Tokenised equities
Kraken, fintech, on Ethereum since September 2025.
xStocks are issued by Backed Finance, which Kraken agreed to acquire. Ethereum held roughly 37% of xStocks market share at the figure date, behind Solana. FIGURE CAVEAT: rwa.xyz put the xStocks platform at ~$588M on 2026-08-24, which does not reconcile with the ~$225M AUM above; the dated February figure from established press is used in preference, and the discrepancy is recorded here rather than averaged away.
In the record
11
months from first observation to the record's assessment of August 2026
13
fintech rows in the record, this one included
45
rows filed to Ethereum by their sources
What it bears on
R3Do we know what this instrument is, legally, in every venue we operate?
needs design
ETH is a digital commodity in the United States and stablecoin law is in force. Market-structure legislation stalled, and jurisdictions are diverging.
R5Which network do we settle on, and how do we get out?
needs design
More than a hundred networks and no neutral selection framework. Our own record shows institutional issuance concentrated on mainnet, with layer twos carrying stablecoin float rather than funds.