TL;DR
- xStocks’ xChange is the first unified execution layer for tokenized equities, enabling trading of more than 70 tokenized stocks directly onchain — across both Ethereum and Solana — at prices anchored to real-world public market pricing. Every xStock is fully collateralized and backed 1:1 by underlying shares held in custody, ensuring onchain transactions reflect genuine equity exposure with the transparency and programmability of DeFi.
- xChange bridges traditional market depth with onchain flexibility through atomic settlement, meaning each trade either executes in full at the quoted price or not at all — eliminating partial fills and delivering execution consistency comparable to established market infrastructure. By connecting tokenized equities trading to real-time traditional market liquidity, xChange supports tighter spreads and improved execution quality while preserving onchain settlement and transferability.
- Since launching in June 2025, xStocks has surpassed $3.5 billion in total onchain transaction volume, $25 billion in total trading volume across exchanges, over $225 million in tokenized assets onchain, and 80,000 unique onchain holders — reflecting rapid, measurable adoption of tokenized equities as a new asset class for both DeFi participants and traditional finance audiences. xChange operates 24/5, extending equity trading beyond traditional exchange hours and positioning tokenized stocks as always-on, fully programmable financial assets.
Under the hood: introducing xChange
We’re excited to announce the launch of xChange, a new onchain trading engine designed to power the seamless exchange of xStocks across Ethereum and Solana without relying on third-party intermediaries.
With xChange, users and onchain applications can trade more than 70 tokenized equities directly onchain at prices designed to reflect underlying public market pricing, while retaining the transparency, composability, and programmability of decentralized finance.
Strengthening liquidity across networks
As tokenized equities adoption accelerates, liquidity has expanded across multiple chains, platforms, and applications. xChange builds on this momentum by introducing a unified execution layer that connects liquidity across Ethereum and Solana while anchoring pricing to traditional equity markets.
Through atomic onchain settlement, each transaction executes in a single, indivisible instruction. Trades either complete in full at the quoted price or do not execute, providing certainty of execution and eliminating partial fills.
For DeFi participants, this preserves trust in the settlement mechanism. For traditional finance audiences, it delivers execution consistency comparable to established market infrastructure.
Bridging traditional market depth with onchain flexibility
xChange complements existing onchain liquidity by connecting tokenized equities trading to traditional market depth through real-time trading mechanisms. This integration supports tighter spreads and improved execution quality while preserving onchain settlement and transferability.
Rather than replacing DeFi-native liquidity models, xChange acts as an additional layer that enhances price alignment and execution reliability across the ecosystem.
The result is a hybrid infrastructure model: real-world equity market depth combined with always-on blockchain-based trading.
Val Gui, General Manager of xStocks: “xChange is about redefining how equities trade in a digital-first world. It brings real-world market liquidity onchain and turns tokenized stocks into fully programmable, always-on assets that can power the next generation of global financial applications.”
xChange operates 24/5 across Ethereum and Solana, enabling continuous trading of tokenized equities beyond traditional exchange hours. Every xStock remains fully collateralized and backed 1:1 by underlying shares held in custody, ensuring that onchain transactions reflect real-world equity exposure.
Since launching in June 2025, xStocks has seen rapid adoption, surpassing $3.5 billion in total onchain transaction volume, $25 billion in total trading volume across exchanges, over $225 million in tokenized assets onchain, and 80,000 unique onchain holders.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. In the European Union / European Economic Area, xStocks are offered to eligible customers via Payward Europe Digital Solutions (CY) Ltd. (“PEDLS-CY”), a Cyprus investment firm authorized and regulated under EU MiFID II.
xStocks are not registered under the U.S. Securities Act and are not available in the United States or to U.S. persons. xStocks are also not currently available in the United Kingdom or in any other jurisdiction where their offer or distribution would be unlawful or would require regulatory authorization that has not been obtained.
Neither PDSL, Payward Europe Digital Solutions (CY) Ltd. (“PEDLS-CY”), nor their respective affiliates provide investment advice or recommendations, PDSL (Kraken) does not provide investment advice and/or recommendations, and no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability/appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
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