XStocks leads tokenized stock issuers with $17M market cap growth in a single week

XStocks, the tokenized equities platform built by Backed Finance and now under Kraken parent company Payward, added $17.3 million in market cap over the past seven days. That makes it the fastest-growing issuer in a tokenized stock market that has quietly ballooned to roughly $2.8 billion in total capitalization.

To put that weekly gain in perspective: the next closest competitor, Ondo Finance, managed $10 million in growth over the same stretch. Superstate added $3.9 million. Robinhood trailed at $3.3 million. XStocks nearly doubled the runner-up.

From 60 stocks to 700 in just over a year

XStocks launched on Solana on June 30, 2025, with a relatively modest catalog of around 60 US stocks and ETFs available as tokens. Fourteen months later, the platform lists more than 700 assets and claims over $35 billion in cumulative transaction volume.

The holder base has expanded to approximately 200,000 wallets.

Each xStocks token is backed 1:1 by actual shares held in regulated custody. When someone buys an xStocks token representing, say, Apple stock, a real Apple share sits in a custodial account somewhere. The model is designed to offer the compliance assurances of traditional brokerage with the 24/7 availability and global reach of blockchain rails.

One notable token in the ecosystem, STRCx, which represents Strategy’s variable preferred shares, carries a market cap of approximately $135 million on Ethereum. That single token accounts for a meaningful chunk of xStocks’ overall footprint.

The competitive landscape is getting crowded

Ondo Global Markets remains a formidable competitor. In pure on-chain metrics like total value locked and decentralized exchange volume, Ondo frequently leads. Binance’s bStocks platform rounds out the top tier. Together, these three issuers, Ondo, xStocks, and bStocks, control roughly 77% of the combined tokenized equities market cap.

Where xStocks distinguishes itself is in breadth. The 700-plus asset catalog and roughly 200,000 holders give it strong metrics on the distribution side. Its integration with centralized exchange infrastructure through the Kraken relationship means it can capture volume that never touches a DEX.

What tokenized stocks actually solve

Traditional stock markets operate on fixed schedules. The New York Stock Exchange opens at 9:30 AM Eastern and closes at 4 PM. Tokenized stocks trade around the clock on blockchain networks.

XStocks explicitly excludes US persons from its platform, a regulatory choice that sidesteps the SEC’s jurisdiction while opening the door to the vast majority of the world’s population that currently has limited or no access to US equity markets.

The $2.8 billion total market cap for tokenized equities, while impressive in growth terms, is still a rounding error compared to the roughly $50 trillion US stock market.