Cryptocurrency exchange Kraken has officially launched xChange, a new on-chain trading engine and unified execution layer for its tokenized equity assets, known as xStocks. The platform is designed to operate 24/5, connecting liquidity across the Ethereum and Solana blockchains.
The service enables direct peer-to-peer trading of over 70 tokenized versions of U.S. equities and ETFs, including major names like Apple, Nvidia, Tesla, and S&P 500-tracking funds. Each token is fully backed by the corresponding real-world security held in custody.
xChange aims to unify fragmented liquidity in the tokenized equity space. According to the announcement, this unified execution layer will provide tighter spreads and better execution than purely DeFi-native pools by anchoring pricing to traditional equity markets. Trades will execute using all-or-nothing atomic settlement, eliminating partial fills, with pricing sourced from real-time public markets.
The launch builds on the momentum of Backed's xStocks, which surpassed $25 billion in lifetime transaction volume in February across its Ethereum, Solana, and TON deployments. Dune Analytics data shows xStocks on Solana account for about 46% of the total tokenized stock market share.
In a related move, xStocks announced an integration with DeFi infrastructure provider 1inch to improve on-chain liquidity for xChange by tapping into the 1inch Swap API.
"xChange is about redefining how equities trade in a digital-first world," said xStocks General Manager Val Gui. "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."
The launch occurs as the market value for tokenized equities and ETFs continues to grow, driven by increased Wall Street attention and improved U.S. regulatory clarity. However, monthly transfer volume has dipped over 8% to about $2 billion, and the number of monthly active addresses is down 76% from 30 days ago.
