Kraken and Bitget set the pace in the early innings of tokenized stock trading

Tokenized stocks are still an early-stage corner of crypto markets, but trading data suggests the category is already consolidating around a small number of centralized venues.

Onchain public equities now represent nearly $850 million in total blockchain-based value, with about $2.4 billion in monthly volume and more than 155,000 holders, according to the latest RWA.xyz data, as activity picked up in the second half of 2025.

Within that still-nascent market, most activity is concentrated on two platforms, Kraken’s xStocks and Bitget’s tokenized stock markets powered by Ondo, while U.S.-based offerings remain on hold amid regulatory uncertainty.

Tokenized Stock Total Value. Source: RWA.xyz

Kraken’s xStocks

Kraken was among the first major exchanges to roll out a broad tokenized equity product, with xStocks launching in June of last year through a partnership with Backed. The platform allows users to trade tokenized representations of U.S. equities and ETFs with extended trading hours and fractional exposure.

In Kraken’s third-quarter highlights at the end of October, the exchange said users had already traded more than $5 billion in xStocks tokenized equities across centralized and decentralized venues, with over $1 billion in onchain transactions and roughly 37,000 unique holders.

Kraken has positioned xStocks as a bridge between traditional equities and the crypto market, though the product remains unavailable to U.S. customers due to securities law restrictions. Even so, xStocks has emerged as one of the largest centralized tokenized stock offerings by breadth and activity, giving Kraken an early foothold in the market.

Since the start of 2026, Kraken has held an average of roughly 55% of the tradable tokenized stock value tracked by Dune, down sharply from about 97% before Bitget’s partnership with Ondo launched in early September.

Tokenized stock assets under management. Source: Dune

Bitget has taken a different route, partnering with Ondo Finance to list tokenized stocks and ETFs issued through Ondo’s Global Markets platform.

The exchange’s cumulative trading volume for tokenized stocks has approached $1 billion, according to published figures from Dune and Lookonchain. According to onchain data, Bitget accounted for roughly 89% of global trading volume in Ondo-issued tokenized stocks in November, with the remaining activity spread across other venues and onchain trading.

Bitget monthly trading volume share on Ondo. Source: Dune/Lookonchain

Those tokens represent exposure to underlying U.S. equities and ETFs and are issued on blockchain rails, allowing them to move beyond a single exchange environment. As with Kraken’s xStocks, Bitget’s tokenized stock markets are restricted to non-U.S. users, but the exchange’s rapid expansion of listings and liquidity has helped it capture an outsized share of early volume.

That exchange-level picture differs from issuance data. Across all tokenized public stocks outstanding onchain, Ondo now accounts for the largest share of value issued, surpassing xStocks by total supply, according to RWA.xyz.

Some tokenized stocks counted in those onchain totals, such as Exodus shares issued via Securitize in 2021–2022, predate the recent exchange-led wave and trade on regulated platforms rather than crypto exchanges. More recently, Securitize has said it plans to launch onchain stocks that represent “real, regulated shares” with full shareholder rights in early 2026.

U.S. platforms remain tentative

Other major platforms remain either marginal participants or are still in planning mode.

Robinhood rolled out tokenized stock products for EU users in June, but the launch proved contentious, drawing inquiries from European regulators after the firm promoted tokenized exposure to high-profile private companies.

Meanwhile, Coinbase has said it plans to offer tokenized stocks to U.S. users as part of its broader “everything exchange” strategy, positioning the product alongside prediction markets and other new trading verticals. The company has framed the rollout as contingent on regulatory compliance, and no U.S.-based tokenized stock product has launched so far.

The limited footprint of U.S. platforms stands in contrast to their potential reach. Steven Zheng, head of research at The Block, said distribution may ultimately be the deciding factor.

“Distribution begets volume,” Zheng said. “We saw prediction markets volume skyrocket after Robinhood integrated Kalshi’s prediction market. It would not be a surprise at all if tokenized stock volumes and TVL skyrocket as well once Robinhood and Coinbase are allowed to offer them to their massive user base.”