Catenaa, Friday, January 23, 2026-Tokenized stocks are gaining traction, with Kraken and Bitget emerging as the dominant platforms in a nascent crypto market sector, according to recent reports.
Publicly accessible onchain tokenized equities now represent nearly $850 million in total value, generating about $2.4 billion in monthly trading volume across more than 155,000 holders.
Most activity is concentrated on Kraken’s xStocks and Bitget’s tokenized stock markets powered by Ondo Finance, while US-based offerings remain on hold amid regulatory uncertainty.
Kraken launched xStocks in June 2025 through a partnership with Backed, allowing non-US users to trade tokenized US equities and ETFs with extended hours and fractional exposure.
By October, users traded more than $5 billion across centralized and decentralized venues, including $1 billion in onchain transactions with roughly 37,000 unique holders. Kraken now holds about 55% of tradable tokenized stock value tracked by Dune, down from 97% after Bitget expanded listings with Ondo.
Bitget’s partnership with Ondo enables trading of tokenized equities and ETFs issued on Ondo’s Global Markets platform. Onchain figures indicate Bitget accounted for roughly 89% of global volume in Ondo-issued tokenized stocks in November 2025. Ondo has surpassed xStocks in total supply of tokenized stock value.
Other platforms, including Robinhood and Coinbase, are limited to EU offerings or remain contingent on US regulatory approval. Analysts expect wider US adoption could substantially increase trading volume, as distribution drives market activity.
