xStocks are not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken's xStocks Risk Disclosure and the Base Prospectus and related Final Terms for more information.
How xStocks Works
Learn how xStocks are backed and issued, how the ecosystem works, and how users access them through partner platforms.
Key Takeaways
- xStocks are tokenized representations of publicly traded stocks and ETFs backed 1:1 by the underlying asset.
- xStocks are available through participating exchanges, wallets, and applications.
- Regulated infrastructure and blockchain networks work together to bring traditional equities onchain.
- Partners play an important role in making xStocks accessible to users around the world.
xStocks brings publicly traded stocks and ETFs onchain through tokenized representations backed 1:1 by the underlying asset.
Available across multiple blockchain networks, xStocks allows partners to offer tokenized equities through exchanges, wallets, and other applications while connecting traditional capital markets with onchain infrastructure.
The xStocks ecosystem
Several participants work together to make xStocks available.
- Underlying assets provide the foundation for each tokenized equity.
- Regulated infrastructure supports the issuance and management of xStocks.
- Blockchain networks enable xStocks to exist and move onchain.
- Partners integrate xStocks into their products and services.
- Users access xStocks through participating platforms.
Each participant plays a different role, creating an ecosystem that connects traditional financial markets with blockchain infrastructure.
How xStocks are issued
Each xStock represents a publicly traded stock or ETF and is backed 1:1 by the corresponding underlying asset.
Once issued, xStocks are made available on supported blockchain networks, where they can be accessed through participating exchanges, wallets, and applications.
The exact availability of assets and supported features may vary by platform and jurisdiction.
Accessing xStocks
Users don't interact directly with xStocks infrastructure.
Instead, they access xStocks through products built by ecosystem partners.
Depending on the platform, users may be able to:
- Buy and sell supported tokenized equities
- Hold xStocks in compatible wallets
- Transfer xStocks on supported blockchain networks
- Access additional onchain functionality where available
Available features depend on the partner platform and applicable regulations.
Built for an open ecosystem
xStocks is designed to be integrated across a growing ecosystem of blockchain networks and financial applications.
Rather than existing within a single platform, xStocks can be made available wherever partners choose to integrate it, helping bring tokenized equities to more users and use cases.
Learn more
Want to dive deeper? Continue with:
- How xStocks are backed
- How dividends work
- Corporate actions explained
- Trading hours
- IPOs explained
More in Learn
Keep reading.
How Dividends Work
Explore how dividends are reflected in xStocks through rebasing, who is eligible, and what affects payment timing.
Corporate Actions
Discover how stock splits, mergers, and other corporate actions affect xStocks, and when updates are applied.
Trading Hours
Understand how market hours affect xStocks trading, pricing, and liquidity, and what happens when markets close.
Important Information
xStocks are not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken's xStocks Risk Disclosure and the Base Prospectus and related Final Terms for more information. This content is partner enablement material, not investment advice. IPO-related content carries additional communication rules - see the brand kit before repurposing. In the EEA and most countries outside the US, IPO access on Kraken is via xStocks - tokenized securities issued by Backed Assets (JE) Limited pursuant to an EU-registered prospectus, providing price exposure only. xStocks are not equity and confer no voting or shareholder rights. Allocation is subject to underwriter decisions and is not guaranteed; any funds not allocated are returned. The value of investments may go down as well as up. Not available in the U.S. or to U.S. persons, or in the United Kingdom, Canada or Australia. Geo restrictions apply. xStocks are made available in the EEA by Payward Europe Digital Solutions (CY) Limited, regulated by CySEC (licence no. 342/17); and elsewhere by Payward Digital Solutions Ltd., regulated by the Bermuda Monetary Authority.