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

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Friday, 11/09/2026 | 21:10 GMT by
Tanya Chepkova

  • The company reported adding more than 20,000 holders within 24 hours.
  • Its tokens are distributed through more than 100 integrations across ten blockchain networks.

Moneta Markets

xStocks has surpassed $800 million in assets backing its tokenised stocks and ETFs, while the number of unique holders has exceeded 300,000, according to figures released by the company.

London’s trading industry is coming home!

The network now covers 715 tokenised instruments across ten blockchains and reports more than $40 billion in cumulative transaction volume.

Stocks Held Offchain Back Tokens 1:1

Each xStock representing a listed stock or ETF is backed 1:1 by the corresponding underlying security, which is held in regulated custody, according to the project’s website.

The tokens can be transferred and traded onchain, giving holders economic exposure to changes in the underlying asset’s value. xStocks says the instruments can be redeemed for the equivalent cash value or the underlying security, subject to the relevant terms and eligibility requirements.

The $40 billion figure represents cumulative transaction activity, rather than the value of assets currently backing the tokens or an equivalent amount of new investor money.

Comparable xStocks figures have counted centralised and decentralised exchange activity, as well as minting and redemptions. Distribution has expanded through more than 100 integrations covering exchanges, self-custodial wallets, decentralised exchanges and lending markets.

Users can hold, transfer or swap the tokens and, if supported by a third-party protocol, use them as collateral. The ten supported networks include Solana, Ethereum, BNB Chain, Mantle, TON, Ink, X Layer, Arbitrum, Tron and Optimism. xStocks reports availability in more than 110 countries.

Economic Exposure Does Not Equal Share Ownership

The European Securities and Markets Authority classifies these structures as wrapped tokenised equities. In its latest risk report, ESMA said these tokens typically represent a claim on, or economic exposure to, shares held by a trusted party.

Legal ownership of the underlying securities remains offchain, so transferring a wrapped token does not necessarily transfer legal title to the shares. ESMA said this structure adds dependencies on the token issuer, platform and underlying custodian.

Kraken similarly states that xStocks do not provide voting rights or a legal claim against the company whose shares back the token. Economic benefits from dividends are reflected by increasing the holder’s balance of the corresponding token.

xStocks are issued by Jersey-registered Backed Assets (JE) Limited. Eligible clients outside the European Economic Area may receive them through Payward Digital Solutions, which is licensed by the Bermuda Monetary Authority.

In the EU and EEA, Payward Europe Digital Solutions offers them. The products are unavailable to residents of the United States, United Kingdom, Canada, Australia and sanctioned jurisdictions. Access through individual exchanges and other integrations remains subject to local rules and partner eligibility checks.

xStocks has surpassed $800 million in assets backing its tokenised stocks and ETFs, while the number of unique holders has exceeded 300,000, according to figures released by the company.

London’s trading industry is coming home!

The network now covers 715 tokenised instruments across ten blockchains and reports more than $40 billion in cumulative transaction volume.

Stocks Held Offchain Back Tokens 1:1

Each xStock representing a listed stock or ETF is backed 1:1 by the corresponding underlying security, which is held in regulated custody, according to the project’s website.

The tokens can be transferred and traded onchain, giving holders economic exposure to changes in the underlying asset’s value. xStocks says the instruments can be redeemed for the equivalent cash value or the underlying security, subject to the relevant terms and eligibility requirements.

The $40 billion figure represents cumulative transaction activity, rather than the value of assets currently backing the tokens or an equivalent amount of new investor money.

Comparable xStocks figures have counted centralised and decentralised exchange activity, as well as minting and redemptions. Distribution has expanded through more than 100 integrations covering exchanges, self-custodial wallets, decentralised exchanges and lending markets.

Users can hold, transfer or swap the tokens and, if supported by a third-party protocol, use them as collateral. The ten supported networks include Solana, Ethereum, BNB Chain, Mantle, TON, Ink, X Layer, Arbitrum, Tron and Optimism. xStocks reports availability in more than 110 countries.

Economic Exposure Does Not Equal Share Ownership

The European Securities and Markets Authority classifies these structures as wrapped tokenised equities. In its latest risk report, ESMA said these tokens typically represent a claim on, or economic exposure to, shares held by a trusted party.

Legal ownership of the underlying securities remains offchain, so transferring a wrapped token does not necessarily transfer legal title to the shares. ESMA said this structure adds dependencies on the token issuer, platform and underlying custodian.

Kraken similarly states that xStocks do not provide voting rights or a legal claim against the company whose shares back the token. Economic benefits from dividends are reflected by increasing the holder’s balance of the corresponding token.

xStocks are issued by Jersey-registered Backed Assets (JE) Limited. Eligible clients outside the European Economic Area may receive them through Payward Digital Solutions, which is licensed by the Bermuda Monetary Authority.

In the EU and EEA, Payward Europe Digital Solutions offers them. The products are unavailable to residents of the United States, United Kingdom, Canada, Australia and sanctioned jurisdictions. Access through individual exchanges and other integrations remains subject to local rules and partner eligibility checks.

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Tanya Chepkova is a News Editor at Finance Magnates with more than 16 years of experience in financial journalism, covering forex, crypto, and digital asset markets. Her work spans daily industry reporting and data-driven, long-form explainers focused on market structure, trading models, and regulatory shifts.

Before joining Finance Magnates, she led the editorial team of a cryptocurrency-focused media outlet for six years. Her reporting combines analytical depth with clear storytelling, with particular attention to how structural changes in trading, stablecoin infrastructure, and emerging products such as prediction markets reshape the broader financial ecosystem. She covers global developments and provides additional insight into CIS markets.

Areas of Coverage:
Crypto and digital asset markets
Prediction markets
Stablecoins and cross-border payments
Industry analysis and long-form explainers

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