Kraken is rolling out an onchain trading engine and unified execution layer for its xStocks tokenized assets called xChange, designed to operate 24/5 on Ethereum and Solana.
The platform will enable direct trading of over 70 tokenized versions of onchain U.S. equities and ETFs, including popular trades like Apple, Nvidia, Tesla, and the S&P 500.
Backed’s xStocks has emerged as a leading avenue for tokenized equities, having surpassed $25 billion in lifetime transaction volume in February across its Ethereum, Solana, and TON deployments. Dune data shows xStock’s on Solana account for about 46% of the total tokenized stock market share, with Ondo’s Ethereum and BNB Chain offerings together capturing about 52% of the market.
“As tokenized equities adoption accelerates, liquidity has expanded across multiple chains, platforms, and applications,” the release reads. “xChange builds on this momentum by introducing a unified execution layer that connects liquidity across Ethereum and Solana while anchoring pricing to traditional equity markets.”
Unifying the liquidity between protocols and onchain apps will help provide tighter spreads and better execution than purely DeFi-native pools might offer alone, the release argues.
Trades will execute using all-or-nothing atomic settlement, eliminating the chance for partial fills, with pricing sourced from real-time public markets.
Additionally, on Thursday, xStocks announced an integration with DeFi infrastructure provider 1inch to improve onchain liquidity for the xChange by tapping the 1inch Swap API. 1inch is a massive multi-chain DEX liquidity provider.
“xChange is about redefining how equities trade in a digital-first world,” xStocks General Manager Val Gui said in a statement. “It brings real-world market liquidity onchain and turns tokenized stocks into fully programmable, always-on assets that can power the next generation of global financial applications.”
RWA.xyz shows that market value for tokenized equities and ETFs has continued to grow over the past several months, driven in part by increased Wall Street attention in blockchain and improved regulatory clarity in the U.S.
That said, monthly transfer volume has dipped over 8% to about $2 billion, and the number of monthly active addresses is down 76% since 30 days ago.
Earlier this week, DTCC, Clearstream, and Euroclear co-authored a white paper arguing that the tokenization sector needs to address fragmentation between protocols and apps.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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