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Tokenized stocks issued by xStocks on the OKX X Layer have reached a market capitalization of $172.8 million, marking a remarkable increase of 187.2% within a single month. This growth is particularly notable for a platform that was launched just three months ago, showcasing a rapid adoption of decentralized finance (DeFi) protocols.
The xStocks marketplace, developed by Backed Finance and hosted on OKX’s Ethereum Layer 2 blockchain, offers over 900 tokenized US equities and exchange-traded funds (ETFs). The platform went live on June 15, 2026, following a partnership announcement earlier that month. Each tokenized stock is backed 1:1 by the actual underlying security held in regulated custody, providing users with economic exposure to real assets without granting legal ownership rights such as voting.
Trading on xStocks occurs through the OKX Wallet, allowing for 24/7 market access, unlike traditional US equity markets which operate for limited hours on weekdays. The platform's portfolio comprises approximately 88% equities and 12% ETFs, with no single asset exceeding about 9% of the total portfolio. Among the most significant holdings is MicroStrategy’s tokenized counterpart, valued at around $28.6 million.
Backed Finance, based in Switzerland, operates within a regulated framework, ensuring that assets are held in secure custody. The broader xStocks platform, which launched on June 30, 2025, has seen cumulative trading volumes between $35 billion and $40 billion across roughly 800 assets. However, users should be aware that tracker certificates do not confer shareholder rights, and the regulatory landscape for tokenized securities may evolve as jurisdictions increase scrutiny.
Source: KLEA News