Payward says xStocks exceeded $1 billion in assets under management as of October 27, 2026. That figure has more than quadrupled from roughly $225 million in February.
The increase came as xStocks expanded from 60 tokenized US-listed stocks and ETFs at its June 2025 launch to more than 1,500 representations of stocks, ETFs and IPO exposure. AUM measures the value held through the xStocks framework. It is not Payward revenue, trading volume or cash held in Kraken customer accounts.
Payward says the xStocks ecosystem now spans more than 10 blockchains and hundreds of exchanges, consumer applications and DeFi protocols. The company also reports more than $45 billion in cumulative transaction volume, over 550,000 holders and more than $100 million of xStocks deployed in DeFi.
Those figures cover the wider xStocks ecosystem rather than Kraken alone. The announcement does not say how much of the $1 billion AUM is held through Kraken or how many reported holders are currently active.
The range now includes tokenized representations of Russell 1000 constituents. Payward says the index covers about 93% of US equity market capitalization. Not every xStock is available through every platform or in every country, so users still need to check the instruments offered in their region.
xStocks are fully collateralized, one-to-one-backed representations of publicly traded assets issued by Backed Assets (JE) Limited. They provide price exposure but are not the underlying shares. Payward's legal disclosure says holders do not receive voting or dividend rights. This concerns legal rights: dividends on the underlying stock are reflected by adjusting token balances rather than paid out as cash.
xStocks are unavailable to US persons and in several other restricted markets, including the UK. Their value can rise or fall. Using them in third-party DeFi protocols introduces additional risks, including smart-contract failure and forced liquidation when an asset is used as collateral.
Before using xStocks, check local availability, the legal instrument, custody arrangements, transfer networks and market liquidity.
Sources: Payward's official press release and Payward's official X announcement.