xStocks tokenized stocks reach $173M market cap, up 187% in a single month

Tokenized stocks issued by xStocks on X Layer have hit a market cap of $172.8 million, a 187.2% surge in just one month. For a platform that barely existed on the chain three months ago, that’s the kind of growth curve most DeFi protocols dream about.

The xStocks marketplace, built by Backed Finance and hosted on OKX’s Ethereum Layer 2 blockchain, now offers more than 900 tokenized US equities and ETFs. It went live on X Layer on June 15, following a partnership announcement earlier that month.

What xStocks actually does

The platform lets users trade tokenized versions of US stocks and ETFs, each one backed 1:1 by the actual underlying security held in regulated custody. These aren’t synthetic derivatives or algorithmic mirrors. They’re tracker certificates that provide economic exposure to the real asset, though without conferring legal ownership rights like voting.

The portfolio is structured with roughly 88% equities and 12% ETFs. And it’s designed with diversification guardrails: no single asset exceeds about 9% of the total portfolio. Among the biggest positions, MicroStrategy’s tokenized counterpart (MSTRx) sits near the top at approximately $28.6 million in market cap. Circle’s token (CRCLx) also features prominently.

Trading happens through the OKX Wallet, which keeps transaction costs low and keeps the market open 24/7. Traditional US equity markets operate for six and a half hours on weekdays. Tokenized versions don’t clock out.

The bigger picture for tokenized equities

xStocks didn’t start on X Layer. The broader platform launched on June 30, 2025, and has since expanded across multiple blockchains. In that time, cumulative trading volumes have reached somewhere between $35 billion and $40 billion across roughly 800 assets.

Backed Finance, the Swiss-based issuer behind xStocks, operates within a regulated framework. The assets are held in regulated custody. Backed Finance is associated with Payward, Kraken’s parent company.

The risk side is straightforward. Tracker certificates are not shares. Users get price exposure but not shareholder rights. Regulatory frameworks could shift, particularly as more jurisdictions scrutinize tokenized securities. And the 1:1 backing model only works as long as the custodial and issuance infrastructure remains solvent and transparent. Backed Finance operates under Swiss regulation.

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