Kraken Dominates as xStocks Hits $2B in Trading Volume with Tokenized Tesla Shares Leading the Charge

xStocks has achieved a significant milestone by surpassing $2 billion in cumulative trading volume since its launch in June 2025. Tokenized Tesla shares (xTSLA) have been a major driver, accounting for nearly 5% of the platform's activity. This achievement underscores the growing interest from both institutional and retail investors in synthetic asset trading. Centralized exchanges, particularly Kraken, have dominated the trading volume, processing the majority of trades, while on-chain activity remains relatively modest at $100 million. The success of xStocks highlights the increasing adoption of tokenized assets in the cryptocurrency market.

xStocks Surpasses $2B in Cumulative Trading Volume as Tokenized Tesla Shares Lead Activity

xStocks has crossed $2 billion in total trading volume since its June launch, with tokenized Tesla shares (xTSLA) driving nearly 5% of the platform's activity. The milestone reflects growing institutional and retail interest in synthetic asset trading.

Centralized exchanges accounted for 96% of volume, with Kraken processing the majority of trades. On-chain activity remains nascent at $100 million, though Raydium and other DEXs show increasing adoption of tokenized equity products.

Holder metrics reveal concentrated demand for blue-chip exposures. Tesla's tokenized stock leads with 10,777 unique holders, followed by S&P 500 tracking products at 9,483 holders - suggesting traders prefer crypto-native access to traditional market benchmarks.

Kraken Integrates PayPal for Instant USD Deposits in U.S., Surpasses $1M in Unpromoted Soft Launch

Kraken has expanded its PayPal integration to U.S. customers, enabling instant USD deposits without requiring bank details. The feature, already operational in the EU, U.K., and Australia, allows funding via PayPal balances, linked bank accounts, or cards. Early demand proved robust—over $1 million flowed through the system during an unpublicized soft launch phase.

The MOVE positions Kraken among the first exchanges compatible with PayPal's "Pay with Crypto" functionality. It eliminates traditional friction points: no wire delays, third-party logins, or manual bank credential entry. Market response suggests this accessibility upgrade could accelerate retail adoption during the current bull cycle.