Kraken-backed xStocks have gone live on 360X, giving Deutsche Börse Group clients access to tokenized versions of major equities on a regulated secondary trading venue. The move is the first major product milestone under the partnership that Kraken and Deutsche Börse Group announced in December.

According to the company, participants on 360X can trade five xStocks instruments, CRCLx, GOOGLx, NVDAx, SPYx and TSLAx, against stablecoins. The venue operates under BaFin and ESMA oversight and plans to expand the range of xStocks over time.

The listing broadens institutional access to the xStocks standard and aims to support further growth in trading volumes and unique holders.

Track Established Equity and ETF Markets

xStocks launched last year and have reportedly generated nearly 20 billion dollars in total trading volume since then. Each token is backed one-to-one by the underlying equity or ETF, which a licensed custodian holds in a bankruptcy-remote structure.

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The instruments are designed to combine on-chain settlement features with safeguards familiar to institutional investors and can operate across centralized and decentralized environments.

Mark Greenberg, Global Head of Consumer and Vice President of Product for xStocks, highlighted that the demand has come from investors who want digital instruments that track established markets.

“The rapid adoption of xStocks reflects strong global demand for digitally native instruments that provide exposure to established financial markets,” said Greenberg. “Integrating with a leading distribution channel like 360X means Deutsche Börse Group clients can now access one of the most liquid ecosystems for tokenized financial instruments.”

Aiming for Round-the-Clock Trading

He added that integration with 360X gives Deutsche Börse Group clients access to a liquid ecosystem for tokenized financial instruments and enables round-the-clock trading with instant settlement.

Carlo Kölzer, CEO of 360T and 360X and Global Head of FX & Digital Assets at Deutsche Börse Group, said the xStocks listing is a significant milestone for 360X. He described it as a core element of the group’s partnership with Kraken and a foundation for institutional trading of tokenized securities as digital assets and traditional markets converge.

The partnership between Kraken and Deutsche Börse Group spans foreign exchange, custody, settlement and tokenized assets. The firms aim to combine regulated market infrastructure with crypto-native capabilities for institutional clients. xStocks on 360X are not available to U.S. clients.