Kraken Launches xChange Onchain Engine for 24/5 Tokenized U.S. Stock Trading
Kraken and asset-tokenization provider Backed launched xStocks in June 2025, bringing U.S. stocks such as NVIDIA and Tesla, as well as ETFs, onchain through tokens backed 1:1 by the underlying shares. The products bring traditional securities liquidity into DeFi and allow eligible investors to hold and transfer tokens across platforms, although the tokens do not constitute direct ownership of the shares.
Kraken launched xChange on March 5, 2026, enabling 24/5 trading of more than 70 tokenized U.S. stocks and ETFs on Ethereum and Solana. Its atomic settlement mechanism prevents partial fills. Onchain xStocks trading volume has exceeded $3.5 billion, while total volume across exchanges has reached $25 billion. More than $225 million in assets are held onchain by about 80,000 holders.
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The history behind this eventKraken Launches Tokenized Stock Perpetual Futures on Nvidia, Apple and Other U.S. Shares
xStocks, adopted by Kraken, is a framework for tokenized U.S. stocks and ETFs backed 1:1 by the underlying assets and tradable around the clock onchain. The addition of perpetual futures allows non-U.S. investors to go long, short or hedge without being constrained by U.S. stock-market hours or contract expiry dates. However, high leverage also magnifies the risk of margin calls and liquidation.
On Feb. 24, 2026, Kraken launched its first 10 xStocks perpetual contracts on its regulated derivatives platform. The lineup included NVDAx, AAPLx, TSLAx, SPYx, QQQx and GLDx and was made available for 24/7 trading with leverage of up to 20 times to eligible non-U.S. clients in more than 110 countries. On July 3, Kraken also began accepting the 10 assets as collateral for futures or margin trading, applying haircuts of 10%–30% and individual caps ranging from $100,000 to $1 million.
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