Kraken's xStocks Surpasses $800 Million in Assets and 300,000 Unique Holders

Kraken's xStocks has surpassed $800 million in assets backing its tokenized stocks and ETFs, while the number of unique holders has exceeded 300,000. This milestone comes as a testament to the growing adoption of decentralized finance (DeFi) solutions.

The network now covers 715 tokenized instruments across ten blockchains, with more than $40 billion in cumulative transaction volume. xStocks allows users to hold and trade tokens representing listed stocks or ETFs, giving them economic exposure to changes in the underlying asset's value. The platform reports availability in over 110 countries.

The European Securities and Markets Authority (ESMA) classifies these structures as wrapped tokenized equities, which typically represent a claim on, or economic exposure to, shares held by a trusted party. However, it's essential to note that legal ownership of the underlying securities remains off-chain, meaning transferring a wrapped token does not necessarily transfer legal title to the shares.