Kraken's tokenized stock product, xStocks, has reached a cumulative trading volume of over $25 billion since its launch last year. Approximately $3.5 billion of this volume is attributed to trading on blockchain networks such as Solana, Ethereum, and TON. The platform reports over 80,000 unique addresses holding xStocks on-chain, with assets under management approaching $225 million. Kraken assures that each xStock is fully backed 1:1 by underlying stocks or ETFs held by licensed custodians. The company is also progressing with its acquisition of Backed, the issuer of xStocks.