xStocks tokenized stocks hit $1B in onchain market cap, up 802.5% in a year

Tokenized stocks issued through xStocks have reached a $1 billion onchain market capitalization.

Not long ago, putting Apple shares on a blockchain sounded like a solution looking for a problem. A billion dollars of onchain value suggests the problem was real, or at least that plenty of people think it is.

From 60 tickers to a billion dollars

xStocks went live on June 30, 2025. It started with roughly 60 tokenized US stocks and ETFs.

The platform was launched by Backed Assets (JE) Limited, which has since been acquired by Payward, the parent company of Kraken.

Each token is meant to mirror one share of a real stock or ETF, backed 1:1 by underlying shares held in regulated custody. Technically, xStocks structures these tokens as tracker certificates rather than direct share ownership.

That ticket-style setup is what enables round-the-clock trading. Traditional stock markets keep business hours, while blockchains never sleep.

The onchain market cap of xStocks tokens stood at around $685 million in early September 2026, according to the research findings. By October 25, 2026, it had climbed to approximately $886 million.

Breadth, volume and chains

The catalog has expanded dramatically alongside the market cap. By October 2026, xStocks offered more than 1,300 assets across over 11 blockchains.

That is a big jump from the roughly 60 tickers available at launch. The platform began primarily on Solana, with plans at the time to expand to networks such as Ethereum and BNB Chain.

Cumulative trading volume on the platform has surpassed $40 billion.

Onchain decentralized exchange activity alone exceeded $1 billion in a single month, September 2026.

Who can use it, and who cannot

There is a notable restriction. xStocks tokens are not available to US persons.

The tokens track US stocks and ETFs, yet Americans are locked out of buying them through this channel.

The bigger tokenization picture

xStocks sits inside a broader category of tokenized equities. That category is estimated to be worth about $2.67 billion, according to the research findings.

There are real risks. The tokens are tracker certificates, not direct shares, so holders depend on the issuer and custodian doing their jobs correctly. The 1:1 backing is only as good as the custody arrangement behind it.

Regulation is the other variable. The exclusion of US persons shows how carefully issuers have to navigate securities rules, and any shift in how regulators treat tokenized equities could reshape who can access these products and how they are structured.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.