Kraken-backed xStocks have launched on 360X, a BaFin- and ESMA-regulated secondary venue owned by Deutsche Börse Group, enabling institutional clients to trade tokenised equities against stablecoins.
The initial listing includes CRCLx, GOOGLx, NVDAx, SPYx and TSLAx, following a strategic partnership between Kraken and Deutsche Börse that will broaden coverage over time.
Each xStock token is backed one-to-one by the underlying equity or ETF and held with licensed custodians in bankruptcy-remote structures, providing what the companies describe as institutional-grade safeguards.
The launch allows round-the-clock trading with instant settlement, positioning tokenised equities as an alternative to traditional exchange hours and clearing cycles.
Carlo Kölzer of Deutsche Börse Group and Mark Greenberg of xStocks said the rollout expands institutional access while supporting scalable infrastructure for tokenised securities.
The xStocks product suite has exceeded nearly $20 billion in trading volume since May 2025, underscoring growing demand for blockchain-based representations of traditional financial instruments.
The development marks a further step in the convergence of regulated European market infrastructure and tokenisation technology, as exchanges explore digital settlement rails alongside conventional systems.