xStocks
xStocks is a tokenized equities platform operated by Payward Services (parent of Kraken) that issues 1:1 blockchain-backed representations of 100+ US stocks and ETFs, distributed through a 50+ partner network of exchanges, wallets, and DeFi protocols across 110+ countries (excluding the US, UK, Canada, Australia).
- Company typePrivate
- Founded2025
- HeadquartersZug, Switzerland
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What xStocks does
xStocks is a tokenized equities framework operated by Payward Services (the parent company of Kraken) and headquartered in Zug, Switzerland. The platform provides 1:1 blockchain-backed representations of more than 100 US-listed stocks and ETFs (Apple, Tesla, NVIDIA, SPY, QQQ, and others), with underlying shares held by regulated custodians in a bankruptcy-remote structure. Tokens are issued by Backed Assets (JE) Limited (Jersey) and distributed to eligible customers via Payward Digital Solutions Ltd. (Bermuda Monetary Authority) and Payward Europe Digital Solutions (CY) Ltd. (Cyprus, MiFID II). xStocks is explicitly unavailable to US, UK, Canadian, and Australian residents, covering 110+ other countries.
The platform's core technology stack includes xChange (an atomic RFQ engine connecting DeFi with TradFi pricing during market hours), xBridge (a Chainlink CCIP-powered cross-chain bridge between Solana and Ethereum preserving corporate-action synchronization), xPort (in-specie tokenization via Alpaca enabling institutional conversion of existing shares without fiat round-trips), and xPoints (an incentive program for traders and liquidity providers). Distribution occurs through the xStocks Alliance, a 50+ partner network spanning centralized exchanges (Kraken, Bybit, Bitget, Gate.io, Deutsche Börse's 360X), self-custodial wallets (Bitget Wallet, TON Wallet, Wallet V), DeFi lending protocols (Kamino, Morpho, Venus), consumer apps (Bitso, Luno, Alchemy Pay), and institutional platforms (Talos, CoinRoutes). By June 2026, the platform reported $30B+ cumulative transaction volume, $500M+ on-chain AUM, and 177,000+ unique holders.
xStocks generates revenue primarily through trading/transaction fees on tokenized equity swaps across CEX and DEX venues, plus partnership-driven marketplace commissions from the xStocks Alliance. Despite historically offering zero-fee promotions on flagship venues (Kraken, Bybit, Bitget Wallet), the underlying model relies on volume-based fee capture, with some partner platforms (e.g., Zoomex) charging a 0.50% flat fee. Pricing varies by distribution channel, with institutional and enterprise integrations (Talos, CoinRoutes, 360X) representing higher-value, fee-bearing relationships. The broader ecosystem is reinforced by strategic partnerships with Nasdaq (regulatory bridge), Franklin Templeton (ETF tokenization), Fundrise (private-market exposure via VCXx), Chainlink (oracle and cross-chain infrastructure), and the Solana Foundation (primary settlement chain).
xStocks firmographics
Firmographics- Name
- xStocks
- Legal name
- Backed Assets (JE) Limited
- Website
- https://xstocks.fi
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- xStocks is a tokenized equities platform operated by Payward Services (parent of Kraken) that issues 1:1 blockchain-backed representations of 100+ US stocks and ETFs, distributed through a 50+ partner network of exchanges, wallets, and DeFi protocols across 110+ countries (excluding the US, UK, Canada, Australia).
- Ownership category
- akta.pro rank
xStocks industry classification
Industry- Product category
- Tokenized Equities Platform
- NAICS
- Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Trade Finance & Supply Chain Tokenization (invoices, bills of lading, provenance) (FSAPAIAK)
- akta.pro secondary industry
- Blockchain Data & Indexing Infrastructure for Finance (Nodes, Indexers, Oracles) (FSAGAMAL)
Keywords
Where xStocks is headquartered
LocationHeadquarters
- HQ city
- Zug
- HQ country
- Switzerland
- HQ region
- Europe
Markets served
xStocks business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Trading/Swap Fees: xStocks generates revenue through trading fees on tokenized equity swaps and transactions. While the platform has offered zero-fee promotions (including a limited-time zero-fee campaign in June 2026 and OKX DEX competition), the primary commercial model involves fee capture on transaction volume across CEX and DEX venues. Cumulative transaction volume exceeds $25-30 billion since June 2025 launch.
