Tesla xStock Project Update

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Biggest Stories of 2025

• xStocks launched on the TON blockchain, embedding tokenized U.S. stocks and ETFs directly inside the Telegram messaging app via TON Wallet, with tokens available on the STON.fi decentralized exchange 678. This integration is viewed as a major user experience unlock for global access to U.S. equities (December 18, 2025).
• The xStocks issuer deepened its partnership with Alpaca, which will serve as the preferred venue for sourcing and custodying underlying equities and integrate xStocks into its brokerage-as-a-service API 3. This positions xStocks within Alpaca's Instant Tokenization Network for institutional capabilities (December 17, 2025).
• Breakpoint 2025 featured a session on making finance invisible, highlighting that the acquisition of Backed solidifies the xStocks infrastructure, which supports $12 billion in transactions for 80,000 users . The vision emphasized permissionless, 24/7 tokenized equities as open infrastructure for builders (December 12, 2025).
• Kraken acquired Backed Finance, the issuer behind xStocks, to expand its tokenized stock offering and integrate xStocks more deeply into its product suite 12. The move followed Kraken's IPO filing and a combined $800 million capital raise (December 2, 2025).
• xStocks surpassed $10 billion in total transaction volume within 135 days of its public launch, including nearly $2 billion onchain, with over 45,000 onchain holders and more than $135 million in assets under management 10. The platform expanded through partnerships with Alchemy Pay, Bybit, and Trust Wallet (November 12, 2025).
• xStocks expanded to the Mantle network in collaboration with Backed, with Bybit providing centralized exchange support for deposits and withdrawals at launch 11. The integration aimed to enable trading and liquidity for tokenized equities on Mantle (November 7, 2025).
• Kraken announced xStocks were live in the Kraken app for eligible clients in Europe 12. This marked a key step in expanding access beyond the initial launch markets (September 10, 2025).
• xStocks expanded onto the Ethereum Mainnet, with Backed deploying xStocks as ERC-20 tokens with full 1:1 backing, following earlier integrations with Solana, BNB Chain, and Tron 13. Eligible Kraken users could deposit and withdraw xStocks through Ethereum (September 2, 2025).
• xStocks surpassed $500 million in on-chain volume 49 days after launch, with over 25,000 unique holders and nearly $50 million in assets under management, led by Tesla, SPY, Nvidia, and Strategy 14. Solana reported tokenized equities across all venues reached $2.1 billion in six weeks, with xStocks representing about 58% of that total (August 21, 2025).
• xStocks expanded to the Tron network, allowing trading of Tesla, Nvidia, Apple, and others, after surpassing $500 million in on-chain trading volume and $2.9 billion total volume across centralized and decentralized exchanges 15. Tokenized equities under management totaled around $46.4 million, with more than 20% in Tesla shares (August 20, 2025).
• Backed's xStocks surpassed $2 billion in total trading volume, with over 10,000 holders owning Tesla tokenized stocks, the most popular among the lineup 16. The majority of volume ($1.94 billion) occurred on centralized exchanges like Kraken, Bybit, and Gate (August 6, 2025).
• KuCoin launched xStocks, expanding its multi-asset offerings with initial support for Tesla (TSLAx), NVIDIA (NVDAx), and the S&P 500 ETF (SPYx) issued on Solana 1718. The platform emphasized transparency with assets fully backed by regulated custodians and upcoming Proof of Reserves via Chainlink (July 18, 2025).
• Kamino integrated xStocks into Kamino Lend, enabling users to borrow stablecoins against tokenized equities using Chainlink-powered data infrastructure, with eight tokenized equities usable as collateral at launch 19. A price band mechanism was introduced to mitigate liquidation risk during market closures (July 14, 2025).
• BNB Chain announced a partnership with Kraken and Backed to introduce xStocks on its network, available for trading and integration into various DeFi applications 20. The rollout was expected in the coming weeks, subject to jurisdictional and eligibility constraints (July 9, 2025).
• xStocks launched as tokenized shares of select U.S. stocks and ETFs issued on Solana, in collaboration with Bybit and Kraken for non-U.S. users 21. Chainlink was listed as the official oracle infrastructure, with Kamino, Raydium, and Jupiter as launch partners (June 30, 2025).