stock deposits within decentralized finance. Since its launch in June 2025, the platform has scaled to over 700 assets, with onchain holdings reaching approximately $225 million by early 2026. xStocks currently controls 86.5% of the $23.1 million total value locked in tokenized-stock lending markets. This dominance is largely driven by deep integrations with Solana-native protocols like Kamino, which accounts for 82.6% of the sector's lending TVL, and Raydium for liquidity provision. Cumulative transaction volume across centralized and decentralized exchanges has surpassed $35 billion as of mid-2026, highlighting significant market appetite for onchain equity exposure. By allowing users to utilize tokenized stocks as collateral for stablecoin loans or liquidity provision, xStocks has successfully integrated traditional assets into the DeFi utility loop. This concentration of market share underscores the growing importance of high-liquidity, Solana-native infrastructure for institutional-grade RWA adoption.
Mantle (MNT) Pushes Toward Key Resistance as RWA Value Tops $210 Million
The Mantle network has reached a total real-world asset (RWA) value of $210.14 million as of August 11, 2026, marking significant growth from minimal levels in early 2025. This ecosystem expansion is characterized by a diversified portfolio, with $118.56 million in active strategies, $53.55 million in asset-backed credit, and $29.06 million in U.S. Treasury debt. Furthermore, 96% of the network's RWA value is currently held in yield-bearing assets, signaling a shift toward more complex financial products beyond simple Treasury-backed models. Mantle has also integrated xStocks to provide on-chain access to major equities like NVIDIA, Tesla, and Apple, offering 24/7 trading capabilities. While these fundamental developments provide a strong narrative for the network, the MNT token is currently facing technical resistance near the $0.465 price level. The convergence of institutional-grade RWA adoption and technical market performance highlights the ongoing challenge of translating ecosystem utility into sustained price momentum. This growth trajectory underscores Mantle's strategic pivot toward becoming a multi-asset RWA hub rather than relying on a single asset class.
Hyperliquid (HYPE) Shows Strength as Major Whale Buys $7.29M and xStocks Platform Debuts
Hyperliquid has launched the xStocks platform, marking a significant expansion into the tokenization of traditional financial assets. The platform utilizes HyperCore infrastructure to offer 24/7 trading for five initial tokenized equities and ETFs, specifically selected based on high open interest within HIP-3 perpetual futures markets. This integration allows cryptocurrency traders to access traditional market exposure outside of conventional trading hours by leveraging Hyperliquid's existing derivatives ecosystem. Alongside this product launch, the protocol continues to demonstrate strong economic activity, having burned 47.62 million HYPE tokens, representing 4.76% of the total supply. Recent market data shows a $7.29 million whale acquisition of HYPE, signaling institutional or high-net-worth conviction in the platform's growth. The protocol generated $1.45 million in fee revenue within a 24-hour period, further highlighting the platform's utilization. These developments collectively underscore a strategic shift toward bridging decentralized derivatives infrastructure with real-world equity markets.
Bybit Dual Asset Integrates Four New xStocks, Expanding Use Cases for Tokenized Equities on Bybit
Bybit has expanded its xStocks Dual Asset offering by adding four new tokenized equities: METAx, TSLAx, HOODx, and CRCLx. This update increases the total number of available tokenized stock pairs on the platform to ten, catering to growing user demand for structured yield products tied to traditional market assets. The new additions cover diverse sectors including artificial intelligence, electric vehicles, fintech, and stablecoins, allowing users to build more varied yield strategies. Since the initial integration of xStocks into the Dual Asset product, Bybit has observed significant interest, with NVIDIA and SpaceX assets leading in user demand and trading volume respectively. Bybit remains the first centralized exchange to utilize tokenized stocks as underlying assets for this specific type of structured yield product. This expansion highlights the ongoing trend of integrating traditional equity exposure into crypto-native investment mechanisms. As the RWA market matures, such offerings provide investors with on-chain access to Wall Street assets, bridging the gap between centralized exchange infrastructure and traditional financial instruments.
Broadridge and Payward Services Collaborate to Give xStocks Holders a Voice in Corporate Governance
Broadridge Financial Solutions and Payward Services have partnered to integrate Broadridge’s unified governance platform with xStocks, a leading tokenized equities framework. This collaboration allows eligible holders of xStocks to participate in corporate governance by submitting proxy voting preferences for their underlying shares. By utilizing Web3 authentication to access ProxyVote.com, investors can now review materials and vote on corporate matters, effectively bridging the gap between blockchain-native assets and traditional shareholder rights. Payward Services currently supports over 500 tokenized assets, including equities, ETFs, and pre-IPO offerings, with plans to expand into international markets. As xStocks continues to grow, this integration ensures that tokenized equity holders receive the same governance capabilities expected in traditional capital markets. This development is significant for the RWA market as it addresses a critical barrier to institutional adoption by standardizing shareholder communication for on-chain securities. The partnership leverages Broadridge’s established infrastructure, which already processes trillions in daily securities trading, to bring institutional-grade governance to the evolving tokenized ecosystem.
