Kraken Launches xChange Platform for Trading Tokenized Apple, Nvidia, and Tesla Stocks

Kraken Brings Tokenized Stocks On-Chain with xChange

Crypto exchange Kraken has launched xChange, an on-chain trading platform for tokenized financial instruments called xStocks, developed by the Backed project. The platform operates on both Ethereum and Solana networks and is available for trading 24/5.

The xChange catalog features more than 70 tokenized US equities and exchange-traded funds (ETFs), including shares of Apple, Nvidia, Tesla, and an S&P 500 index tracking fund.

xStocks market share in tokenized equities on Solana — Dune data

Why This Matters

Real-world asset (RWA) tokenization is rapidly emerging as one of the most consequential bridges between traditional finance and blockchain infrastructure. A major exchange like Kraken launching a dedicated on-chain stock trading platform signals growing institutional and retail demand for blockchain-native access to equity markets. For users, xChange represents the ability to trade stocks and ETFs on-chain without relying on traditional brokerage intermediaries.

How xChange Works

The platform's central innovation is cross-chain liquidity aggregation. By pooling liquidity from multiple blockchains, xChange delivers tighter spreads and better pricing compared to standard DeFi liquidity pools. Asset prices are pegged to real-time quotes from traditional stock exchanges.

All trades execute instantly on an all-or-nothing basis — partial order fills are not supported. To further deepen liquidity, the developers have integrated the 1inch aggregator API.

Total transaction volume with xStocks instruments since their inception has already exceeded $25 billion. According to Dune analytics, xStocks commands 46% of the tokenized equities market on Solana, while its primary competitor — Ondo's platform (operating on Ethereum and BNB Chain) — holds a 52% share.

Tokenized Stock Market Crosses the $1 Billion Mark

The xChange launch coincides with sustained growth across the RWA sector. Data from RWA.xyz shows the total market capitalization of tokenized equities has surpassed $1.02 billion, gaining 8.8% over the past 30 days. The total number of holders grew 11.8% to reach 184,720.

Tokenized equities market surpasses $1 billion — RWA.xyz data

Ondo leads the segment with a 58% market share and $593.5 million in capitalization. Backed's xStocks project holds a firm second place with nearly 24% of the market and a capitalization of $243.7 million.

Market share distribution: Ondo leads, xStocks secures second place

Most Popular Tokenized Assets

CoinGecko data confirms strong demand for Backed's instruments: the total market value of the xStocks ecosystem has reached $254 million, with daily trading volume exceeding $147 million.

xStocks ecosystem — CoinGecko market data

The top-performing tokenized assets within the ecosystem include:

• Tesla (TSLAX) — $52.7 million
• Circle (CRCLX) — $45.3 million
• Nvidia (NVDAX) — $21.8 million

Leading xStocks assets by market capitalization — CoinGecko

Earlier in February, Web3 wallet MetaMask also added support for tokenized stocks and ETFs, reflecting a broader industry trend toward convergence of crypto and traditional financial infrastructure.