TL;DR
- xChange from xStocks is the first unified execution layer for tokenized stocksenabling trading of over 70 tokenized stocks directly on-chain – on Ethereum and Solana – at prices anchored to actual public market prices. Each xStock is fully guaranteed and backed 1:1 by underlying shares held in custodyensuring on-chain transactions reflect true equity exposure with the transparency and programmability of DeFi.
- xChange connects traditional market depth with on-chain flexibility through atomic settlementmeaning each trade is executed entirely at the quoted price or not at all – eliminating partial executions and providing execution consistency comparable to established market infrastructure. By connecting tokenized stock trading with real-time traditional market liquidity, xChange supports Tighter spreads and improved execution quality while preserving on-chain settlement and transferability.
- Since its launch in June 2025, xStocks has surpassed $3.5 billion in total on-chain trading volume.$25 billion in total trading volume on exchanges, over $225 million in tokenized assets on-chain, and 80,000 unique holders on-chain, reflecting rapid and measurable adoption of tokenized stocks as a new asset class for DeFi participants and the traditional financial audience. xChange operates 24/5, extending stock trading beyond traditional trading hours and positioning tokenized stocks as permanent, fully programmable financial assets.
Under the hood: xChange overview
We are excited to announce the launch of xChange, a new on-chain trading engine designed to power the seamless exchange of xStocks on Ethereum and Solana without the need for third-party intermediaries.
With xChange, users and on-chain applications can trade over 70 tokenized stocks directly on-chain at prices designed to reflect underlying public market prices, while maintaining the transparency, composability, and programmability of decentralized finance.
Strengthen liquidity on the networks
As the adoption of tokenized stocks accelerates, liquidity has expanded across multiple chains, platforms, and applications. xChange builds on this dynamic by introducing a unified execution layer that connects Ethereum and Solana liquidity while anchoring prices to traditional equity markets.
With on-chain atomic settlement, each transaction executes in a single indivisible instruction. Transactions are either fully completed at the quoted price or not executed, providing certainty of execution and eliminating partial executions.
For DeFi participants, this preserves trust in the settlement mechanism. For traditional financial audiences, it provides consistency of execution comparable to that of an established market infrastructure.
Bridging traditional market depth with channel flexibility
xChange complements existing on-chain liquidity by connecting tokenized stock trading with traditional market depth via real-time trading mechanisms. This integration supports tighter spreads and improved execution quality while preserving on-chain settlement and transferability.
Rather than replacing DeFi’s native liquidity models, xChange acts as an additional layer that improves price alignment and execution reliability across the entire ecosystem.
The result is a hybrid infrastructure model: real equity market depth combined with always-on blockchain-based trading.
Val Gui, Managing Director of xStocks: “xChange aims to redefine how stocks trade in a digitally driven world. It brings real market liquidity to the chain and transforms tokenized stocks into fully programmable, always-on assets that can power the next generation of global financial applications.”
xChange operates 24/5 on Ethereum and Solana, enabling continuous trading of tokenized stocks beyond traditional trading hours. Each xStock remains fully collateralized and backed 1:1 by underlying stocks held in custody, ensuring that on-chain transactions reflect real-world stock exposure.
Since its launch in June 2025, xStocks has seen rapid adoption, surpassing $3.5 billion in total on-chain trading volume, $25 billion in total trading volume on exchanges, over $225 million in tokenized assets on-chain, and 80,000 unique holders on-chain.
xStocks are issued by Backed Assets (JE) Limited (a Jersey limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company authorized to carry out digital asset business by the Bermuda Monetary Authority. In the European Union/European Economic Area, xStocks are offered to eligible customers through Payward Europe Digital Solutions (CY) Ltd. (“PEDLS-CY”), a Cypriot investment company authorized and regulated by EU MiFID II.
xStocks are not registered under the US Securities Act and are not available in the United States or to US persons. xStocks are also not currently available in the United Kingdom or any other jurisdiction where their offering or distribution would be illegal or would require regulatory approval which 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, whether through any Kraken application or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek independent professional advice if they are unsure about the suitability of an investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment can go up as well as down, and past performance is not a reliable indicator of future results. Geographic restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks and the base prospectus and associated final terms for xStocks at to learn more.
