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Timeline article

xStocks timeline: from over 60 tokens to more than 1,100

The main milestones from the May 2025 announcement to the Ōura IPO in September 2026, with a source for each.

  • 6 min read
  • By StonkBuilder Community
  • Checked 29 Sep 2026

xStocks went from an announcement to more than 1,100 listed products in sixteen months. This timeline lists the milestones in order, each with the post or article it comes from; the numbers are xStocks' own unless stated.

xStocks holders, as reported

80,000+19 Feb 2026
125,000+3 Jun 2026
~200,0002 Jul 2026
400,00023 Sep 2026
428,80228 Sep 2026
Holders as reported at each milestone. Definitions differ: on-chain holders in February, unique holders later, and the DeFi dashboard's total on 28 Sep 2026.

2025

  1. Announced

    Backed unveils xStocks: more than 55 tokenized stocks and ETFs, for Kraken and Solana apps.[1]

  2. Live

    More than 60 xStocks go live on Kraken, Bybit and Solana apps including Kamino, Raydium and Jupiter.[2]

  3. Ethereum

    xStocks launch on Ethereum, after Solana, BNB Chain and TRON.[3]

  4. xPort

    Institutions can turn shares held at Alpaca into xStocks, and back, without selling.[4]

  5. Kraken to buy Backed

    Bloomberg reports that Kraken is acquiring Backed Finance, the company behind xStocks.[5]

  6. xBridge

    A bridge on Chainlink CCIP moves xStocks between chains and keeps dividends and splits in sync.[6]

  7. TON and Telegram

    xStocks launch on the TON blockchain and in TON Wallet, the self-custodial wallet inside Telegram.[7]

2026

  1. Deal completes

    Around this date Payward Europe Limited, part of Kraken's parent Payward, buys all of Backed Finance AG, the issuer's parent.[8]

  2. Deeper Solana liquidity

    Trading desks more than triple on-chain liquidity for SPYx, QQQx, TSLAx, NVDAx and CRCLx.[9]

  3. $25 billion

    Total transaction volume passes $25 billion, with more than 80,000 on-chain holders.[10]

  4. Perpetual futures

    Kraken lists regulated perpetual futures on tokenized equities, using xStocks.[11]

  5. xChange

    An atomic quote engine brings stock-market liquidity on-chain on Solana, Ethereum and Ink.[12]

  6. Nasdaq

    Payward and Nasdaq plan a gateway between permissioned and permissionless tokenized equity markets.[13]

  7. xPoints

    xStocks announces a points program for traders, liquidity providers, developers and DeFi protocols.[14]

  8. BNB Chain

    More than 50 xStocks become available on BNB Chain, with trades of up to $1 million through xChange.[15]

  9. Mantle

    xStocks launch on Mantle, with direct issuance through xChange.[16]

  10. Franklin Templeton

    Franklin Templeton picks xStocks to tokenize seven of its ETFs.[17]

  11. IPO access announced

    Customers of Kraken and select Alliance members will be able to buy into tokenized U.S. IPOs at the offering price.[18]

  12. One year

    Total volume passes $35 billion, $12.5 billion of it on-chain, with nearly 200,000 holders.[19]

  13. OKX

    OKX lists more than 40 tokenized stocks built on xStocks.[20]

  14. Beyond U.S. stocks

    The first non-U.S. listings start with Hong Kong; the U.K., EU and South Korea are to follow.[21]

  15. Hyperliquid

    NVDAx, SPYx, QQQx, SKHYx and MUx become spot markets on Hyperliquid's order books.[22]

  16. Vaults on Kraken

    Holders of SPYx, QQQx and NVDAx can earn a variable yield inside Kraken.[23]

  17. 400,000 holders

    xStocks reports 400,000 unique holders.[24]

  18. Ledger

    xStocks announces it is live in Ledger Wallet.[25]

  19. The Ōura IPO

    The interest window for Ōura's IPO opens on Kraken and other Alliance platforms.[26]

How the numbers moved

Milestones in xStocks' own reporting
DateTotal volumeHolders
19 Feb 2026More than $25 billion [10]More than 80,000 on-chain
3 Jun 2026More than $30 billion [18]More than 125,000 unique
2 Jul 2026More than $35 billion [19]Nearly 200,000
23 Sep 2026400,000 unique [24]
28 Sep 2026More than $40 billion [27]428,802 on the DeFi dashboard [28]

Growth came in bursts: xStocks reported 150,000 new holders in the two weeks to 23 September 2026 alone [24].

Independent community guide by StonkBuilder. Not affiliated with, endorsed by, or operated by xStocks, Backed Finance, Backed Assets (JE) Limited, Payward or Kraken. Facts were checked on 29 Sep 2026 against xStocks' documentation, the issuer's legal pages, its public API and the Solana chain; figures carry the date they were taken. Nothing here is investment, legal or tax advice, or an offer or solicitation to buy or sell any security. xStocks are not available to U.S. persons or in several other countries.

