Kraken xStocks launches xChange for on-chain stock trading

Kraken-backed xStocks has launched xChange, an on-chain trading engine designed to connect traditional equity liquidity with decentralized finance. The platform enables trading of more than 70 tokenized equities directly on Ethereum and Solana, with prices kept aligned to real-world public market data.

Each tokenized stock on xChange is fully collateralized and backed 1:1 by underlying shares held in custody, so transactions represent actual equity exposure rather than synthetic derivatives. The system also offers atomic settlement: trades either execute in full at the quoted price or do not execute, avoiding partial fills and providing execution that resembles traditional market infrastructure.

The engine links on-chain markets with traditional equity liquidity through real-time pricing tied to public market depth, which can tighten spreads and improve execution while keeping settlement on the blockchain.

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