Solana’s Next Big Fight: Winning the Race for Tokenized Stocks and Perpetual Futures
Kraken has officially launched xStocks, a new product offering tokenized U.S. equities that are backed 1:1 by the underlying assets. This initiative allows institutional partners to integrate spot and futures trading of these tokenized stocks directly into their platforms via APIs. By bridging traditional equity markets with blockchain infrastructure, Kraken aims to satisfy growing investor demand for diversified asset classes beyond standard cryptocurrencies. The move reflects a broader industry trend where major exchanges are expanding their product suites to include regulated real-world assets. While the market for tokenized stocks remains in its early stages, such offerings provide a pathway for increased liquidity and accessibility for global traders. This development highlights the ongoing convergence between centralized exchange infrastructure and the tokenization of traditional financial instruments. As Kraken positions xStocks as a core asset class, it underscores the strategic importance of offering regulated, asset-backed tokens to maintain competitive relevance in the evolving digital finance landscape.
XStocks Crosses $600 Million Milestone In Tokenized Equities And Related Assets
The xStocks platform has officially surpassed $600 million in assets under management, marking a significant milestone for the tokenization of traditional equities and ETFs. This growth is supported by a network of over 150 partners that have integrated the platform's digital assets into various trading venues, wallets, and decentralized applications. The platform has achieved a cumulative trading volume exceeding $35 billion, with a user base of more than 180,000 individuals spanning 110 countries. By issuing tokens that track US equities on a one-to-one basis, xStocks provides fractional ownership and near-instant settlement, effectively bypassing the limitations of traditional market hours and multi-day clearing cycles. These tokens are fully collateralized by real-world securities held in regulated custody, ensuring economic exposure for non-US participants. The expansion of this ecosystem highlights the transition of RWA tokenization from experimental pilots to high-volume, multi-chain financial infrastructure. This development underscores the increasing demand for borderless, blockchain-based access to conventional financial instruments, signaling a maturing bridge between capital markets and digital ledgers.
Bitget Wallet Card Turns Cashback Into Bitcoin, Gold and Tokenized Stocks
Bitget Wallet has launched Assetback, a cashback program that allows users to receive rewards in Bitcoin, gold, or tokenized U.S. stocks and ETFs instead of traditional fiat currency. By utilizing the xStocks framework, the program enables users to earn fractional ownership of assets like NVIDIA, Tesla, and the S&P 500 directly through their Bitget Wallet Card. This initiative integrates dollar-cost averaging into everyday spending, allowing users to accumulate investment assets automatically with every eligible purchase. The feature is available in over 50 markets and supports up to 3% cashback on transactions processed via Visa and Mastercard networks. This development marks a shift in consumer finance by moving beyond traditional loyalty points toward automated, long-term wealth accumulation through tokenized real-world assets. The launch occurs as crypto card payment volumes continue to grow, with sector-wide monthly volume reaching $656 million in May 2026. By bridging the gap between daily spending and digital asset ownership, Bitget Wallet aims to increase the utility of tokenized equities beyond institutional trading environments.
OKX to list Unified Tokenized Stocks XHIMS, XGME and more for spot trading
OKX has launched Unified Tokenized Stocks, a new product allowing users to trade price exposure to major stocks and ETFs on its spot market. These assets, identified by an 'X' prefix such as XAAPL or XTSLA, are powered by the xStocks framework developed by Payward. The tokens are supported on the Solana and X Layer blockchains, enabling 24/7 trading with USDT pairs regardless of traditional market hours. By consolidating tokenized versions from multiple providers into single order books, OKX aims to streamline liquidity and simplify the user experience. The product allows for automated trading via grid and DCA bots, with dividends automatically reinvested into user balances. While these tokens provide price exposure, they do not confer actual shareholder rights or ownership of the underlying companies. This development represents a significant step in integrating traditional equity price exposure into the crypto-native trading environment, bypassing the need for traditional brokerage accounts.
Kraken Parent Takes Tokenized Stocks Beyond US Markets
Payward, the parent company of Kraken, is expanding its xStocks tokenized equity platform beyond U.S. markets through a new partnership with investment infrastructure provider GTN. The initiative aims to introduce Hong Kong-listed shares, with potential future expansion into British, European, and South Korean equities. The xStocks framework currently offers over 500 securities and has processed more than $35 billion in volume, serving nearly 200,000 holders. By leveraging GTN’s access to over 90 global markets, Payward intends to bring international capital markets on-chain to facilitate faster settlement and 24/7 trading. This move reflects a broader industry trend where crypto firms and traditional financial institutions are racing to tokenize global equities. While the platform currently relies on third-party issuers to hold underlying assets, the expansion highlights the growing demand for blockchain-based access to international stocks, particularly those in the AI supply chain. Each market entry remains subject to local regulatory approvals, marking a significant step in the institutionalization of tokenized securities.
Bybit Brings Tokenized Stocks to Dual Asset, Offering Fixed Returns on SpaceX, Nvidia, Apple and More
Bybit has integrated tokenized equities, known as xStocks, into its Dual Asset structured yield product, marking the first time a centralized exchange has offered such functionality. The initial rollout features six assets, including SpaceX, Nvidia, Apple, Alphabet, Coinbase, and Amazon, allowing users to generate yield based on their directional price views. This development highlights the growing convergence between traditional equity markets and decentralized finance infrastructure, catering to crypto-native investors interested in AI, tech, and space exploration. The broader RWA market has seen significant growth, with total value reaching approximately $34.97 billion and tokenized stocks accounting for $1.94 billion. Bybit's move provides a mechanism for investors to earn yield while waiting for specific entry or exit prices, rather than relying solely on spot market purchases. While this offers new utility, the exchange emphasizes that these are non-principal-protected products carrying inherent market risks. This expansion reflects a competitive landscape where exchanges are increasingly vying to capture investor interest in tokenized traditional assets through diverse financial instruments.