xStocks (N/A)

What is xStocks?

xStocks is a real-world asset tokenization protocol for Solana, TON, and EVM networks built by a Kraken-linked project, Backed Finance. It enables 24/7 on-chain trading of stocks and equity shares in a fully collateralized and self-custodial manner. 

To acquire newly announced stocks, users visit the xStocks primary markets and complete KYC to mint them. As holders grow and liquidity spreads across DeFi platforms and CEXs, the stock becomes tradable throughout Web3. On top of that, Kraken xStocks protocol introduced a coalition of CEXs, chains, and DeFi protocols with the single goal of building an open, liquid on-chain market for tokenized stocks. These include Kraken, Bybit, Gate, Bitget, Solana, Binance Smart Chain, and more.

Since xStocks is a tokenized tracker certificate providing 1:1 economic exposure, it also distributes dividends to asset holders via rebasing. When a corporate event occurs, the platform automatically increases the number of stocks held by the user by adjusting its collateral multiplier. For example, before a dividend distribution, a user held 100 TSLA stocks with a 1.0x multiplier. Once the company distributes funds, the user now holds 100 TSLA stocks with a 1.05x multiplier, or, in other words, 105 TSLA.

On June 9, 2026,  xStocks partnered with Nado, enabling the use of AAPLx, METAx, GOOGLx, TSLAx, NVDAx, etc., as collateral for perps, spot trading, and unified margin on Nado. Later, xStocks went live on Hyperliquid (HyperCore) with initial 5 assets (NVDAx, SPYx, QQQx, SKHYx, MUx) as native USDC spot markets. 

🪙 xStocks token: As of March 2026, there is no info on the xStocks DeFi project’s plans to release the native token. However, on March 10, 2026, xStocks announced the imminent launch of its points farming campaign, which may lead to the xStocks token launch and airdrop.

Considering this info, the CoinLaunch team conducted a complete overview of the platform:

✅ xStocks pros:

• Good, unique concept and design of the product;
• Large ecosystem of developments (Solana, EVM, TON);
• Over 88K unique holders and $28B in total assets within months of launch;
• Over $354M in TVL reached within months of operating;
• High PR and Influencer Marketing scores;
• Above-average Growth Marketing and SEO performance;
• Diverse ecosystem of top-tier partners, including Bybit, Solana, Binance Smart Chain, Gate, and more;
• The project is backed by Kraken;
• One of the core team members is a board director at Kraken.
   

❌ xStocks cons:

• No info about the platform revenue;
• The DeFi and RWA narrative is not at its best, according to DeFiLlama;
• No roadmap;
• No info on the token launch yet;
• No publicly available security audit reports;
• Below-average SMM score.