Less than three months ago, real-world asset platform Backed unveiled a line of tokenized equities that allows investors to buy tokens that track the price of popular stocks like Tesla, Apple, and Nvidia.
Total trading volume for the tokenized shares, called xStocks, recently surpassed $2 billion, according to a Dune dashboard.
The vast majority of trading has occurred on centralized exchanges (CEXs) with a trading volume of $1.94 billion as of Wednesday, according to the xStocks’ dashboard. Trading on decentralized exchanges (DEXs) registered at $103.8 million.
The top CEXs for xStocks trading are Kraken, Bybit, and Gate, according to the dashboard.
While the numbers are potentially encouraging for believers in tokenized equities, the total number of unique holders of xStocks tokens remains relatively low at roughly 25,500, according to the dashboard. The aggregate of assets under management for xStocks is $43.6 million, the dashboard shows.
The total onchain transaction volume has eclipsed $400 million, with a tokenized version of Tesla stock ranking as the most popular xStock, with over 11,000 holders. An S&P 500 token grabs second place with nearly 10,000 holders. Tokens tracking Apple, Nvidia, and Circle also count as popular among existing holders.
Advocates for tokenized equities
Both leaders in crypto and traditional finance see tremendous opportunity in the tokenized equity market, which could not only make it easier for international investors to invest in U.S.-listed stocks but also stands to unlock 24/7 trading. Coinbase and Kraken are among the centralized exchanges that have shown interest in launching tokenized equities.
In January, BlackRock CEO Larry Fink said he’d like to see the U.S. Securities and Exchange Commission move to “rapidly approve the tokenization of bonds and stocks.”‘
Robinhood, which has been pushing further and further into digital assets, said it would offer EU users the chance to invest in more than 200 tokenized versions of U.S. stocks.
Backed, which launched xStocks in May, recently announced alongside Kraken, the two firms were expanding xStocks’ support from Solana to BNB Chain, enabling users to trade tokenized U.S. equities as BEP-20 tokens.
“The response to xStocks has made one thing increasingly clear — the future of capital markets will be chain-neutral, composable, and multichain by design,” Kraken co-CEO Arjun Sethi said at the time.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
