Kraken-backed xSstocks has launched a new on-chain trading engine designed to connect mainstream equity capital with decentralized financial infrastructure.
Summary
- xStocks has launched xChange, a trading engine for tokenized stocks.
- Users can trade 70+ token shares across Ethereum and Solana.
- The platform has already recorded an on-chain volume of $3.5B, a total trading volume of $25B, and 80,000 owners.
In a March 5 announcement, Kraken said its tokenized equity platform xSstocks has launched xChange, an execution layer that allows users to trade tokenized stocks directly across the Ethereum (ETH) and Solana (SOL) chain.
xChange allows trading of over 70 token shares on chain while keeping prices consistent with real public market data.
The on-chain trading engine connects the available funds across Ethereum and Solana
Each stock tokenized on xChange is fully collateralized and backed 1:1 by the underlying stocks held in the stock, ensuring that transactions represent exposure to real currencies rather than artificial derivatives.
The system introduces atomic payments, which means that all trades are executed entirely at the quoted price or not at all. Underfilling is avoided, giving traders predictable execution similar to traditional market infrastructure.
The trading engine also connects on-chain markets with traditional equity liquidity. Real-time pricing mechanisms link token allocations deep into the public market, which can strengthen circulation and improve the quality of use while keeping payments on the blockchain.
The adoption of tokenized shares is growing in all DeFi platforms
xChange is building on the growth of token shares since the launch of xStocks in June 2025. According to the company, the platform has recorded more than 3.5 billion dollars in on-chain transaction volume, and 25 billion dollars in total trading value across all trades.
On-chain token assets are now over $225 million, with more than 80,000 unique on-chain managers interacting with the ecosystem.
The new execution platform operates 24 hours a day, five days a week, allowing trading of stocks with signals beyond normal trading hours. This extended availability gives DeFi applications and global users access to stocks even when the regular stock markets are closed.
Val Gui, general manager of xStocks, said the program brings traditional market capital to the blockchain infrastructure while converting token shares into programmable digital assets that can be integrated with DeFi applications.
This approach combines a public market price with blockchain payments, allowing tokenized shares to move across decentralized applications while maintaining exposure to the underlying shares.
