Kraken’s xStocks framework has tokenized more than 200 UK and EU listed companies, including all 40 DAX constituents, in its biggest expansion beyond US stocks. The DAX tokens are available on 360X, the Deutsche Börse Group affiliate that launched 24/7 trading of the conventional version of the same stocks just weeks ago.
The expansion takes xStocks past 1,500 tokens with $1.1 billion in assets under management, 550,000 holders and $45 billion in cumulative volume, according to Kraken. Ondo Global Markets has led the tokenized equities market since late 2025, and Binance’s bStocks overtook both by assets within four months of launching in June. European listings are a logical move into territory neither competitor has entered.
However, onchain data tells a story about where demand actually sits. Based on Dune data, earlier this week the ten largest xStocks accounted for almost 80% of the platform’s $1 billion in assets and the top 20 made up 93%, at the time of the snapshot.
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