xStocks is a line of tokenized U.S. stocks and ETFs, each backed 1:1 by the underlying security held with a regulated custodian and issued as freely transferable tokens on Solana, Ethereum, BNB Chain, TON, and X Layer. Launched by Backed Finance in June 2025 and owned by Kraken since December 2025, xStocks trade on centralized exchanges including Kraken and Bybit and inside DeFi protocols, and are distributed through the xStocks Alliance of chains, venues, and wallets.
xStocks launched on June 30, 2025, built by Backed Finance, a Swiss tokenization issuer founded in 2021, with Kraken as launch exchange partner. The product brought more than 60 tokenized U.S. stocks and ETFs onchain as SPL tokens on Solana, with each token backed 1:1 by shares held at a regulated custodian and structured as a tracker certificate rather than a direct share, so holders get economic exposure without voting rights. Backed's thesis was distribution through an open alliance rather than a single venue: the xStocks Alliance launched with Kraken, Bybit, Solana, Chainlink, Kamino, Raydium, Jupiter, and Alchemy Pay, so the same token could trade on centralized exchanges and in DeFi at once. xStocks are not available to U.S. persons.
Adoption was rapid. Onchain value tripled from roughly $35 million to over $100 million in the first two weeks, cumulative volume passed $10 billion within six months, and by February 2026 the product had reached $25 billion in total transaction volume with more than 80,000 onchain holders. In December 2025 Kraken acquired Backed Finance, bringing issuance, trading, and settlement under one owner. xStocks are now issued by Backed Assets (JE) Limited, a Kraken company, and distributed to Kraken customers through Payward's Bermuda and Cyprus entities, while xBridge, built with Chainlink, moves xStocks between Solana and Ethereum.