- Platform Partnerships and Integrations: Revenue derived from integration partnerships with exchanges, wallets, and DeFi protocols through the xStocks Alliance. Partners gain access to tokenized equities infrastructure in exchange for distribution reach, with the model enabling rapid multi-platform scaling without direct consumer acquisition costs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Zero-fee trading with gasless execution on supported platforms |
| Other | Pay-as-you-go | Trading competitions with prize pools |
Go-to-market motion3 records
Distribution channels8 records
Marketing channels7 records
xStocks product offering
Product offeringCore offering
xStocks issues 1:1 blockchain-backed tokenized representations of U.S. stocks and ETFs, distributed through the xStocks Alliance network of 50+ exchanges, wallets, DeFi protocols, and institutional venues. The platform operates xChange (atomic RFQ trading engine), xBridge (cross-chain bridge), and xPort (in-specie tokenization) infrastructure, enabling 24/7 onchain trading with corporate action handling across Solana, Ethereum, BNB Chain, TON, and other networks.
Product overview
xStocks is a tokenized equities platform and framework developed by Payward Services (Kraken) that enables blockchain-native trading of traditional U.S. stocks and ETFs. The platform operates as a multi-component ecosystem: the core xStocks framework provides 1:1 backed tokenized equities across 100+ stocks and ETFs; xChange is the atomic RFQ trading engine connecting DeFi liquidity with TradFi market pricing during market hours; xBridge is the Chainlink CCIP-powered cross-chain bridge enabling transfers between Solana and Ethereum while preserving corporate actions; xPort is the in-specie tokenization engine for institutional conversion of existing shares; and xPoints is the incentive program for traders, liquidity providers, and DeFi builders. The platform is distributed through the xStocks Alliance—a network of exchanges (Bybit, Kraken, Gate.io, 360X), DeFi protocols (Kamino, Morpho, Venus Protocol), wallets (Bitget Wallet, Wallet V, TON Wallet, Phantom), and payment providers (Alchemy Pay, Bitso, Luno). xStocks are not available in the U.S., UK, Canada, Australia, or sanctioned jurisdictions.
Differentiator
Problem solved
Functional benefit
Brands
- xPoints: Rewards program for traders, liquidity providers, and DeFi builders aligning ecosystem participants with platform growth.
- xChange
- xBridge
- xPort
Products and services
- xStocks Tokenized Equities Tokenized representations of U.S. stocks and ETFs backed 1:1 by underlying shares held in regulated custody under a bankruptcy-remote structure. Available across 100+ equities including blue-chip companies (Apple, Tesla, NVIDIA, Microsoft) and ETFs (SPY, QQQ). Issued by Backed Assets (JE) Limited and interoperable across Solana, Ethereum, BNB Chain, Mantle, TON, and Hyperliquid networks.
- xChange (Atomic RFQ Trading Engine) Atomic Request for Quote (RFQ) trading engine powering swaps for xStocks. Connects DeFi with TradFi by pulling real market prices and executing both primary market and onchain transactions in a single blockchain transaction. Available on Solana, Ethereum, and Ink during market hours.
- xBridge (Cross-Chain Bridge) Cross-chain bridge built on Chainlink CCIP enabling secure transfer of tokenized equities between Solana and Ethereum networks. Preserves corporate actions (dividends, stock splits) across chains through multiplier-based rebasing architecture.
- xPort (In-Specie Tokenization Engine) In-specie tokenization engine enabling funds, market makers, and institutions to convert existing share holdings directly into xStocks via Alpaca's brokerage and custody platform. Eliminates fiat round-trips and provides clean institutional on-ramp to blockchain.
- Tokenized IPO Access Feature enabling retail investors globally to participate in US-listed IPOs at the offering price through xStocks Alliance partners. Payward Services aggregates demand and works with underwriting syndicates to secure allocations distributed as 1:1 backed tokenized equity.
