The cryptocurrency exchange Kraken has launched its on-chain platform xChange for trading tokenized assets known as xStocks from the Backed project.
The service operates on the Ethereum and Solana networks 24/5. Users can access over 70 tokenized U.S. stocks and ETFs, including shares of Apple, Nvidia, Tesla, and the S&P 500 index fund.
xChange aggregates liquidity from various blockchains, narrowing spreads and improving prices compared to traditional DeFi pools. Asset values are tied to real-time quotes from traditional stock markets.
Transactions are executed instantly on an "all or nothing" basis, with no option for partial order fulfillment. To enhance liquidity depth, developers have integrated the 1inch aggregator API.
Since its launch, the total transaction volume for xStocks has already exceeded $25 billion. According to Dune, xStocks holds a 46% share of the tokenized stock market on Solana, while its main competitor, Ondo (operating on Ethereum and BNB Chain), commands 52%.
Source: Dune.Rise of RWA
The full launch of xChange is supported by the robust growth of the segment. According to RWA.xyz, the total market value of tokenized stocks has surpassed $1.02 billion, with an 8.8% increase over the past 30 days. The number of holders of such assets has grown by 11.8%, reaching 184,720.
Source: RWA.xyz.Leading the segment is the Ondo platform, which holds a 58% market share ($593.5 million). The xStocks project firmly occupies second place, accounting for nearly 24% with a market capitalization of $243.7 million.
Source: RWA.xyz.Data from CoinGecko confirms the popularity of Backed's instruments: the total market value of the xStocks ecosystem has reached $254 million, with a daily trading volume exceeding $147 million.
Source: CoinGecko.The top positions in the ecosystem rankings are held by tokenized assets such as Tesla (TSLAX) valued at $52.7 million, Circle (CRCLX) at $45.3 million, and Nvidia (NVDAX) at $21.8 million.
Source: CoinGecko.As a reminder, in February, the popular Web3 wallet MetaMask added support for tokenized stocks and ETFs.