xStocks Surpasses $800 Million in Tokenised Assets with 300,000+ Unique Holders
Tokenised equities platform xStocks has crossed a significant milestone, reporting over $800 million in assets backing its tokenised stocks and exchange-traded funds (ETFs). The platform also confirmed that the number of unique holders has exceeded 300,000, according to figures released by the company.
“London’s trading industry is coming home!” the project declared, signalling its ambition to modernise access to traditional financial markets through blockchain infrastructure.
Broad Multi-Chain Coverage and $40 Billion in Cumulative Volume
The xStocks network now supports 715 tokenised instruments across ten blockchains, including Solana, Ethereum, BNB Chain, Mantle, TON, Ink, X Layer, Arbitrum, Tron, and Optimism. The platform reports more than $40 billion in cumulative transaction volume, a figure that encompasses activity on centralised and decentralised exchanges, as well as minting and redemption operations.
Distribution has expanded through more than 100 integrations covering exchanges, self-custodial wallets, decentralised exchanges, and lending markets. The tokens are reportedly available in over 110 countries.
1:1 Backing by Underlying Securities in Regulated Custody
Each xStock token representing a listed stock or ETF is backed 1:1 by the corresponding underlying security, which is held in regulated custody, according to the project’s website. The tokens can be transferred and traded on-chain, giving holders economic exposure to changes in the underlying asset’s value.
xStocks states that the instruments can be redeemed for the equivalent cash value or the underlying security, subject to relevant terms and eligibility requirements. The company clarifies that the $40 billion volume figure represents cumulative transaction activity rather than the current value of assets backing the tokens or an equivalent amount of new investor capital.
Token Utility: Holding, Swapping, and Collateral Use
Users can hold, transfer, or swap the tokens. Where supported by third-party protocols, the tokens can also be used as collateral, expanding their utility within decentralised finance (DeFi) ecosystems.
Regulatory Classification and Legal Structure
The European Securities and Markets Authority (ESMA) classifies these structures as wrapped tokenised equities. In its latest risk report, ESMA said these tokens typically represent a claim on, or economic exposure to, shares held by a trusted party.
Legal ownership of the underlying securities remains off-chain, so transferring a wrapped token does not necessarily transfer legal title to the shares. ESMA said this structure adds dependencies on the token issuer, platform, and underlying custodian.
Kraken similarly states that xStocks do not provide voting rights or a legal claim against the company whose shares back the token. Economic benefits from dividends are reflected by increasing the holder’s balance of the corresponding token.
Issuance and Jurisdictional Availability
xStocks are issued by Backed Assets (JE) Limited, registered in Jersey. Eligible clients outside the European Economic Area may receive them through Payward Digital Solutions, which is licensed by the Bermuda Monetary Authority.
Within the EU and EEA, Payward Europe Digital Solutions offers the products. The tokens are unavailable to residents of the United States, United Kingdom, Canada, Australia, and sanctioned jurisdictions. Access through individual exchanges and other integrations remains subject to local rules and partner eligibility checks.