- VCXx (Tokenized Fundrise Innovation Fund) Tokenized representation of Fundrise Innovation Fund (NYSE: VCX) providing onchain exposure to a diversified portfolio of private technology companies including SpaceX, OpenAI, Anthropic, and Databricks through a single tokenized asset.
- Franklin Templeton ETF Tokenization Seven Franklin Templeton ETFs tokenized on xStocks: FGDLx (responsibly sourced gold), IQMx (intelligent machines), USPXx (US equity index), FLQMx (mid-cap multifactor), FSMLx (small-cap enhanced), FLBLx (senior loan), and YLDEx (enhanced income).
Quantifiable outcome
- $25B+ total transaction volume in under 8 months since June 2025 launch
- +4 more outcomes
Companies that use xStocks
Customer profileNamed customers12 records
Segments5 records
Ideal customer profiles5 records
xStocks technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration24 records
Feature6 records
xStocks partnerships and signals
Strategic signalPartnerships
28 partnerships are on record, tiered secondary, core, minor and flagship.
- EnsosecondaryExecution and orchestration layer for institutional onchain finance launched RWA app aggregating 500+ tokenized assets including xStocks, Ondo Finance, and Anchorage Digital's Porto platform, addressing fragmentation in tokenized asset distribution.
- Venus ProtocolsecondaryBNB Chain's largest lending protocol with $1.64B TVL launched tokenized stocks as collateral integration with xStocks, enabling users to borrow against digital equity representations without selling positions through smart contract-based loans.
- Bybit IPO ExpresscoreBybit's IPO Express platform powered by xStocks enabled eligible retail investors to subscribe to tokenized SpaceX IPO shares from June 7-11, 2026, with trading expected June 12. The campaign attracted over $1 billion in subscriptions before cancellation.
- Bitget Walletcore90 million self-custodial users gained access to 130+ tokenized stocks and ETFs through Bitget Wallet integration, with zero trading fees and gasless execution. Expands xStocks to one of the largest self-custodial distribution channels.
- Franklin TempletoncoreGlobal investment manager partnering to tokenize seven Franklin Templeton ETFs on xStocks, including gold, senior loans, and equity strategies (FGDLx, IQMx, USPXx, FLQMx, FSMLx, FLBLx, YLDEx). The collaboration spans qualified custody, collateral support, and institutional liquidity.
- MantlesecondaryMantle Network launched xStocks with xChange integration, enabling Atomic RFQ for issuer-direct minting and redemption via Fluxion collaboration with Bybit. Mantle positions as bridge between traditional finance and onchain liquidity for institutional-grade tokenized equities.
- BNB ChainsecondaryxStocks deployed on BNB Chain bringing 50+ tokenized equities to one of the world's largest blockchain ecosystems. Integration includes PancakeSwap, CowSwap, and 1inch, with Venus Protocol enabling xStocks as DeFi collateral.
- BitsocoreLatin America's leading digital financial platform integrated xStocks, enabling regional users to access tokenized US equities (AAPLx, NVDAx, TSLAx, etc.) starting from $5 using digital dollars already in their accounts. First 10 assets available with 24/7 trading.
- CoinRoutessecondaryInstitutional trading platform integrated xStocks, giving institutional traders access to tokenized stocks within the same platform used for perpetual futures, crypto options, CME commodities, and traditional equities. Enables multi-asset algorithmic strategies and spread trading.
- MorphosecondaryEthereum-based lending protocol launched Flowdesk's AUSD Equity Strategy Vault enabling xStocks holders to deposit SPYx and borrow AUSD institutional stablecoin (custodied by State Street, managed by VanEck) while maintaining full market exposure.
- FundrisecoreLargest direct-to-consumer alternative investment platform partnered to tokenize the Fundrise Innovation Fund (VCXx), providing onchain access to private tech companies including SpaceX, OpenAI, Anthropic, and Databricks through a single tokenized asset.
- 1Inch Networkminor1Inch Network sponsored the xStocks Hackathon with $75,000 prize pool, providing API and execution infrastructure including smart routing and liquidity aggregation tools for decentralized finance applications built on xStocks.
