XStocks broke above $2B in daily trading volumes in a little over a month since their launch as XStocks attempt to become the go-to standard for tokenized shares.
XStocks achieves over $2B in daily trading, competing with some of the top crypto assets, getting a boost from tokenized TSLA shares. The tokenized shares are trying to become the go-to standard for on-chain shares.
Based on Dune analytics data, XStocks achieved $2.025B in volumes on centralized and decentralized markets combined. For now, centralized trading dominates with $1.92B of the total, with a smaller DEX market.
Kraken remains the leading market for XStocks
XStocks expanded their role after launching on Kraken at the end of June, opening the market to 60 tokenized equities, as Cryptopolitan reported.
Kraken remains the biggest single market with XStocks assets under management. The total value of all tokenized XStocks is around $43M, with $8.7M of those carried by Kraken.
Currently, a little over 25K wallets hold XStocks, as they compete for attention with other crypto trends. For now, XStocks shows promise of being one of the widely accepted standards for tokenized shares, with the potential to gain sufficient liquidity.
Tokenized TSLA shares take the lead
Tokenized TSLAx shares are the most preferred stock for trading. They are the first tokenized asset to attract over 10K users. The tokenized shares issued are valued at over $12M, with $6.8M in daily trading.
Gate, Raydium, and XT.com make up the bulk of TSLAx trading. However, unlike regular tokens, XStocks are not as easily traceable. The contract address will not reveal the top trader whales or any insider transfers between wallets.
Based on Dune Analytics data, on-chain volumes have transferred nearly $395M in volumes. However, the new type of assets is not as transparent. The TSLAx stock almost exactly tracks the price of TSLA, with a slight premium.
Interest in MSTRx, Strategy’s tokenized stock, closely follows TSLAx, with some daily fluctuations. S&P500 in tokenized form also commands significant volumes, though a lower number of holders.
Currently, XStocks is on a mission to spread its new assets to multiple protocols and platforms. Kamino Lend has also added the tokens as potential collateral, though the most commonly used deposit wallets still do not contain XStocks. The tokenized shares are also spreading to smaller markets almost daily, though with no guaranteed interest or volumes.
Stocks are a relatively small part of tokenized RWA, far surpassed by private debt and bonds. Around $400M in stocks have been tokenized in various platforms, either for top public companies, or as an attempt to raise funds through a tokenized IPO.
Around $375M is in tokenized public equity, with a smaller share of private equity. XShares has achieved a significant share of total tokenization in just over a month since the launch of its assets on Solana.
Some of the tokenized stocks are mostly experimental, or trade with extremely low volumes. There is also no clear standard on reporting and reserves, as some stocks represented on-chain may only track the price of the asset, without an underlying reserve.
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