TLDR:
- Kraken xStocks has surpassed $1 billion in assets under management, up from roughly $225 million in February, according to Payward.
- Payward reports more than $45 billion in cumulative transaction volume and over 550,000 holders across the tokenized equities ecosystem.
- The network includes more than 1,500 tokenized representations, but Kraken lists fewer products, and eligibility varies by location.
- xStocks holders do not own the underlying shares or receive voting rights, and the products are unavailable to customers in several countries.
Kraken xStocks has passed $1 billion in assets under management as tokenized stock offerings expand across crypto markets. Payward, the infrastructure company behind Kraken, said the milestone was reached on October 27.
Assets have more than quadrupled since February, when they stood near $225 million. Payward also reported over $45 billion in cumulative transaction volume and more than 550,000 holders.
The framework lets eligible users hold tokens linked to stocks and exchange-traded funds across supported platforms. However, the products have restrictions and do not provide the same rights as owning shares directly. Jersey-based Backed Assets (JE) Limited issues the tokens.
Kraken xStocks Growth Extends Across Global Markets
Payward launched Kraken xStocks in June 2025 with 60 tokenized US stocks and ETFs on Solana. The company says the ecosystem now spans more than 1,500 representations of stocks, funds and IPO exposure.
The range covers assets from the US, UK, Europe and Hong Kong. Payward says tokenized representations of Russell 1000 constituents are also live in the ecosystem.
The broader count does not mean every product is available on Kraken or in every market. Kraken’s support page listed 131 assets on October 30 and noted geographic restrictions.
Kraken xStocks can be transferred to compatible wallets and used on supported blockchain applications. Payward says the ecosystem now operates across more than ten blockchains.
The company reported more than $100 million in tokens deployed in decentralized finance, or DeFi. Some protocols allow eligible holders to use tokens as collateral or lend them.
Bybit, another crypto exchange, has enabled six xStocks as collateral for certain lending and margin products. The availability of these services depends on the platform and user eligibility.
Kraken xStocks can trade outside stock market hours. Kraken says most trade around the clock on weekdays, while selected assets are available at weekends on Kraken Pro. Direct issuance and redemption through the issuer operate on weekdays, even when secondary trading continues over weekends.
Changes in share prices can affect assets under management, alongside investor purchases and redemptions. Payward’s $45 billion figure measures cumulative transactions across the ecosystem. It is separate from the value of assets under management.
Ownership Rules and Competition Shape Tokenized Stocks
Backed Assets (JE) Limited issues Kraken xStocks as digital debt instruments called tracker certificates. According to the issuer, each is collateralized by the corresponding stock or fund held with regulated custodians.
That structure gives holders economic exposure to an underlying asset, rather than direct ownership of its shares. Kraken says holders receive no voting rights or direct claim to the underlying company’s stock.
Investors do not receive ordinary cash dividends. Kraken says dividend proceeds can be reinvested into the underlying asset and reflected in token balances through an adjustment.
Kraken xStocks are unavailable to US persons and customers in the UK, Canada and Australia. Availability can differ across eligible countries and trading platforms.
The products carry issuer, custody and liquidity risks, according to Kraken’s disclosures. Using tokens in DeFi can add smart contract and liquidation risks. Outside exchange hours, lower liquidity can widen the spread between buyers and sellers.
Competition is growing across the tokenized equities market. Ondo Finance said its competing Ondo Stocks products passed $1 billion in total value locked in May 2026.
The US Securities and Exchange Commission is developing rules for a separate form of tokenized stock trading. It granted conditional relief to qualifying venues in September and gave some issuers a chance to object. On such venues, tokens must provide holders the same rights as conventional shares.
Microsoft, Alphabet and Goldman Sachs later objected to their shares trading on the proposed OKXICE venue. That proposed US venue would operate under a separate framework from the offshore xStocks offering.