- NasdaqflagshipPartnership to develop equity tokenization gateway connecting regulated permissioned markets with permissionless DeFi ecosystems. xStocks framework powers the permissionless ecosystem layer while Payward provides KYC/AML onboarding and serves as foundational settlement layer for Nasdaq equity token design.
- TalossecondaryPremier institutional digital asset infrastructure provider fully supports xStocks trading through its platform, giving dozens of institutional clients direct access via existing APIs. Over 50 leading exchanges, OTC desks, prime brokers, and lenders partner with Talos.
- Deutsche Börse Group (360X)coreBaFin and ESMA-regulated trading venue backed by Deutsche Börse Group launched five xStocks assets (CRCLx, GOOGLx, NVDAx, SPYx, TSLAx) for trading against stablecoins. First major milestone following strategic partnership announced December 2025.
- Payward ServicesflagshipParent company of Kraken and developer of xStocks framework. Payward Services aggregates retail demand and works with underwriting syndicates for tokenized IPO access. Acquired Backed Finance December 2025 to unify xStocks issuance and trading.
- TON FoundationcoreTON blockchain and Telegram's Wallet integration enables xStocks access for nearly 100 million users, allowing tokenized US equity trading within Telegram with the same ease as sending a message. Positions TON as leading blockchain for regulated assets.
- Chainlink CCIPcoreChainlink's Cross-Chain Interoperability Protocol powers xBridge, enabling secure transfer of tokenized equities between Solana and Ethereum while preserving corporate action synchronization (dividends, stock splits) across chains.
- AlpacacoreAPI-driven brokerage infrastructure provider enables xPort in-specie tokenization, allowing funds and institutions to convert existing share holdings directly into xStocks through Alpaca's custody platform without fiat round-trips. Alpaca handles 94% of tokenized US equities.
- BybitcoreWorld's second-largest cryptocurrency exchange by trading volume joined the xStocks Alliance on launch day, listing xStocks on its spot platform and later integrating into Byreal hybrid DEX and Trading Bots. Bybit serves as a primary distribution channel reaching millions of global users.
- Solana FoundationcoreSolana serves as the primary blockchain for xStocks, capturing 95-99% of tokenized equity trading volume. The partnership enables high-throughput, low-cost infrastructure for 24/7 tokenized stock trading, with Solana's network effects driving the majority of xStocks activity.
- ChainlinkcoreChainlink serves as official oracle infrastructure for xStocks, providing Data Streams (high-accuracy, sub-second pricing), CCIP for cross-chain bridge functionality (xBridge), and Proof of Reserve. The partnership enables institutional-grade data reliability and multi-chain interoperability.
- Alchemy PaycoreGlobal fiat-crypto payment gateway joined the xStocks Alliance, integrating tokenized equities into its RWA platform to enable fiat access across 170+ countries and 50+ fiat currencies. Partners to expand access for underbanked and underserved regions.
- JupitercoreSolana's leading decentralized liquidity aggregator enables competitive pricing for tokenized stocks, providing retail traders access to xStocks through its swap interface with deep liquidity aggregation.
- KaminocoreSolana's largest money market built the first xStocks lending market, reaching 92% utilization with $6.3M supplied. The integration enables users to deposit tokenized equities as collateral and borrow stablecoins, creating DeFi utility for equities.
- LunocoreOne of Africa's oldest cryptocurrency exchanges integrated xStocks, enabling South African investors to access US equities without FX fees or foreign investment limits. Nearly 50,000 customers adopted within nine months, with Blue Chip+ bundle offering 30% crypto / 70% tokenized stocks.
- Wallet VsecondaryMultichain Web3 wallet incubated by Virgo Group integrated xStocks, enabling users to deploy AI-powered trading agents that execute strategies across crypto, perpetual futures, commodities, and now tokenized equities 24/7.
- Backed Assets (JE) LimitedflagshipJersey-registered issuer of xStocks tokens, operating under bankruptcy-remote structure with regulated custodian holdings. Backed's infrastructure enables 1:1 backed tokenized equities compliant with applicable regulations.
Scale indicators12 records
Recent moves13 records
Expansion highlights6 records
xStocks competitors and assessment
Company assessmentDirect peers
- Polymath: Securities token platform providing compliance, KYC, and issuance infrastructure for regulated digital securities. Comparable to xStocks in enabling compliant tokenization of traditional financial instruments.
