Tokenized stocks issued through xStocks reached a $1 billion onchain market capitalization, up from about $685 million in early September 2026 to approximately $886 million on October 25, 2026. Launched on June 30, 2025 by Backed Assets, which has since been acquired by Payward, the parent company of Kraken, the platform expanded from roughly 60 securities to more than 1,300 assets across over 11 blockchains. Each tracking certificate represents one share or ETF held in 1:1 proportion in regulated custody, enabling round-the-clock trading. Cumulative trading volume has surpassed $40 billion, while decentralized exchange activity alone exceeded $1 billion in September 2026. US persons cannot access these tokens, and the broader tokenized equities category is estimated to be worth $2.67 billion.
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