| What to Know: – $3.5B on-chain across Solana, Ethereum, TON shows multi-platform liquidity and settlement. – 80,000+ on-chain holders signal meaningful self-custody alongside exchange trading. – High TTV implies velocity, not sticky balances; separate sustained liquidity from churn. |
Kraken-owned xStocks has surpassed $25 billion in total transaction volume (TTV) since launching last year, achieved in under eight months, as reported by Finance Magnates. As of February 19, 2026, the figure underscores accelerating activity in tokenized equities across centralized and blockchain venues.
TTV measures the cumulative value of executed buys and sells. It differs from assets under management (AUM), which reflect capital parked; reading the milestone correctly requires considering turnover, on-chain participation, and venue mix.
Approximately $3.5 billion of lifetime activity has occurred on-chain across Solana, Ethereum, and TON, according to The Block. This split indicates that liquidity is not confined to a single platform and that programmable settlement on public chains is part of the flow.
Coverage has noted more than 80,000 unique on-chain holders, as reported by Cointelegraph. That breadth suggests meaningful self-custody participation alongside exchange-based trading, aligning tokenized equities with crypto-native usage patterns.
High TTV in a short window signals velocity, but not necessarily deep, sticky balances. Interpreting the $25 billion figure therefore involves distinguishing sustained liquidity from churn and recognizing that multi-chain reach can broaden access without guaranteeing long-term holding behavior.
xStocks provide blockchain-based exposure to listed equities via tokens issued by Backed Finance and tradable on centralized venues and public chains. Investor outcomes depend on issuer terms, including how economic exposure, custody, and settlement are structured; tokens may not confer the same shareholder rights as direct ownership.
Kraken agreed to acquire Backed Finance, bringing issuance closer to trading and settlement under one umbrella, as reported by Banking Dive. An integrated stack can improve auditability of collateral, standardize operational controls, and support scale across jurisdictions, though specific regulatory treatments vary by market and instrument.
Industry leaders frame the milestone as a step toward more open market infrastructure. “Integrating Backed into Kraken strengthens the core architecture required for open and programmable capital markets,” said Arjun Sethi, Co-CEO of Kraken.
At the time of this writing, Coinbase Global (COIN) traded near $165.9, up about 1.15% on the session with a slight after-hours decline of roughly 0.04%, based on data from Yahoo Finance. This contextual snapshot does not imply any relationship to xStocks’ activity and is provided for market background only.
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