Sources

  1. xStocks news: Coming soon to Kraken and Solana (22 May 2025) xstocks.fi/news/xstocks-coming-soon-to-kraken-and-solana
  2. xStocks news: xStocks are going live (30 Jun 2025) xstocks.fi/news/xstocks-are-going-live-tokenized-stocks-for-the-defi-era
  3. Cointelegraph: xStocks launch on Ethereum (2 Sep 2025) cointelegraph.com/news/xstocks-launches-ethereum-60-tokenized-stocks-nvidia-tesla
  4. xStocks news: Introducing xPort (20 Nov 2025) xstocks.fi/news/introducing-xport-the-in-specie-tokenization-engine
  5. Bloomberg: Kraken acquires Backed Finance (2 Dec 2025) www.bloomberg.com/news/articles/2025-12-02/crypto-firm-kraken-acquires-backed-finance-in-tokenization-push
  6. xStocks news: Introducing the xBridge (12 Dec 2025) xstocks.fi/news/introducing-the-xbridge
  7. xStocks news: xStocks come to TON and Telegram (18 Dec 2025) xstocks.fi/news/xstocks-brings-tokenized-equities-to-ton-blockchain-and-telegrams-1-billion-users
  8. Backed Assets (JE) Limited: Base prospectus of 8 May 2026 (on its legal documentation page) assets.backed.fi/legal-documentation
  9. xStocks news: Deeper on-chain liquidity (9 Feb 2026) xstocks.fi/news/upgrading-xstocks-markets-with-deeper-onchain-liquidity
  10. xStocks news: $25 billion in total transaction volume (19 Feb 2026) xstocks.fi/news/xstocks-remain-largest-provider-of-tokenized-equities-surpass-25-billion-in-total-transaction-volume
  11. Business Wire: Kraken lists tokenized equity perpetual futures using xStocks (24 Feb 2026) www.businesswire.com/news/home/20260224817384/en/Kraken-Lists-the-Worlds-First-Regulated-Tokenized-Equity-Perpetual-Futures-Using-xStocks
  12. xStocks news: Introducing xChange (5 Mar 2026) xstocks.fi/news/introducing-xchange
  13. xStocks news: xStocks to power Nasdaq's gateway (9 Mar 2026) xstocks.fi/news/xstocks-to-power-nasdaqs-gateway-connecting-permissioned-and-permissionless-tokenized-equities-markets
  14. xStocks news: Introducing xPoints (10 Mar 2026) xstocks.fi/news/introducing-xpoints
  15. xStocks news: xStocks launch on BNB Chain (30 Apr 2026) xstocks.fi/news/xstocks-launches-on-bnb-chain
  16. xStocks news: Introducing xStocks on Mantle (7 May 2026) xstocks.fi/news/introducing-xstocks-on-mantle
  17. xStocks news: Seven Franklin Templeton ETFs (12 May 2026) xstocks.fi/news/xstocks-to-tokenize-seven-franklin-templeton-etfs-bringing-institutional-grade-assets-onchain
  18. xStocks news: Tokenized IPO access for retail investors (3 Jun 2026) xstocks.fi/news/announcing-tokenized-ipo-access-for-retail-investors-across-the-globe
  19. xStocks news: One year of xStocks (2 Jul 2026) xstocks.fi/news/one-year-of-xstocks-the-tokenized-equities-framework-that-made-a-market
  20. xStocks news: OKX launches 40+ tokenized stocks powered by xStocks (16 Jul 2026) xstocks.fi/news/okx-launches-tokenized-stocks-xstocks
  21. xStocks news: Tokenizing the rest of the world (22 Jul 2026) xstocks.fi/news/why-the-next-asset-class-for-xstocks-to-tokenize-is-the-rest-of-the-world
  22. xStocks news: xStocks go live on Hyperliquid (10 Aug 2026) xstocks.fi/news/xstocks-goes-live-on-hyperliquid-bringing-the-markets-deepest-tokenized-equities-framework-to-traders
  23. xStocks news: xStocks Vaults go live on Kraken (14 Sep 2026) xstocks.fi/news/xstocks-vaults-go-live-on-kraken-bringing-defi-yield-to-tokenized-equities-on-an-exchange
  24. @xStocksFi on X: 400,000 unique holders (23 Sep 2026) x.com/xStocksFi/status/2102760539818758564
  25. @xStocksFi on X: xStocks live on Ledger (24 Sep 2026) x.com/xStocksFi/status/2103123534449082426
  26. xStocks news: Ōura IPO access on Kraken and the xStocks Alliance (24 Sep 2026) xstocks.fi/news/xstocks-brings-oura-ipo-access-to-kraken-and-the-xstocks-alliance
  27. xStocks on X (@xStocksFi) x.com/xStocksFi
  28. xStocks DeFi dashboard defi.xstocks.fi/

Checked on 29 Sep 2026. xStocks change; the linked pages are the source of truth.