KuCoin Says xStocks Assets Under Management Top $1 Billion

KuCoin said xStocks passed $1 billion in assets under management on Oct. 26, a milestone for tokenized stocks and exchange-traded funds that are unavailable to U.S. persons.

xStocks had more than 558,000 holders when the $1 billion milestone was reported. The holder count should not be read as a count of distinct people: one person can control multiple wallets.

xStocks turn exposure to publicly traded stocks and exchange-traded funds into blockchain tokens. Assets held in custody back the tokens one for one. The tokens provide exposure to stocks and ETFs but do not give holders direct ownership of the underlying shares. The products are unavailable to U.S. persons.

An earlier look at September’s tokenized-equity market listed xStocks at $874 million in assets under management, alongside $1.62 billion for Securitize and $1 billion for Ondo. Those figures describe an earlier observation, rather than a measure of new money entering xStocks.

Assets under management can move when the prices of the stocks and ETFs change or when tokens are created or redeemed. The figure does not measure trading volume, market capitalization or net inflows.