- Swarm Markets: Regulated decentralized exchange for tokenized securities including equities, bonds, and commodities. Comparable to xStocks in offering tokenized real-world securities onchain with regulatory licensing (BaFin).
- RealT: Tokenized real estate platform offering fractional ownership of US rental properties through ERC-20 security tokens. Operates a comparable 1:1-backed fractional token model for real-world assets, though focused on real estate rather than equities.
- Dinari: Offers tokenized US stocks ('dShares') for crypto users, with 1:1 backing and onchain accessibility. Closely comparable to xStocks in product offering, though smaller scale and focused on a narrower set of equities.
- tZERO: Security token exchange and trading platform, a pioneer in regulated digital securities. Operates a marketplace for tokenized private equities and similar instruments; comparable business model to xStocks but with a focus on private-company securities and a longer operating history.
- Ondo Finance: Direct competitor in tokenized US stocks and Treasuries. Ondo leads the category with 61% market share (vs xStocks' 24.65%) and offers similar products — tokenized equities and yield-bearing USDY/Treasury products — on multiple chains.
- Backed Finance: Original independent issuer of the xStocks tokens (now 'Backed Assets (JE) Limited') before being acquired by Kraken's parent Payward in December 2025. Operated the same 1:1-backed tokenized equity model that xStocks now scales via Kraken distribution.
Emerging players
- Maple Finance: Institutional RWA lending protocol enabling undercollateralized lending against real-world assets onchain. Comparable to xStocks as a RWA-DeFi infrastructure player, though focused on credit markets rather than equity tokenization.
- Centrifuge: RWA tokenization protocol focused on invoice financing, real estate, and alternative assets onchain. Comparable to xStocks in bringing real-world assets onchain but focused on credit and alternative assets rather than listed equities.
Broad incumbents
- Securitize: Established securities tokenization infrastructure provider offering issuance, compliance, transfer agent, and trading services for digital securities. Comparable to xStocks in providing RWA tokenization rails, but serves a broader asset universe (funds, private credit, real estate) with an enterprise-licensing model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
xStocks social profiles
Digital presencexStocks compliance and trust
Trust signalCompliance4 records
xStocks financial estimates
Financial estimateRevenue estimate
Valuation estimate
xStocks leadership team
Management profileNumber of profiles
Profiles2 records
xStocks funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
xStocks M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about xStocks
What does xStocks do?
xStocks issues 1:1 blockchain-backed tokenized representations of U.S. stocks and ETFs, distributed through the xStocks Alliance network of 50+ exchanges, wallets, DeFi protocols, and institutional venues. The platform operates xChange (atomic RFQ trading engine), xBridge (cross-chain bridge), and xPort (in-specie tokenization) infrastructure, enabling 24/7 onchain trading with corporate action handling across Solana, Ethereum, BNB Chain, TON, and other networks.
Is xStocks a public or private company?
xStocks is a private company. It is classified as corporate owned and is currently operating.
When was xStocks founded?
xStocks was founded in 2025. It employs 11 to 50 people.
Where is xStocks based?
xStocks is headquartered in Zug, Switzerland, in the Europe region.
How does xStocks make money?
Two revenue lines are on record. Trading/Swap Fees are the primary driver. The others are platform Partnerships and Integrations.
Who are xStocks's main competitors?
Direct peers on record are Polymath, Swarm Markets, RealT, Dinari, tZERO, Ondo Finance and Backed Finance. Emerging players are Maple Finance and Centrifuge. Securitize is listed as a broad incumbent.
Does xStocks have an API?
No public API is recorded for xStocks.
What industry is xStocks in?
xStocks's product category is Tokenized Equities Platform. Its primary akta.pro industry code is FSAPAIAK, Trade Finance & Supply Chain Tokenization (invoices, bills of lading, provenance), with a secondary code of FSAGAMAL, Blockchain Data & Indexing Infrastructure for Finance (Nodes, Indexers, Oracles). Its NAICS code is 52321 and its SIC code is 6200.