XStocks-issued tokenized stocks hit $1B in onchain market cap, up 802%

CRCLx: CRCLx is an xStocks-issued tokenized version of Circle Internet Group’s stock, delivering onchain exposure via a collateralized tracker certificate backed by the actual shares. Issued under the xStocks framework affiliated with Backed Finance and Kraken, it allows permissionless, 24/7 trading on supported blockchains. The token has emerged as a top performer in xStocks’ lineup amid broader growth in tokenized equities. MSTRx: MSTRx is an xStocks-issued tokenized version of Strategy’s common stock (formerly MicroStrategy), offering onchain price exposure backed 1:1 by the underlying shares held in custody. Part of the xStocks platform’s suite of tokenized US equities, it trades across multiple chains and supports DeFi integrations. It ranks as one of the leading tokens in the recent surge of Strategy-linked tokenized products. STRCx: STRCx is an xStocks-issued tokenized version of Strategy’s preferred stock (STRC), providing onchain exposure to the underlying equity through a 1:1 backed tracker certificate. Issued by Backed Finance in affiliation with Kraken, it enables 24/7 fractional trading without conferring direct shareholder rights. The token ranks as a top holding among xStocks products tied to Strategy’s equity. Strategy: Strategy is the rebranded entity formerly known as MicroStrategy, a Bitcoin treasury company led by Michael Saylor that holds substantial Bitcoin reserves as a core corporate strategy. Its common and preferred shares have become among the most actively tokenized equities on blockchain platforms. In the context of this news, Strategy’s tokenized common and preferred stock together represent a leading share of xStocks-issued products reaching significant onchain market cap. Issuer Structure: Tokenized stocks like those from xStocks function as tracker certificates that provide price exposure without granting voting rights or direct ownership to holders. Market Expansion: Multiple issuers including xStocks, bStocks, and Ondo compete in the tokenized equities space, with platforms expanding integrations into exchanges, wallets, and DeFi protocols. Tokenization Platform: xStocks, operated through Backed Finance and Kraken, issues 1:1 asset-backed tokenized US equities and ETFs that trade continuously onchain across multiple networks.