xStocks

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).

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

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

• Tokenized equities
• Blockchain securities
• Real-world assets
• Onchain equity trading
• Tokenized stocks ETFs

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. 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.
2. 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

Go-to-market motion3 records

Distribution channels8 records

Marketing channels7 records

Core 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

Named customers12 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration24 records

Feature6 records

Partnerships

28 partnerships are on record, tiered secondary, core, minor and flagship.

• EnsosecondaryTechnology or Integration · 23 June 2026Execution 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 ProtocolsecondaryChannel Partner/ Reseller/ Distributor · 20 June 2026BNB 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 ExpresscoreChannel Partner/ Reseller/ Distributor · 7 June 2026Bybit'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 WalletcoreChannel Partner/ Reseller/ Distributor · 19 May 202690 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 TempletoncoreStrategic or Co-development Partner · 12 May 2026Global 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.
• MantlesecondaryTechnology or Integration · 7 May 2026Mantle 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 ChainsecondaryTechnology or Integration · 30 April 2026xStocks 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.
• BitsocoreChannel Partner/ Reseller/ Distributor · 29 April 2026Latin 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.
• CoinRoutessecondaryChannel Partner/ Reseller/ Distributor · 28 April 2026Institutional 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.
• MorphosecondaryChannel Partner/ Reseller/ Distributor · 30 March 2026Ethereum-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.
• FundrisecoreStrategic or Co-development Partner · 27 March 2026Largest 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 NetworkminorChannel Partner/ Reseller/ Distributor · 13 March 20261Inch 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.
• NasdaqflagshipStrategic or Co-development Partner · 9 March 2026Partnership 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.
• TalossecondaryChannel Partner/ Reseller/ Distributor · 5 March 2026Premier 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)coreChannel Partner/ Reseller/ Distributor · 9 February 2026BaFin 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 ServicesflagshipStrategic or Co-development Partner · 9 February 2026Parent 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 FoundationcoreTechnology or Integration · 18 December 2025TON 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 CCIPcoreTechnology or Integration · 12 December 2025Chainlink'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.
• AlpacacoreTechnology or Integration · 20 November 2025API-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.
• BybitcoreChannel Partner/ Reseller/ Distributor · 30 June 2025World'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 FoundationcoreTechnology or Integration · 30 June 2025Solana 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.
• ChainlinkcoreTechnology or Integration · 30 June 2025Chainlink 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 PaycoreChannel Partner/ Reseller/ Distributor · 12 June 2025Global 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.
• JupitercoreChannel Partner/ Reseller/ DistributorSolana'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.
• KaminocoreChannel Partner/ Reseller/ DistributorSolana'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.
• LunocoreChannel Partner/ Reseller/ DistributorOne 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 VsecondaryChannel Partner/ Reseller/ DistributorMultichain 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) LimitedflagshipStrategic or Co-development PartnerJersey-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

Direct 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

• Xx.com/xstocksfi
• LinkedInlinkedin.com/company/xstocksfi

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about xStocks