Kraken's xStocks Backing Assets Top $800 Million as Holders Pass 300,000

The useful part

xStocks has surpassed $800 million in assets backing its tokenised stocks and ETFs, while the number of unique holders has exceeded 300,000, according to figures released by the company. The network now covers 715 tokenised instruments across ten blockchains and reports more than $40 billion in cumulative transaction volume. Stocks Held Offchain Back Tokens 1:1 Each xStock representing a listed stock or ETF is backed 1:1 by the corresponding underlying security, which is held in regulated custody, according to the project's website.

How it works

• Users can hold, transfer or swap the tokens and, if supported by a third-party protocol, use them as collateral.
• The ten supported networks include Solana, Ethereum, BNB Chain, Mantle, TON, Ink, X Layer, Arbitrum, Tron and Optimism.
• The tokens can be transferred and traded onchain, giving holders economic exposure to changes in the underlying asset's value.
• xStocks says the instruments can be redeemed for the equivalent cash value or the underlying security, subject to the relevant terms and eligibility requirements.
• The $40 billion figure represents cumulative transaction activity, rather than the value of assets currently backing the tokens or an equivalent amount of new investor money.

What to take from it

Comparable xStocks figures have counted centralised and decentralised exchange activity, as well as minting and redemptions. Distribution has expanded through more than 100 integrations covering exchanges, self-custodial wallets, decentralised exchanges and lending markets.