Crypto exchange Kraken said on Wednesday that its xStocks platform has reached 100 tokenized U.S. stocks and ETFs, up from 60 at launch in June 2025, and plans to expand coverage to more than 500 assets by the end of 2026.
The platform has surpassed $25 billion in total transaction volume since launch, with over $3.5 billion of that occurring directly on-chain. Kraken said xStocks now account for 68% of the top 25 tokenized stocks by unique holders globally.
Distribution over catalog
The 500-asset target is paired with a broader push to deepen liquidity and grow exchange integrations worldwide. This combination indicates Kraken is positioning xStocks as infrastructure for international equity access.
On March 5, institutional trading platform Talos announced that its clients can now route orders for xStocks on Kraken. Val Gui, General Manager at xStocks, said the integration “plugs tokenized equities directly into the institutional trading stack,” making it “more seamless for venues to list them, for liquidity providers to support them, and for institutions to deliver always-on tokenized equities to investors across the world.”
Centralized exchanges Bybit and Gate.io have also integrated xStocks into their offerings, while EU-regulated venue 360X, backed by Deutsche Börse, began trading the instruments earlier this year.
Availability and restrictions
xStocks are fully backed 1:1 by the underlying stock or ETF, held by a licensed custodian in a bankruptcy-remote structure. They are issued by Backed Assets (JE) Limited, a Jersey entity now part of the Kraken group.
The product is available in over 110 countries but is not offered to residents of the United States, United Kingdom, Canada, or Australia, according to Kraken’s support documentation.
Kraken has been building out the xStocks ecosystem in recent weeks. In late February, the exchange launched tokenized equity perpetual futures using the xStocks framework, offering up to 20x leverage on indices and individual stocks. Earlier this month, the platform introduced an xPoints rewards program targeting traders, liquidity providers, and DeFi builders.
