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The tokenized stock platform supports Ethereum and other networks, but the majority of capital is concentrated on Solana.\n<\/p>\n
Tokenized U.S. equities platform xStocks<\/a>, developed by crypto exchange Kraken<\/a> in collaboration with Backed, has crossed $10 billion in total trading volume across centralized and decentralized exchanges in just under five months since launching. The tokenized stocks have seen nearly $2 \u202fbillion in on-chain trades.<\/p>\n In an announcement<\/a> on Wednesday, Nov. 12, Kraken also said that more than 45,000 unique on-chain holders have traded xStocks \u2014\u00a0up from 25,000 in August. The platform gives users in eligible regions \u2014 which do not include the United States \u2014 exposure to U.S. stocks and exchange-traded funds via tokens backed 1:1 by the equities or ETFs they represent, which are held by licensed custodians. <\/p>\n The platform, initially launched on Solana, has since expanded to Ethereum<\/a>, as well as to TRON<\/a> and BNB Chain<\/a>. Despite the diversity, Solana remains the dominant chain in terms of liquidity. The xStocks platform’s total aggregated assets under management currently sit at $134.4 million, per Dune Analytics<\/a> data.<\/p>\n As of press time, Tesla\u2019s tokenized stock remains xStocks\u2019 most popular product, with over $30 million in tokenized asset value, which is roughly twice the value of xStocks\u2019 second-largest asset, tokenized Nvidia shares.<\/p>\n In late August, just under two months after xStocks launched, the platform announced it had reached $500 million<\/a> in cumulative on-chain volume, making the current milestone a 4x increase.<\/p>\n