The cryptocurrency exchange Kraken has launched the on-chain platform xChange for trading tokenized assets xStocks from the Backed project.
The service operates on the Ethereum and Solana networks, available 24/5. Users have access to over 70 tokenized U.S. stocks and ETFs, including securities from Apple, Nvidia, Tesla, and an S&P 500 index fund.
xChange consolidates liquidity from various blockchains, narrowing spreads and improving prices compared to traditional DeFi pools. Asset prices are pegged to real-time quotes from traditional stock markets.
Trades are executed instantly on an all-or-nothing basis, with no partial order closures. For additional liquidity depth, developers have integrated the API of the 1inch aggregator.
The total transaction volume with xStocks instruments has already exceeded $25 billion since launch. According to Dune, xStocks accounts for 46% of the tokenized stock market on the Solana network. In comparison, the main competitor, the Ondo platform (in Ethereum and BNB Chain), holds 52%.
Rise of RWA
The full launch of xChange is supported by the robust growth of the segment. According to RWA.xyz, the total market value of tokenized stocks has surpassed $1.02 billion, increasing by 8.8% over the past 30 days. The total number of holders of such assets has grown by 11.8%, reaching 184,720.
The segment leader is the Ondo platform, holding a 58% share ($593.5 million). The xStocks project firmly holds second place, accounting for nearly 24% with a capitalization of $243.7 million.
Data from CoinGecko confirms the popularity of Backed’s instruments: the total market value of the xStocks ecosystem has reached $254 million, with a daily trading volume exceeding $147 million.
The top positions in the ecosystem ranking are held by tokenized assets of Tesla (TSLAX) valued at $52.7 million, Circle (CRCLX) at $45.3 million, and Nvidia (NVDAX) at $21.8 million.
In February, the popular Web3 wallet MetaMask added support for tokenized stocks and ETFs.