The Infrastructure Behind OKX's Tokenized Stocks Is xStocks

Today, OKX launched more than 40 tokenized U.S. stocks and ETFs, giving customers across Southeast Asia, Northeast Asia, the CIS region, MENA and Türkiye a way to trade Apple, NVIDIA, Tesla, Microsoft, Amazon, Meta and dozens of other names directly from the crypto account they already use, 24 hours a day, against USDT.

Every one of those tokens is built on xStocks, Payward's tokenized equity framework. This is the latest and largest step in a partnership that's been compounding for months.

"We're excited to see OKX offer tokenized equities and ETFs powered by xStocks, trading around the clock in one deep market instead of scattered across competing tokens. When OKX needed the infrastructure to do tokenized equities right, they built on xStocks, because we're the framework proven at this scale, with the liquidity, custody model and track record to back it," said Val Gui, General Manager of xStocks.

One asset, one market

Typically exchanges that have launched tokenized stocks end up creating a separate market for every issuer's version of the same equity, so "Tesla" ends up fragmented across three or four competing tickers with thin liquidity in each.

OKX built something different: a single market per stock, prioritising xStocks first, with the potential to add future issuers.

With xStocks, every token is backed 1:1 by real shares held in regulated custody, so the market structure OKX is building can scale without sacrificing the guarantee that matters most: one token, one real share, always redeemable.

What's live at launch

Customers can now trade more than 40 tokenized stocks and ETFs on OKX, including:

• The Magnificent Seven: Apple (XAAPL), NVIDIA (XNVDA), Tesla (XTSLA), Microsoft (XMSFT), Alphabet (XGOOGL), Amazon (XAMZN) and Meta (XMETA)
• Indices and ETFs: S&P 500 (XSPY) and Nasdaq-100 (XQQQ)
• Semiconductors: Micron (XMU), SanDisk (XSNDK), Marvell (XMRVL), Intel (XINTC) and AMD (XAMD)
• Crypto and fintech names: Circle (XCRCL), Strategy (XMSTR), Coinbase (XCOIN) and Robinhood (XHOOD)

These tokenized stocks trade against USDT, through the order book or via instant Buy, Sell and Convert, in the same account, the same UX customers already use for crypto, now extended to tokenized U.S. equities.

This didn't start today

The launch is the visible, headline moment, but xStocks and OKX have been working together for months:

• OKX Wallet trading competition with xStocks generated $1.7 billion in volume in two weeks, taking 70% market share of trading volume during the competition, an early signal of just how much retail demand is waiting for tokenized access once the friction is removed.
• xChange integration (the atomic swap layer behind xStocks) is live across OKX DEX on three chains, with more to come.
• xStocks and the atomic RFQ engine are deployed on X Layer, alongside xPoints.
• xStocks was a day-one launch partner of OKX's Exchange OS rollout in May 2026.

Each of those was a building block of the relationship between xStocks and OKX.

Why OKX chose xStocks

OKX didn't have to build its tokenized stocks offering on xStocks. It chose to. Part of that choice is structural: xStocks isn't a competing exchange trying to win OKX's customers, it's the infrastructure layer underneath. That's what lets OKX build its own market design, its own UX, its own competition wins – on top of a custody and issuance stack it didn't have to build or compete against.

The track record behind that decision: xStocks has processed billions in combined trading volume, has a large and growing base of unique holders, and backs a substantial and growing amount in assets under management.

That track record is why teams keep building on xStocks. xStocks is the framework proven at scale to give customers, globally, access to U.S. equities and ETFs.

Terms apply. See the Kraken Terms of Service at kraken.com/legal/disclosures to determine which legal entity you face, based on where you live. xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. ("PDSL"), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not nor will be registered with any local securities regulators. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken's xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.