On July 18, 2025, KuCoin announced the launch of xStocks—tokenized equities developed by Swiss firm Backed—marking a strategic expansion of its multi-asset capabilities. The initial offerings include SPYx (S&P 500 ETF), CRCLx (Circle), TSLAx (Tesla), MSTRx (MicroStrategy), and NVDAx (NVIDIA), all issued on the Solana blockchain and backed 1:1 by real stocks held in bankruptcy-remote custodial accounts.
The launch coincides with dual bull cycles: NVIDIA surpassed a $4 trillion market cap on July 10, while Bitcoin hit a record $120,000 on July 14. KuCoin CEO BC Wong emphasized xStocks bridges traditional finance and Web3, calling it a "strategic milestone" for the platform’s 41+ million users across 200+ regions. Assets comply with EU prospectus requirements and Swiss DLT Act safeguards, with Chainlink-powered Proof of Reserves forthcoming.
Trading exclusively via USDT, xStocks enables frictionless portfolio allocation between crypto and equities within a single KuCoin account. This eliminates fiat onramps and allows real-time rebalancing—such as swapping tokenized NVIDIA exposure for Bitcoin—enhancing capital efficiency amid volatile markets.