Kraken-backed xStocks has launched a new on-chain trading engine designed to connect traditional stock liquidity with decentralized financial infrastructure.
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xStocks has introduced xChange, an on-chain trading engine for tokenized stocks. Users can trade over 70 tokenized stocks across Ethereum and Solana. The platform has already recorded on-chain trading volume of $3.5 billion, total trading volume of $25 billion, and 80,000 holders.
In a March 5 announcement, Kraken said its tokenized stock platform xStocks has introduced xChange, an execution layer that allows users to trade tokenized stocks directly on-chain between Ethereum (ETH) and Solana (SOL).
xChange allows you to trade over 70 tokenized stocks on-chain while aligning prices with real-world public market data.
On-chain trading engine connects liquidity across Ethereum and Solana
Each xChange tokenized share is fully collateralized and backed 1:1 by the underlying stock held in custody, ensuring that trades represent real equity exposure and not synthetic derivatives.
This system introduces atomic settlement, where all trades are either fully executed at the quoted price or not executed at all. Partial fills are avoided and traders receive predictable execution similar to traditional market infrastructure.
This trading engine also connects on-chain markets with traditional stock liquidity. A real-time pricing mechanism can link tokenized stocks to the depth of the public market, reducing spreads and improving execution quality while maintaining settlement on the blockchain.
Adoption of tokenized stocks grows across DeFi platforms
xChange builds on the growth of tokenized stocks since the launch of xStocks in June 2025. According to the company, the platform recorded over $3.5 billion in on-chain trading volume and $25 billion in total trading volume across exchanges.
Tokenized assets on-chain currently exceed $225 million, with over 80,000 unique on-chain holders interacting with the ecosystem.
The new execution layer will operate 24 hours a day, 5 days a week, enabling tokenized stock trading beyond traditional exchange business hours. This expanded availability allows DeFi applications and users around the world to access stocks even when traditional stock markets are closed.
Val Gouy, general manager of xStocks, said the system brings traditional market liquidity to blockchain infrastructure, turning tokenized stocks into programmable digital assets that can be integrated into DeFi applications.
This approach combines open market pricing and blockchain settlement, allowing tokenized stocks to be moved between decentralized applications while maintaining exposure to the underlying asset.
