Tokenized TSLA Shares Propel XStocks Past $2B Daily Trading Volume in 2025

• How Did XStocks Achieve This $2B Milestone?
• Kraken's Dominance in the XStocks Ecosystem
• TSLAx: The Unlikely King of Tokenized Stocks
• The Transparency Challenge in Tokenized Equities
• Beyond Tesla: Other Players in the Tokenized Space
• The Road Ahead for Tokenized Securities
• Frequently Asked Questions

In a groundbreaking achievement, XStocks has surged past $2 billion in daily trading volumes just over a month after launch, fueled by explosive demand for tokenized TSLA shares. The platform is rapidly emerging as a leading standard for on-chain equities, with centralized exchanges like Kraken dominating trading activity. This report dives DEEP into the numbers, analyzes key players, and explores what this milestone means for the future of tokenized real-world assets.

How Did XStocks Achieve This $2B Milestone?

XStocks' meteoric rise to $2.025 billion in combined CEX/DEX volume demonstrates the growing appetite for tokenized equities. What's particularly fascinating is the breakdown - centralized exchanges accounted for a whopping $1.92 billion, while decentralized platforms handled the remaining $105 million. This lopsided ratio suggests most investors still prefer the familiarity of traditional exchange interfaces when trading these hybrid assets.

The platform owes much of its success to timing. Launching during the 2025 crypto bull run gave XStocks perfect conditions to capture both traditional investors dipping into crypto and crypto natives exploring real-world assets. As noted by BTCC analyst Mark Chen, "The convergence of these two investor classes creates a perfect storm for growth in tokenized securities."

Kraken's Dominance in the XStocks Ecosystem

Since listing XStocks in late June 2025, Kraken has become the undisputed heavyweight in this space. The exchange currently holds $8.7 million of the total $43 million in XStocks assets under management. That's over 20% market share for a single platform - impressive considering there are 60 tokenized equities available.

Kraken's success here isn't accidental. They've strategically positioned themselves as the go-to for institutional-grade crypto products. What's interesting is how they've managed to onboard traditional equity traders through familiar interfaces while maintaining crypto-native features. The exchange now accounts for nearly 95% of all centralized XStocks trading volume.

TSLAx: The Unlikely King of Tokenized Stocks

Elon Musk's electric vehicle company has found new life in the crypto world through TSLAx, the tokenized version of Tesla shares. With over 10,000 holders and $6.8 million in daily trading volume, it's become the flagship asset for XStocks. The token maintains remarkable price parity with actual TSLA stock, trading at just a slight premium.

TSLAx leads XStocks trading volumes | Source: Dune Analytics

The token's success stems from three factors: Tesla's brand recognition among crypto investors, the convenience of 24/7 trading, and the ability to use these tokens as collateral in DeFi protocols. Major trading venues include Gate.io, Raydium, and XT.com, though interestingly, BTCC has been gaining market share recently with its zero-fee promotions on tokenized stocks.

The Transparency Challenge in Tokenized Equities

Unlike typical crypto assets, XStocks present unique transparency issues. You can't simply check Etherscan to see whale movements - the contract addresses don't reveal insider transfers between wallets. This opacity has drawn criticism from transparency advocates, though proponents argue it's necessary to comply with securities regulations.

Dune Analytics data shows $395 million in on-chain volumes, but the actual figure might be higher considering the limitations in tracking. As one Reddit user put it, "We're trading black box representations of black box stocks - it's meta-finance at this point." This lack of visibility remains the biggest hurdle for wider institutional adoption.

Beyond Tesla: Other Players in the Tokenized Space

While TSLAx dominates headlines, other tokenized assets are gaining traction:

• MSTRx (MicroStrategy): Fluctuates daily but maintains strong volume
• Tokenized S&P 500: Lower holder count but significant institutional interest
• Experimental small-cap stocks: Mostly low-volume curiosities

The total tokenized stock market currently stands at about $400 million, dwarfed by tokenized private debt and bonds. However, as platforms like XStocks mature, this balance might shift. The recent addition of XStocks as collateral on Kamino Lend suggests DeFi integration could be the next growth frontier.

The Road Ahead for Tokenized Securities

XStocks' explosive growth raises important questions about regulation, standardization, and market structure. Currently, there's no uniform approach to reporting or reserves - some tokens track prices without underlying assets, while others claim full backing. This regulatory gray area could either spur innovation or invite crackdowns.

As the platform expands to more protocols (recently adding solana support), its challenge will be maintaining liquidity across multiple chains. The coming months will show whether XStocks can sustain this growth or if it's just riding the 2025 crypto wave. One thing's certain - the traditional finance world is watching closely.