The trading volume of tokenized stocks on xStocks has reached $25 billion, according to the Kraken exchange.

$25,000,000,000 in total transaction volume.

In under 7 months since launch.@xStocksFi is making history.

As part of @payward’s group, xStocks is cementing its position as the largest provider and leading framework for tokenized equities globally. pic.twitter.com/XTPyXOMpBU

— Kraken (@krakenfx) February 19, 2026

“In less than eight months since launch, the total transaction volume for xStocks has exceeded $25 billion. This figure includes trades on both centralized and decentralized exchanges, as well as the issuance and redemption of tokens,” the platform stated in its blog.

In late June 2025, Kraken added tokenized shares of Apple, Tesla, Nvidia, and over 50 other companies for users in Europe, Asia, Africa, and Latin America.

Each digital asset is backed by a share or a portion of an ETF at a 1:1 ratio through the exchange’s partner, the Swiss company Backed Finance. The trading platform is currently finalizing the acquisition of this partner.

Initially, xStocks operated solely on Solana, but they are now also available on Ethereum, BNB Chain, and TON.

The number of unique holders exceeds 81,000, with Nvidia, Tesla, and the S&P 500 being the top three most popular stocks.

Source: Dune.

In addition to Kraken, xStocks are traded on Gate and Bybit.

Source: Dune.

“The rapid achievement of the $25 billion milestone demonstrates that investors worldwide are ready for open, permissionless markets designed for the internet age,” commented Val Gui, General Manager of xStocks.

According to rwa.xyz, the total market capitalization of tokenized stocks is around $940 million, with xStocks on Solana accounting for nearly 50% of the market.

Source: Dune.

As a reminder, the public test L2 network Robinhood, focused on RWA, processed 4 million transactions in its first week of operation.