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xStocks
Tracker certificate (bearer debt), Swiss-law ledger-based security
Outstanding value$885M12.1%30 days
Market share24.0%
In DeFi$77.4M
Tokens1,171
Stocks895
Chains
Solana, X Layer, Ethereum, Ink, HyperEVM, Mantle, BNB Chain, Arbitrum, Optimism, Monad
xStocks are tracker certificates (bearer debt instruments) issued by Backed Assets (JE) Ltd, a Jersey SPV owned by Backed Finance AG and controlled by Kraken's parent Payward. Each product is backed 1:1 by the underlying shares, segregated per product, with Alpaca as primary custodian and a security agent that liquidates on default. Non-US retail can buy, and KYC applies only at issue and redeem.
- Issuing entity
- Backed Assets (JE) Ltd, owned by Backed Finance AG, controlled by Payward (Kraken)
- Jurisdiction
- Jersey issuer; EU base prospectus approved by FMA Liechtenstein (8 May 2026)
- Backing
- 1:1, segregated per product; security agent Security Agent Services AG
- Custodian
- Alpaca (primary), InCore Bank, Maerki Baumann
- Launched
- Jun 2025 with 60 names
- Who can buy
- Non-US retail; the Kraken venue also excludes UK, Canada, Australia
- Website
- xstocks.fi
Sources
- docs.xstocks.fi/product-legal-overview
- docs.xstocks.fi/frequently-asked-questions
- docs.xstocks.fi/issuance-and-redemption
- kraken.com/xstocks
- support.kraken.com/xstocks-faq
- mfsa.mt/Backed-Assets-JE-Limited-Certificate-of-Approval-of-a-Base-Prospectus-dated-08-May-2026.pdf
- blog.kraken.com/deepening-our-partnership-with-alpaca
- xstocks.fi
- Sumcap research (3)
By
Issued and redeemed on Solana
 STRCxStrategy PP Variable xStock | STRC | n/a | None | 0.0% | $136M15.3% | 14.8% | |
 MSTRx | MSTR | 1,601 | 7.6% | $69.6M7.9% | 171.0% | ||
 TSLAx | TSLA | 2,771 | 10.9% | $60.7M6.9% | 14.7% | ||
 CRCLx | CRCL | 3,911 | 10.4% | $54.2M6.1% | 46.6% | ||
 SPYx | SPY | 6,465 | 40.7% | $48.3M5.5% | 40.3% | ||
| MSTRxMicroStrategy xStock | MSTR | 557 | None | 0.0% | $36.1M4.1% | 10.8k% | |
 NVDAx | NVDA | 166,417 | 24.2% | $32.5M3.7% | 11.2% | ||
 SPCXx | SPCX | 4,221 | 5.9% | $32.2M3.6% | 28.9% | ||
 GOOGLx | GOOGL | 2,164 | 15.8% | $25.9M2.9% | 19.5% | ||
| CRCLxCircle xStock | CRCL | 363 | 1.0% | $25.6M2.9% | 8.39k% | ||
 QQQx | QQQ | 3,696 | 29.8% | $19.9M2.2% | 27.2% | ||
| SPCXxSpaceX xStock | SPCX | 1,000 | 9.6% | $13.1M1.5% | 6.19k% | ||
 MUxMicron Technology xStock | MU | 616 | 1.5% | $10.8M1.2% | 11.6k% | ||
| GOOGLxAlphabet xStock | GOOGL | 923 | 3.9% | $10.2M1.2% | 5k% | ||
 GLDx | GLD | 2,794 | 21.8% | $9.88M1.1% | 45.5% | ||
 COINx | COIN | 1,655 | 11.6% | $9.64M1.1% | 106.5% | ||
 STRCx | STRC | 1,031 | 9.6% | $9.49M1.1% | 4.4% | ||
 HOODx | HOOD | 2,295 | 18.4% | $9.21M1.0% | 50.1% | ||
 AAPLx | AAPL | 4,674 | 10.4% | $9.14M1.0% | 53.0% | ||
| QQQxNasdaq xStock | QQQ | 954 | 16.6% | $8.66M1.0% | 4.33k% |
1 to 20 of 2,167 tokens
of 109
Who holds it
Total$885M
- Wallets42.8%$379M
- Exchanges and market makers24.4%$216M
- Not indexed22.8%$202M
- DeFi5.2%$45.8M
- Other contracts4.5%$39.8M
- Unclassified0.2%$2.02M
Where KYC applies
- OnboardingKYC
KYC to whitelist a wallet for issue and redeem; no US persons
- Mint / redeemKYC
Whitelisted wallets only; redeem in USD cash, $5,000 minimum
- Wallet transfersOpen
Permissionless, sanctions denylist only; Solana mint has freeze and delegate
- DEX tradingOpen
Raydium, Orca, Meteora on Solana; Uniswap pools on Ink
- DeFi protocolsOpen
Kamino, Jupiter Lend and Kraken xStocks Vaults take them freely