Tokenized stock trading gains traction… Kraken and Bitget emerge as the two leading players

An analysis has found that the market for tokenized stock trading is expanding rapidly around two trading platforms: Kraken and Bitget.

According to a report by The Block on the 13th (local time), the total on-chain value of blockchain-based tokenized stocks stands at roughly $850 million, while monthly trading volume amounts to about $2.4 billion. The number of holding wallets is more than 155,000, and activity is estimated to have begun increasing in earnest from the second half of 2025. However, services remain restricted in the U.S. due to regulatory uncertainty.

Trading activity is currently concentrated on Kraken and Bitget. Kraken moved early, launching its tokenized stock product xStocks last June in partnership with Backed. The platform offers U.S. stocks and ETFs in token form, supporting extended-hours trading and fractional-share trading.

In its third-quarter earnings release last October, Kraken said cumulative trading volume for xStocks surpassed $5 billion across both centralized and decentralized venues. On-chain trading volume is around $1 billion, and the number of unique holders is estimated at about 37,000. While U.S. residents cannot access the service due to U.S. securities regulations, it is seen as having secured early market leadership in terms of product breadth and liquidity.

Bitget took a different approach through a partnership with Ondo Finance. It rapidly expanded volume by listing tokenized stocks and ETFs issued on Ondo’s Global Markets platform. On-chain data show Bitget’s cumulative tokenized stock trading volume is nearing $1 billion, and as of last November, about 89% of trading in Ondo-issued tokens took place on Bitget.

On the issuance side, Ondo’s presence is even larger. According to figures from RWA.xyz, Ondo currently surpasses Kraken’s xStocks in terms of total supply of tokenized listed stocks. It was also noted that some equity tokens previously issued via Securitize trade on regulated platforms, giving them different characteristics from the recent exchange-centric trend.

U.S.-based platforms remain cautious. Robinhood launched tokenized stocks for European users last June, but has since faced ongoing inquiries from regulators. Coinbase has also mentioned a comprehensive trading strategy that includes tokenized stocks, but it remains at the conceptual stage, contingent on meeting regulatory requirements.

Steven Chung, head of research at The Block, said distribution channels will be the key variable shaping future growth. He analyzed that if major platforms are able to offer tokenized stocks, trading volume and deposits are likely to surge.