360X Lists Tokenised DAX 40 as xStocks Crosses 1,500 Tokens
Key points
- Kraken's xStocks has tokenised all 40 DAX constituents and more than 200 UK and EU listed companies in its largest non-US expansion to date.
- The DAX tokens are available on 360X, the Deutsche Börse Group affiliate that began 24/7 conventional trading of the same stocks just weeks earlier.
- Platform metrics now stand at over 1,500 tokens, $1.1 billion in assets under management, 550,000 holders, and $45 billion in cumulative volume, per Kraken.
- Binance's bStocks overtook xStocks by assets within four months of launching in June, while Ondo Global Markets has led the tokenised equities space since late 2025.
- Onchain Dune data shows the top ten xStocks positions representing roughly 80% of the platform's $1 billion in assets, pointing to significant demand concentration.
Kraken’s xStocks platform has tokenised all 40 constituents of Germany’s DAX index alongside more than 200 other UK and European Union listed companies, marking its largest expansion beyond US equities. The DAX tokens are listed on 360X, the Deutsche Börse Group affiliate that launched around-the-clock conventional trading in the same stocks only weeks earlier.
The push takes xStocks past 1,500 tokens, with Kraken citing $1.1 billion in assets under management, 550,000 holders, and $45 billion in cumulative trading volume. The competitive backdrop is crowded: Ondo Global Markets has led the tokenised equities market since late 2025, and Binance’s bStocks surpassed both platforms by assets within four months of its June launch. European equities represent territory neither rival has entered, giving xStocks a potential first-mover window.
Concentration risk sits beneath the headline numbers, however. Onchain data from Dune shows that, at a recent snapshot, the ten largest xStocks positions accounted for nearly 80% of the platform’s $1 billion in assets, with the top 20 making up 93%. That distribution suggests demand remains heavily skewed toward a small cluster of names rather than spread across the broader catalogue, a dynamic worth watching as the European listings mature.