The market capitalization of tokenized stocks in the cryptocurrency market has reached nearly $403 million, with trading volumes showing rapid growth.
This is reported by Finway
Market Leaders and Structure of the Tokenized Sector
As of July 2025, the total market capitalization of tokenized stocks has reached $402.96 million, and the monthly transaction volume has exceeded $208 million. This is a 205% increase compared to the previous month. This data is provided by CoinMarketCap. At the same time, over 65% of the market (excluding EXOD and MGL) belongs to tokenized stocks issued by xStocks, while ETFs from Backed Finance, including iShares and SPDR, are rapidly gaining popularity.
“The total market capitalization of the tokenized stocks segment in the cryptocurrency market is $402.96 million, and the monthly transfer volume has reached over $208 million, which is a 205% increase compared to 30 days ago, according to CoinMarketCap.”
The process of tokenizing stocks involves several stages: the issuing company Backed Assets (JE) Limited from Jersey purchases real shares and transfers them to custodians and brokers, including Alpaca, Incore Swiss Banking, and Maerki Baumann & Co. AG. Next, the tokenizer Backed Finance AG (Switzerland) creates xStocks on the Solana blockchain and EVM-compatible networks. Trading of tokenized stocks takes place on centralized exchanges (Kraken, Bybit) as well as on decentralized platforms (Jupiter, Raydium, Kamino).
Comparison of Solutions and Key Players
Tokenized stocks are becoming a bridge between traditional financial markets and Web3, reflecting the trend toward mass adoption of digital assets. Not only xStocks are gaining popularity, but also the Ostium protocol and Robinhood’s initiatives to launch its own L2 network.
A comparison of the xStocks and Dinari platforms shows significant differences across key parameters:
- Target Audience: xStocks is available to all users except those in restricted countries, while Dinari is focused solely on non-American users.
- Blockchain: xStocks operates on Solana and EVM, while Dinari operates on Ethereum, Arbitrum, Base, and Blast.
- Trading Platforms: xStocks is available on both CEX and DEX, whereas Dinari is only on its own platform.
- Dividend Payments: xStocks pays through changes in the number of tokens, while Dinari pays through USD+ or changes in the number of tokens.
- Fees: xStocks charges up to 0.5%, while Dinari charges 0.25–0.5%.
Among the exchanges supporting tokenized stocks, Kraken leads the way, offering 55 stocks and 5 ETFs with the ability to trade 24/5 without fees when using USDG or USD. Bybit, MEXC, and Gate.io also offer xStocks, but with a limited selection of assets. On decentralized exchanges in the Solana network, trading has no restrictions, although a gas fee is charged.
The top 5 tokenized assets by market capitalization include PAX Gold (PAXG), Tether Gold (XAUt), Propy (PRO), Matrixdock Gold (XAUM), and Parcl (PRCL).
It was previously reported that the Kraken exchange began offering clients tokenized shares of leading American companies back in May 2025, and recently launched xStocks on the BNB Chain.