Kraken tokenized equities have crossed a number that few saw coming this fast. xStocks, the tokenized equity product from Kraken, hit $25 billion in total transaction volume. Under eight months. That is not a test run.
">@xStocksFi noted on X that xStocks crossed $25B in total volume and called it another major milestone for infrastructure powering tokenized equities. The post described xStocks as "the standard" for the category.
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$3.5B Onchain and 80,000 Holders Nobody Expected
The $25 billion figure covers centralized and decentralized venues combined, including mint and redemption activity. Of that, over $3.5 billion came from onchain transactions alone. More than 80,000 unique onchain holders now participate. Nearly $225 million in aggregate AUM sits across xStocks.
Those are retail numbers. Professional numbers. They are not experimental.
According to the official Kraken blog, xStocks hold 8 of the top 11 positions for tokenized equities by unique holders. They also account for 68% of the top 25 tokenized stocks by unique holders as of February 17, 2026. That market share concentration is hard to ignore.
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The Exchanges Already Moved First
Bybit and Gate.io have already integrated xStocks. Those integrations brought Kraken tokenized equities to thousands of retail and institutional users worldwide. The adoption is not waiting on regulation. It is already running.
Each xStock stays fully backed 1:1 by the underlying stock or ETF. A licensed custodian holds the assets in a bankruptcy-remote structure. The model is not complicated. Real stock, real custody, tokenized on-chain. That clarity appears to be driving confidence.
Val Gui, General Manager for xStocks, said the milestone shows that investors worldwide are ready for markets that are open and permissionless. Gui described xStocks as reimagining how real-world assets move and trade onchain, without borders or downtime.
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Cross-Chain by Design, Not by Accident
xStocks run live on Solana, Ethereum, and TON. More integrations are coming. The cross-chain design is deliberate. The xStocks Alliance approach pushes interoperability as a shared standard, not a single-chain product.
New assets are listed every month. New builders join. The alliance is not pitching a concept anymore. It is running one.
As @xStocksFi wrote on X, usage rises and activity increases as tokenization accelerates. The $25B number backs that up directly.
Always-on markets and permissionless access are no longer differentiators. According to the Kraken blog, they are becoming baseline expectations. That shift explains the volume. And the pace.
