Five xStocks tokenized equities – CRCLx, GOOGLx, NVDAx, SPYx (S&P 500 ETF) and TSLAx – are now traded on the EU-regulated venue 360X, which is backed by Deutsche Börse. The trading venue, regulated under the EU’s DLT Pilot Regime, plans to expand coverage over time.
In December 2025, xStocks was acquired by the Kraken crypto exchange. The company behind xStocks, Backed, adopted a structured product approach where the token is backed 1:1 by collateral held via a bankruptcy remote structure. The tokens do not provide full ownership rights in the stock, though tokenholders can potentially redeem the token for the underlying stock.
At the time of acquisition, xStocks trading volumes had surpassed $10 billion, but a little over two months later, that figure is up to $20 billion.
A key advantage of the 360X relationship is institutional clients of Deutsche Börse can seamlessly trade on 360X, provided they are set up to pay with stablecoins. Institutional clients may already be able to access offshore venues more easily than retail clients, but the ability to trade 24/7 is the key benefit. For liquidity providers, there are opportunities out of hours given spreads are usually wider.
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