Tokenized stocks xStocks reached a market capitalization of $1 billion

Tokenized stocks issued through xStocks have reached a market capitalization of one billion dollars on the blockchain. Not long ago, the idea of placing Apple stocks on the blockchain seemed like a solution in search of a problem; a billion dollars in network value suggests that the problem is at least real—or that many believe so.

From 60 tickers to a billion

xStocks launched on June 30, 2025, starting with approximately 60 tokenized stocks and US exchange-traded funds. The platform was launched by Backed Assets (JE) Limited, which was later acquired by Payward, the parent company of Kraken.

Each token is supposed to reflect one share of a real company or exchange-traded fund and is backed one-to-one by underlying securities held in a regulated custodian. Technically, xStocks issues these tokens as settlement certificates rather than direct stock ownership. This structure allows for round-the-clock trading: traditional markets operate on a schedule, while blockchains do not sleep.

According to research, the capitalization of xStocks tokens on the network was about $685 million at the beginning of September 2026. By October 25, 2026, it had grown to approximately $886 million and then surpassed one billion.

Coverage, volumes, and networks

The catalog expanded along with capitalization. By October 2026, xStocks offered more than 1,300 assets on over 11 blockchains—a significant leap from the 60 tickers at launch. The platform initially focused on Solana, planning expansion to Ethereum and BNB Chain.

The cumulative trading volume on the platform exceeded $40 billion. Activity on decentralized exchanges in the network alone surpassed one billion dollars 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 residents. The tokens track US stocks and exchange-traded funds, but Americans cannot purchase them through this channel.

The broader picture of tokenization

xStocks is part of a broader category of tokenized stocks, which, according to research, is valued at approximately $2.67 billion.

There are real risks. The tokens are settlement certificates, not direct stocks, so holders depend on how correctly the issuer and custodian perform their duties. The one-to-one backing is only as reliable as the storage scheme behind it.

Regulation is another variable. The exclusion of US residents shows how carefully issuers must navigate securities regulations, and any change in regulators' approach to tokenized stocks could alter both who gets access to such products and how they are structured.