XStocks Dominates Tokenized Stock Market with Record Growth
XStocks has taken the lead in tokenized stock issuers after its market cap grew by $17.3 million over the past week, making it the fastest-growing issuer in a tokenized stock market valued at around $2.8 billion.
This growth is impressive considering that XStocks nearly doubled the runner-up, Ondo Finance, which added $10 million to its market cap during the same period.
The platform, built by Backed Finance and now under Kraken parent company Payward, has expanded significantly since its launch on Solana in June 2025 with a modest catalog of around 60 US stocks and ETFs available as tokens. Today, XStocks lists over 700 assets and claims more than $35 billion in cumulative transaction volume.
The competitive landscape is getting crowded, with Ondo Global Markets and Binance's bStocks platform also vying for market share. However, XStocks distinguishes itself in breadth, with a strong distribution side thanks to its 700-plus asset catalog and approximately 200,000 holders.