Frontier AdoptionEvidence-graded tracking of what's actually live

Deployments · platform by Backed Finance

xStocks tokenised equities (Backed, Kraken)Updated 7 Nov 2026

Tokens backed one to one by US shares and ETFs held with Swiss and US custodians, issued by Backed's Jersey vehicle under a Liechtenstein-regulated prospectus and sold outside the US. Holders have creditor claims and economic exposure, not voting rights. Launched with Kraken and Bybit in mid-2025 and trading 24/7 on-chain across Solana, Ethereum and other chains; Kraken agreed to buy Backed in December 2025. Crypto-native issuer and distributors.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since 19 Feb 2026[2] — Over $25 billion lifetime volume and 80,000+ on-chain holders by February 2026. · Reviewed 26d ago

Assets
Structured note[1]
Tracker tokens issued by a Jersey SPV, collateralised by the underlying share
Networks
Solana Public, permissionless[3]
Ethereum Public, permissionless[3]
Ink Public, permissionless[3]
BNB Chain Public, permissionless[3]
Arbitrum Public, permissionless[3]
Mantle Public, permissionless[3][6]
Optimism Public, permissionless[3][6]
Hyperliquid Public, permissionless[3]
HyperEVM.
TON Public, permissionless[6][8]
X Layer Public, permissionless[6]
Monad Public, permissionless[6]
Use cases
Secondary trading[2]
Jurisdictions
Liechtenstein, Jersey, Switzerland

Participants

Likely relevant regulation

Assets

Metrics

  • over $10bnLifetime transaction volume · as of Dec 2025[1]
  • over $25bnLifetime transaction volume · as of Feb 2026[2]
    Kraken figure covering CEX and DEX trading plus minting and redemption.
  • ~$225mAssets under management · as of Feb 2026[2]
  • ~$593.5mValue of tokenised stocks · as of 11 Oct 2026[11]
    On-chain via rwa.xyz; 1,270 stock tokens counted.
  • ~$413.7mDistributed asset value · as of 11 Oct 2026 · on Solana[3]
    On-chain via rwa.xyz.
  • ~$160.4mDistributed asset value · as of 11 Oct 2026 · on Ethereum[3]
    On-chain via rwa.xyz.
  • ~$23.6mDistributed asset value · as of 11 Oct 2026 · on Ink[3]
    On-chain via rwa.xyz.
  • 830,008 holdersToken holders · as of 11 Oct 2026[3]
    On-chain via rwa.xyz.
  • ~$6.33bn / monthTransfer volume · as of Oct 2026context[3]
    On-chain transfer volume via rwa.xyz.
  • over $44bnLifetime transaction volume · as of 13 Oct 2026[5]
    Issuer figure covering exchange, on-chain, mint and redemption activity, as shown on the Partner Hub when read.
  • 1,165 tokensTokenised assets issued · as of 13 Oct 2026[5][6]
  • ~$5.92bn / monthTransfer volume of stock tokens · as of 12 Oct 2026context[3]
    Trailing 30 days, Stocks class only, via RWA.xyz; includes all transfers, not just trades.
  • ~$4.57mDistributed asset value · as of 12 Oct 2026 · on Mantle[3]
    On-chain via RWA.xyz (all xStocks asset classes).
  • ~$3.9mDistributed asset value · as of 12 Oct 2026 · on Hyperliquid[3]
    On-chain via RWA.xyz (HyperEVM; all asset classes).
  • ~$2.3mDistributed asset value · as of 12 Oct 2026 · on Arbitrum[3]
    On-chain via RWA.xyz (all asset classes).
  • ~$1.28mDistributed asset value · as of 12 Oct 2026 · on BNB Chain[3]
    On-chain via RWA.xyz (all asset classes).
  • over $959.23m / monthTrading volume, known venues (daily read) · as of 7 Nov 2026[14]
    Average of the last 7 days of 24-hour trading, scaled to a month. Covers: Gate, on-chain DEX pools. Not covered: Kraken (its xStocks markets are not in its public market data); OTC and creations or redemptions with the issuer. A floor, not the full total.

