Which is most established for tokenized stocks?

Kraken is the market leader by volume for xStocks (issued by Backed Finance, backed 1:1), with Bybit also listing them.

Comparison

Best Platforms for Tokenized Stocks

Q: Which platform has the most tokenized stocks?

Ondo Global Markets, with more than 260 tokenized US stocks and ETFs across Solana, Ethereum and BNB Chain — the largest tokenized-equity issuer by TVL.

A comparison of crypto exchanges offering tokenized equities, by what you own, coverage and backing.

Several platforms now offer tokenized equities, but they differ on issuer, backing, coverage and the chains they settle on. This comparison focuses on the thing that matters most — what you actually hold — rather than on headline marketing.

Best Platforms for Tokenized Stocks
Platform	What you own	Issuer / backing	Coverage
Kraken xStocks	Tokenized stock	Backed Finance, 1:1	Major US names (TSLAX, NVDAX, AAPLX…)
Binance bStocks	Tokenized certificate	ADGM-regulated, 1:1	Selected US equities
Ondo Global Markets	Tokenized RWA	Ondo, total return	260+ US stocks & ETFs
Coinbase (upcoming)	Tokenized stock	To be confirmed	Non-US, ~Aug 2026

The verdict

For breadth, Ondo leads with 260+ assets and total-return tracking. For a 1:1-backed token from a named issuer on a market-leading venue, Kraken xStocks (Backed Finance) is the reference point. Binance bStocks add an ADGM-regulated certificate within the Binance ecosystem, and Coinbase is one to watch once it launches for non-US users.

Whichever you pick, remember that all of these are tokens or certificates — not registered shares. Match the issuer, backing and jurisdiction to your needs before depositing.

FAQ

Stocks on Crypto Research· Editorial team

Our research team tracks how crypto exchanges list equities and what each product legally represents — real shares, tokenized stocks, CFDs and tokenized RWAs. We test platforms and read the fine print so you know exactly what you own.

Last reviewed on June 30, 2026

Platforms in this comparison

Kraken xStocksxStocks are tokenized stocks issued by Backed Finance (Switzerland), backed 1:1 and tradeable on-chain. Kraken is the market leader by volume (Bybit also lists xStocks). You hold the token rather than the equity itself.

Binance bStocksBinance bStocks (launched June 2026) are tokenized stock certificates issued as BEP-20 tokens, backed 1:1 and regulated under ADGM. Legally they are not shares and give no direct share ownership; corporate actions are reflected in the token.

Ondo Global MarketsOndo Global Markets is an RWA issuer offering 260+ tokenized US stocks and ETFs across Solana, Ethereum and BNB Chain. Tokens track total return including dividends; Ondo is the largest tokenized-equity issuer by TVL.

CoinbaseCoinbase has announced tokenized stocks for non-US users, expected to launch around August 2026. The product is not live yet; details on backing and custody are still being confirmed.

Other comparisons

Tokenized Stocks vs CFDsSide-by-side: ownership, leverage, fees, custody and regulation for tokenized stocks versus CFDs.

Kraken xStocks vs Binance bStocksHow two tokenized-stock products compare on issuer, backing, regulation, custody and availability.