xStocks tokenized stocks hit $1B in onchain market cap, up 802.5% in a year

Tokenized stocks issued through xStocks have reached a $1 billion onchain market capitalization. Not long ago, putting Apple shares on a blockchain sounded like a solution looking for a problem. A billion dollars of onchain value suggests the problem was real, or at least that plenty of people think it is. From 60 tickers to a billion dollars xStocks went live on June 30, 2025. It started with roughly 60 tokenized US stocks and ETFs. The platform was launched by Backed Assets (JE) Limited, which has since been acquired by Payward, the parent company of Kraken. Each token is meant to mirror one share of a real stock or ETF, backed 1:1 by underlying shares held in regulated custody. Technically, xStocks structures these tokens as tracker certificates rather than direct share ownership. That ticket-style setup is what enables round-the-clock trading. Traditional stock markets keep business hours, while blockchains never sleep. The onchain market cap of xStocks tokens stood at around $685 million in early September 2026, according to the research findings. By October 25, 2026, it had climbed to approximately $886 million. Breadth, volume and chains The catalog has expanded dramatically...