Guide to xStocks: The Leading Network of Tokenized Equities

xStocks are tokenized U.S. stocks and ETFs, backed 1:1 by the underlying security. 

They bring blue chips like Apple, NVIDIA, and Tesla into your crypto wallet. You can trade them onchain 24/7, like any other token. And each xStocks token has a 1:1 underlying asset behind it.

Issued by Backed Assets (JE) Limited, a Kraken company, xStocks connect equities with exchanges, wallets, and DeFi. This guide covers how they work, where to find them, and how to track positions across chains. 

What are xStocks?

xStocks are tokenized representations of equities and ETFs (exchange-traded funds). 

The token carries exposure to the underlying security and can move through supported wallets and protocols.

The xStocks overview puts the distinction plainly: 

“This isn't synthetic exposure or niche assets. These are the most liquid equities in the world tokenized for the onchain economy — 1-to-1 backed by the underlying, and plugged permissionlessly into crypto.”

Three features explain the model:

• 1:1 backed. Each xStock is backed by its underlying security.
• Compliant distribution. Available to only users outside the US and the UK. 
• DeFi-ready. xStocks can move beyond an exchange account into a compatible wallet, decentralized trading venue, or supported DeFi protocol.

The names of xStocks are easy to recognize: a stock ticker followed by “x”. Apple is AAPLx, Amazon is AMZNx, NVIDIA is NVDAx, and so on. ETF products follow the same pattern, for example, SPYx and QQQx.

How xStocks work

Backed Assets (JE) Limited issues xStocks, with each token backed 1:1 by the underlying security. 

The issuer is a Jersey private limited company. Kraken acquired Backed Finance in December 2025.

Eligible Kraken customers receive xStocks through Payward Digital Solutions Ltd., licensed by the Bermuda Monetary Authority. In the EU and EEA, distribution is through Payward Europe Digital Solutions (CY) Ltd., a Cyprus investment firm authorized and regulated under MiFID II.

Once held onchain, a token works like any other ERC-20 token on EVM chains or SPL Token-2022 on Solana. 

Here’s how xStocks compare to regular stocks held in a brokerage account:

• Market access: xStocks offers 24/7 onchain access. Traditional brokerages have limited hours.
• Settlement: xStocks settles immediately onchain. Brokerages use T+1 settlement.
• Custody: xStocks is onchain and wallet-compatible. Brokerage custody is broker-controlled.
• Portfolio: xStocks unifies crypto and equity liquidity. Traditional brokerages use separate accounts.
• DeFi use: xStocks is open and permissionless. Brokerages offer none in this comparison.
• Interoperability: xStocks is multichain. Traditional brokerages use siloed, traditional rails.

Individual apps and venues that offer xStocks might set their own trading, transfer and eligibility conditions.

Popular xStocks: the names you know

The list of xStocks products spans technology, consumer brands, healthcare and ETFs. 

You can identify the underlying company from the ticker and product name. And all xStocks are available in Zerion: 

• Apple: AAPLx
• Amazon: AMZNx
• NVIDIA: NVDAx
• Tesla: TSLAx
• Microsoft: MSFTx
• Meta: METAx
• Coinbase: COINx
• AstraZeneca: AZNx
• McDonald’s: MCDx

... and more.

Check the xStocks products catalogue for the exact token and its available networks. A familiar ticker helps you find a product. Its chain and contract address identify the token you should hold.

Where to get xStocks

You can access xStocks through integrated exchanges, wallets and DeFi platforms. 

Kraken and Kraken Pro provide access for eligible customers. Other exchange partners include Bybit and Gate, while Jupiter provides an onchain route on Solana. Access depends on the platform, the product and your jurisdiction.

You can trade supported xStocks right in Zerion's swap interface. The flow is a token swap: choose the asset and network, review the quote, and confirm from your wallet. Our SpaceX and xStocks walkthrough covers the process.

