# xStocks Expand Beyond U.S. as Tokenized Equity Assets Reach $186 Million By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/25413 Published: 2026-09-29T15:26:46.000Z Updated: 2026-09-29T15:26:46.000Z Section: Investing > The products remain unavailable to U.S. persons as trading, wallet activity and blockchain support broaden internationally. Tokenized stock products from Backed have expanded among international crypto users, reaching approximately $186 million in assets while remaining unavailable to U.S. persons. xStocks’ assets under management rose more than ninefold after launching in 2025. Tesla xStock (TSLAx) had the highest reported xStocks AUM at $49 million, with a reported supply of 107,000 TSLAx tokens. The tokenized-equity market was estimated at roughly $500 million to $750 million, compared with an estimated global equities market of about $145 trillion. Backed introduced more than 60 tokenized U.S. stocks and exchange-traded funds as xStocks on Solana in June 2025. Kraken announced a phased rollout of the products for eligible non-U.S. clients on June 30, 2025. Combined exchange and on-chain trading volume later exceeded $10 billion within six months of launch. Activity has grown across exchanges and Solana wallets. xStocks futures volume exceeded $1.2 billion in November 2025, while the three largest tickers recorded regular daily transfer volumes of $10 million to $20 million. Their cumulative transfer volume surpassed $650 million since September 2025. Monthly active wallets interacting with xStock tokens reached approximately 175,000 in July 2025 before stabilizing between 80,000 and 100,000. Monthly transactions later normalized between 400,000 and 700,000, equal to roughly six to 10 transactions per active wallet each month. These figures cover separate measures, including exchange trading, futures, token transfers and wallet interactions. Tesla xStock (TSLAx) is a tokenized debt instrument, or tracker certificate, issued as Solana SPL and ERC-20 tokens and designed to track Tesla shares on a 1:1 basis. Backed Assets (JE) Limited is the issuer. The product is supported on Arbitrum, BNB Chain, Ethereum, Ink, Mantle, Optimism, Solana, TON, Tron and X Layer. The TSLAx factsheet dated Sept. 28, 2026, listed no management fee, although a fee of up to 0.25% per year may be introduced later. Issuance and redemption fees can reach 0.50% of the investment value. TSLAx is not distributed, marketed or offered to U.S. persons or people in the United States. Token holders do not receive shareholder rights such as voting. The products’ international growth follows [earlier expansion across multiple blockchain networks](), while access remains restricted for U.S. users. ## Links in this article - [earlier expansion across multiple blockchain networks](https://www.tokenpost.com/news/technology/24289)