xStocks live on Morpho with Institutional-Grade Liquidity by Flowdesk

Capital markets are evolving. As equities move onchain, the question is no longer just about access, but about utility.

Tokenization doesn’t just open markets to new participants, it upgrades what those markets can do. It brings programmability, composability, and capital efficiency to the world’s most widely held financial assets.

With over $270M in tokenized equity AUM on xStocks and a rapidly expanding user base of over 100,000 unique holders globally, demand for onchain exposure to global markets is accelerating.

Now the next phase begins.

From Exposure to Utility

Tokenized equities are a foundational bridge between traditional markets and onchain finance. They provide seamless exposure to familiar assets like the S&P 500 through instruments such as SPYx. But until now, that exposure has largely been static.

Holding meant choosing: stay invested or access liquidity.

That tradeoff is disappearing.

With the launch of FlowDesk’s AUSD Equity Strategy, powered by a Vault on Morpho, xStocks holders can now:

• Deposit SPYx
• Borrow AUSD, Agora’s institutional-grade stablecoin
• Maintain full market exposure
• Deploy capital across DeFi

For the first time, tokenized equities behave like true onchain, enabling users to unlock liquidity without unwinding positions.

This brings a core DeFi building block, borrowing against collateral, to one of the world’s largest asset classes.

“xStocks is building the foundation for capital markets to exist natively onchain. Tools once limited to institutions are becoming globally accessible, and assets can move seamlessly across platforms, unlocking a more efficient financial system,” said Val Gui, General Manager of xStocks.

Institutional-Grade Infrastructure Meets Onchain Markets

This vault is powered by a collaboration between xStocks, Flowdesk, Agora, and Morpho, combining best-in-class infrastructure across each layer:

• AUSD is backed by high-quality reserves, custodied by State Street and managed by VanEck
• Flowdesk contributes deep expertise in liquidity provision and risk management
• Morpho provides a capital-efficient, permissionless lending layer on Ethereum
• xStocks brings industry-leading tokenized equities framework, composable, while backed 1:1 by the underlying assets

Together, this creates a new standard for how real-world assets operate within DeFi, without compromising transparency, composability, or risk discipline.

The result is simple but powerful: deposit SPYx, borrow AUSD, stay invested, and put capital to work elsewhere.

"At Agora, we are seeing firsthand how institutional assets are driving a new wave of stablecoin adoption. Stablecoins are central to onchain capital market formation and we are thrilled to see AUSD being used across lending and trading of RWAs," said Nick van Eck, CEO of Agora.

“The next phase of digital asset markets will be defined by institutional-grade, onchain financial infrastructure for real-world assets. We’re excited to build that future by bringing Flowdesk’s risk management and liquidity expertise into structured DeFi credit markets,” said Guilhem Chaumont, CEO of Flowdesk.

A Step Toward Onchain Capital Markets

This launch is more than a single integration.

It’s part of a broader shift from static exposure to programmable capital.

As more xStocks assets integrate into lending markets, structured products, and automated strategies, equities will evolve from passive holdings into core infrastructure within DeFi.

Each step moves tokenized equities closer to mass adoption, where global markets are accessible, composable, and always on.

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. In the European Union / European Economic Area, xStocks are offered to eligible customers via Payward Europe Digital Solutions (CY) Ltd. (“PEDLS-CY”), a Cyprus investment firm authorized and regulated under EU MiFID II. xStocks are not registered under the U.S. Securities Act and are not available in the United States or to U.S. persons. xStocks are also not currently available in the United Kingdom or in any other jurisdiction where their offer or distribution would be unlawful or would require regulatory authorization that 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, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. 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.