Performances
RD Popularity Index
RD Growth Index
Comparison
Parent Company
Follow Updates
Follow Lists
People
About xStocks
xStocks is a tokenized stock issuance platform by Backed Finance. It issues 1:1 tokenized representations of real US stocks and ETFs on-chain, such as xAAPL and xTSLA, with the underlying securities held in custody by regulated banks. Users can trade these tokens 24/7 on exchanges like Kraken and Bybit, or use them in DeFi protocols for lending or liquidity provision.
The core value proposition is bridging traditional finance with on-chain liquidity. It solves pain points such as limited trading hours, high entry barriers for expensive stocks, and lack of interoperability between traditional brokerage accounts and crypto ecosystems. By tokenizing real shares, it offers fractional ownership and global accessibility to non-US investors.
In the past six months, xStocks' on-chain assets under management surpassed $500 million, with over 177,000 unique holders. Daily trading volume of tokenized stocks on Solana reached $380 million in June 2026. The platform also integrated with OKX's X Layer L2 network, expanding its distribution reach.
However, notable risks include its exclusion of US investors, regulatory uncertainty regarding securities classification across jurisdictions, and reliance on third-party custodians and redemption mechanisms. The tokens do not confer shareholder voting rights, and cash dividends are distributed via rebasing mechanisms rather than direct payments.
xStocks, launched by Payward (Kraken's parent) after acquiring Backed Finance in Dec 2025, tokenizes real stocks 1:1 on-chain. Key milestones: surpassing $25B cumulative trading volume; expanding to EU with regulated tokenized stocks/ETFs; partnering with GTN to tokenize Hong Kong stocks first, targeting 90+ markets; introducing on-chain private equity funds; launching a points program hinting at ecosystem tokens; and enabling IPO access via Bybit's IPO Express, debuting with SpaceX tokenized IPO. These steps mark its evolution from a niche product to a multi-asset, cross-border platform bridging TradFi and DeFi.
Over the past six months (2026-03-04 to 2026-09-04), xStocks has accelerated growth. In March, it set a target of 500 tokenized assets by end-2026; that was hit in July, and by August the catalog surpassed 700, with a new goal of 1,000+ by year-end. Distribution expanded to 150+ partners, including OKX's tokenized stock offering and 0x integration. In July, xStocks moved beyond US equities, adding Hong Kong, UK, South Korea listings via GTN's execution/custody infrastructure spanning 90+ markets. It also launched on Hyperliquid (with Chainlink CCIP bridging from Solana) and BNB Chain, enabling 24/7 trading and DeFi collateral use. Official roadmap priorities: expanding international equities, entering commodities, pre-IPO access, deepening cross-chain interoperability, and boosting liquidity via market makers and institutional RFQ.
Mark Greenberg (Co-Founder): Chief Commercial Officer at Kraken, previously led consumer business and asset growth at Kraken, with experience at Scotiabank and BCG Digital Ventures.
Yehonatan Goldman (BD Director): Former co-founder of xStocks? No, he is Business Development Director at xStocks, with prior roles at Backed Finance and DAOstack, and a background in project management.
xStocks recently saw a key team addition. Edward Wilson joined in June 2026 as Head of Growth, based in the UK. He came aboard via Kraken, where he was announced as leading growth for xStocks. Since joining, he has helped drive high-profile tokenized IPOs including SpaceX and Bending Spoons, expanding the platform's asset catalog. No departures were reported.