Where xStocks live

The xStocks website lists ten networks: Solana, Ethereum, TON, BNB Chain, Arbitrum, Optimism, Mantle, Ink, X Layer and Tron. 

Cross-chain transfers are part of the infrastructure too. 

The xBridge uses Chainlink to connect the Solana and Ethereum ecosystems. That gives a route between chains without making a single chain the permanent home.

What you can do with xStocks onchain

xStocks combine equity exposure with wallet custody, around-the-clock markets, and DeFi use. 

This lets you manage a tokenized position in several ways that are just not possible with a traditional brokerage account. 

Trade 24/7 and hold tokens in your wallet

Onchain xStocks markets run outside traditional stock-exchange hours, including weekends. You can also hold tokens in a compatible self-custody wallet, alongside the crypto assets you already manage there. You can even send it to anyone. 

Earn yield with xStocks Vaults

xStocks Vaults launched on Kraken and Kraken Pro. Holders of SPYx, QQQx and NVDAx can allocate from $1, with rewards of up to 2% net of fees.

Veda powers the vaults, Sentora operates them, and Privy provides embedded self-custody wallets. Rewards accrue in the deposited xStock, e.g. SPYx earns more SPYx. 

The vault, strategy, allocations and performance fee are public onchain. Rewards vary and are not guaranteed; losses are possible.

Access IPOs from listing day

xStocks also supports initial public offerings (IPOs). Its Ōura announcement names Ōura as the fourth IPO supported in 2026, following SpaceX, Bending Spoons and Jersey Mike's. 

Eligible customers can express interest through participating platforms. Allocations depend on the underwriters and are not guaranteed. 

Use supported xStocks in DeFi and derivatives

Besides vaults, a growing number of DeFi protocols support xStocks. 

In February 2026, Kraken also launched perpetual futures that use xStocks. Perpetual futures or perps are separate derivative products with their own eligibility and terms.

How to track xStocks across supported chains

Zerion brings supported xStocks holdings into the same portfolio view as your crypto assets. 

In Zerion Wallet, you can easily track all your onchain holdings, including xStocks on EVM and Solana.

With Zerion API, you can also build your own custom dashboards or trading tools.

FAQ

What are xStocks?

xStocks are tokenized representations of U.S. equities and ETFs, issued by Backed Assets (JE) Limited and backed 1:1 by the underlying security. They give eligible holders onchain exposure to familiar stocks and funds, with wallet compatibility, around-the-clock onchain trading and support across multiple blockchain networks.

Are xStocks safe?

xStocks are RWA tokens that are backed 1:1 and issued by Backed Assets (JE) Limited, part of Kraken. Distribution uses regulated Payward entities, including BMA-licensed PDSL and MiFID II-regulated PEDSL-CY in the EEA. This does not eliminate risk: “Investing in xStocks involves an element of risk.” Read the risk disclosure.

Where can I buy xStocks?

Eligible customers can access xStocks through Kraken, Kraken Pro, Bybit and other integrated platforms, with onchain trading routes such as Jupiter. Check the ecosystem directory and the platform's eligibility rules. xStocks are unavailable in the United States, to U.S. persons and in the UK; further restrictions apply.

How does Kraken xStocks work?

Backed, a Kraken company, issues the tokens with 1:1 backing. Eligible customers access them through Kraken's relevant Payward entity and can use supported onchain withdrawal routes. xStocks enables 24/7 onchain trading; check the selected market's trading hours, supported withdrawal network and local terms in Kraken before transferring.

Do xStocks pay dividends?

The Vaults announcement describes dividend yield on select xStocks. The EEA disclosure states that xStocks provide price exposure with no voting or dividend rights. Economic exposure and shareholder rights differ. Check the specific product's terms for dividend treatment; do not assume a cash dividend paid directly to your wallet.

Can U.S. residents buy xStocks?

No. The issuer states: “xStocks are not available in the United States or to U.S. persons.” They are also unavailable in the UK and restricted in other jurisdictions. These availability rules apply to the product; using a self-custody wallet does not change your eligibility.