Timeline

  1. Happened 24 Sep 2026 · Scope expansion · recorded 13 Oct 2026
    xStocks offers IPO allocations (starting with Oura) through Kraken and other xStocks Alliance venues, delivering the token on listing day.[10]
  2. Happened 14 Sep 2026 · Scope expansion · recorded 13 Oct 2026
    xStocks Vaults go live on Kraken, letting holders of SPYx, QQQx and NVDAx earn variable on-chain yield while keeping price exposure.[9]
  3. Happened 19 Feb 2026 · Volume milestone · recorded 11 Oct 2026
    Kraken reports lifetime xStocks volume above $25 billion, about $3.5 billion of it on-chain, with over 80,000 on-chain holders.[2][8]
  4. Happened 2 Dec 2025 · Volume milestone · recorded 11 Oct 2026
    Combined on-chain and exchange volume passes $10 billion with over 60 tokenised stocks issued; Kraken agrees to acquire Backed.[1]
  5. Happened Jun 2025 (month only) · Launch · recorded 11 Oct 2026
    Backed starts distributing xStocks through Kraken and Bybit outside the US.[1]

Sources

  1. [1]Kraken acquires Backed after xStocks tokenized securities volumes hit $10 billion — Ledger Insights, 2 Dec 2025. Accessed 11 Oct 2026.C
  2. [2]Tokenized xStocks surpass $25 billion in total transaction volume: Kraken — The Block, 19 Feb 2026. Accessed 11 Oct 2026.C
  3. [3]xStocks platform dashboard — RWA.xyz. Accessed 11 Oct 2026.A
  4. [4]xStocks - Tokenized Equities — Backed (xStocks). Accessed 13 Oct 2026.B
  5. [5]xStocks Partner Hub - Everything you need to launch and grow xStocks — Backed (xStocks). Accessed 13 Oct 2026.B
  6. [6]xStocks products — Backed (xStocks). Accessed 13 Oct 2026. Issuer's product list with contract addresses per chain, read from the page data..B
  7. [7]Tesla xStock - Backed Assets — Backed Assets. Accessed 13 Oct 2026. Product page lists the issuer, ISIN, tokenizer, brokers, custodians and security agent; the same service providers are taken to apply across the range..B
  8. [8]xStocks remain largest provider of tokenized equities, surpass $25 billion in total transaction volume — Kraken, 19 Feb 2026. Accessed 13 Oct 2026.B
  9. [9]xStocks Vaults Go Live on Kraken, Bringing DeFi Yield to Tokenized Equities on an Exchange — Backed (xStocks), 14 Sep 2026. Accessed 13 Oct 2026.B
  10. [10]xStocks Brings Ōura IPO Access to Kraken and the xStocks Alliance — Backed (xStocks), 24 Sep 2026. Accessed 13 Oct 2026.B
  11. [11]Tokenized stocks dashboard — RWA.xyz. Accessed 11 Oct 2026.A
  12. [12]Base Prospectus (approved by the Liechtenstein FMA), 27 July 2026 — Backed Assets (JE) Limited, 27 Jul 2026. Accessed 28 Oct 2026. Linked from assets.backed.fi/legal-documentation; auditors (section 1.2), administrator, security agent and the tokenisation services agreement with Payward..B
  13. [13]A New Chapter for xStocks: Kraken Partners with Alpaca to Power Global Tokenization Acceleration — Alpaca, 17 Dec 2025. Accessed 6 Nov 2026.B
  14. [14]Trading volume read daily from venues' public data — Exchange public market data and GeckoTerminal (automated daily read). Accessed 7 Nov 2026. Venue-reported figures; exchanges' own volume can include wash trading..B

Spotted something out of date or missing? Suggest a correction, ideally with a source.