xStocks, backed by Kraken, has launched a new on-chain trading engine designed to connect traditional stock liquidity with decentralized financial infrastructure.
Conclusion
- xStocks introduced xChange, an on-chain trading engine for tokenized stocks.
- Users can trade 70+ tokenized stocks on Ethereum and Solana.
- The platform has already recorded a volume of 3.5 billion USD, a total trading volume of 25 billion USD and 80,000 holders.
In an announcement on March 5, Kraken said it introduced xStocks tokenized stock platform xChange, an execution layer that allows users to trade tokenized stocks directly on-chain in Ethereum (ETH) and Solana (SOL).
xChange allows over 70 tokenized stocks to trade on-chain, tracking prices with real-time global public market data.
The chain trading engine connects liquidity across Ethereum and Solana
Each tokenized share in xChange is fully collateralized and backed 1:1 with the underlying shares held in custody, ensuring that transactions reflect real shares rather than synthetic derivatives.
The system implements atomic settlement, meaning that each trade is either fully executed at the bid price or not executed at all. Partial fills are avoided, giving traders predictable performance similar to traditional market infrastructure.
The trading engine also connects blockchain markets with traditional stock liquidity. Real-time pricing mechanisms connect tokenized shares to the depth of the public market, which can accelerate distribution and improve the quality of execution while maintaining settlement on the blockchain.
The adoption of tokenized shares on DeFi platforms is growing
xChange is based on the growth of tokenized stocks since the launch of xStocks in June 2025. According to the company, the platform recorded more than $3.5 billion in on-chain transactions, along with $25 billion in total trading volume on exchanges.
Tokenized assets on the chain now exceed $225 million, and more than 80,000 unique holders of the chain interact with the ecosystem.
The new execution layer operates 24 hours a day, five days a week and allows trading of tokenized shares outside of traditional trading hours. This wide access allows DeFi applications and global users to access shares even when traditional stock markets are closed.
Val Gui, CEO of xStocks, said the system brings traditional market liquidity to the blockchain infrastructure while turning tokenized stocks into programmable digital assets that can be integrated into DeFi applications.
This approach combines public market pricing with blockchain settlements, allowing tokenized shares to move in decentralized applications while maintaining the exposure of the original shares.
