Tokenized stocks issued by xStocks on OKX’s X Layer reached a $172.8 million market capitalization after rising 187.2% in one month. Built by Swiss-based Backed Finance, the marketplace offers more than 900 tokenized U.S. equities and ETFs, while OKX separately announced over 70 tokenized stocks and ETFs through its New Money App. Each xStocks asset is a tracker certificate backed 1:1 by the underlying security in regulated custody, providing economic exposure without shareholder rights such as voting. The portfolio is roughly 88% equities and 12% ETFs, with no single asset accounting for more than about 9%. Trading is available through OKX Wallet around the clock. The broader xStocks platform launched on June 30, 2025, expanded across multiple blockchains, and generated cumulative trading volume of between $35 billion and $40 billion across roughly 800 assets. The products remain exposed to custody, issuer-solvency, transparency and regulatory risks, while the immediate impact of OKX’s New Money App launch is difficult to assess because trading volume was absent or limited.