XStocks reaches $790M in tokenized assets under management across multiple blockchains

XStocks, a platform that lets users trade tokenized versions of US stocks and ETFs on-chain, has reached roughly $790.9 million in assets under management. The bulk of that sits on Solana, with approximately $530 million deployed on the network, while Ethereum accounts for about $172 million.

From 60 assets to 700 in just over a year

XStocks launched on June 30, 2025, with a relatively modest catalog of 60 tokenized assets. Since then, the platform has expanded to more than 700 tokenized stocks and ETFs.

The platform’s cumulative transaction volume has surpassed $35 billion, spanning both centralized and decentralized trading activity. Over 200,000 holders are now registered on the platform.

In August 2026, xStocks topped tokenized-stock issuance growth by adding approximately $17 million in AUM in a single week.

The tokens themselves are SPL tokens on Solana and ERC-20 tokens on Ethereum, making them transferable and permissionless. They can move freely across wallets and plug into existing DeFi protocols.

How the model works

XStocks tokens represent economic exposure to the underlying equities, not direct ownership. Holders don’t get voting rights. What they get is 1:1 price exposure, backed by real shares held in custody.

The platform has partnered with Backed Finance for its tokenization infrastructure and integrated with Kraken Wallet, which enables self-custody for users. That Kraken integration enables 24/7 trading, removing the traditional market hours restriction.

One important caveat: xStocks tokens are not available to US persons.

The broader tokenized equities landscape

The lack of voting rights means these tokens are a derivative product rather than a true equity, and custody risk remains a factor. If the entity holding the underlying shares encounters problems, token holders could be left exposed.

By deploying across Solana, Ethereum, and other networks, xStocks is hedging against blockchain-specific risk while maximizing its addressable user base. Solana’s dominance in the platform’s AUM, representing roughly 67% of the total, reflects that chain’s advantages in transaction speed and cost for frequent trading.

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