Kraken’s xStocks tops $25B in volume with more than 80K onchain holders

CoinTelegraph

by Sam Bourgi

February 19, 2026

AI-Generated Deep Dive Summary

Kraken’s xStocks platform has reached a significant milestone, surpassing $25 billion in total transaction volume just eight months after its launch. This achievement highlights the growing adoption of tokenized equity platforms among mainstream investors, as blockchain-based versions of US stocks continue to gain traction. The $25 billion figure encompasses trading across centralized and decentralized exchanges, as well as minting and redemption activities, reflecting a rapid expansion in the market for tokenized assets. The xStocks platform, launched by Kraken, allows users to trade tokenized representations of publicly traded equities and ETFs issued by Backed Finance, a regulated asset provider. These tokens are 1:1 backed, ensuring transparency and security. Since November, xStocks has seen a remarkable 150% increase in cumulative transaction volume, reaching $10 billion before hitting the $25 billion mark. This surge underscores the rising popularity of tokenization among investors seeking alternative investment vehicles. The rapid growth of xStocks also points to the broader trend of institutional adoption within the crypto ecosystem. By offering a seamless integration between traditional finance and decentralized technologies, Kraken’s platform bridges the gap between conventional stock markets and blockchain-based innovations. This convergence is attracting both retail and institutional investors, driving demand for tokenized assets. For readers interested in cryptocurrency and blockchain, this development matters as it signals a maturation of DeFi applications. Tokenization of traditional assets like stocks and ETFs is expanding beyond niche markets, offering new opportunities for diversification and financial inclusion. As more platforms adopt similar models, the crypto ecosystem continues to evolve, bringing traditional finance into the digital age. The success of xStocks also highlights the importance of regulatory compliance in fostering trust and adoption. Backed Finance’s role in structuring and issuing these tokenized instruments ensures that users benefit from a regulated and secure environment. This partnership with Kraken exemplifies how collaboration between established crypto exchanges

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Originally published on CoinTelegraph on 2/19/2026