xStocks, the tokenized equity standard backed by Kraken, has gone live on 360X, the Deutsche Börse Group-backed trading venue, with an initial lineup of five instruments: CRCLx, GOOGLx, NVDAx, SPYx and TSLAx. Under the launch, Deutsche Börse clients and 360X participants can trade these products directly against stablecoins. Because 360X is regulated by BaFin and ESMA, the listing moves xStocks beyond crypto-native venues and into regulated European secondary market infrastructure.
Five tokenized instruments enter regulated distribution
The listing is the first major product milestone since Kraken and Deutsche Börse Group announced a strategic partnership in December. That partnership covers foreign exchange, custody, settlement and tokenized assets. With xStocks now integrated into 360X, the firms are positioning the product as a link between on-chain settlement efficiency and the trading workflows already used by institutional market participants. 360X said it plans to expand coverage over time, widening the range of tokenized equity instruments available through the venue.
xStocks has grown quickly since its launch in May 2025, recording more than nearly $20 billion in cumulative trading volume. The instruments are structured as 1:1-backed tokenized representations of underlying equities or ETFs. The assets are held with a licensed custodian in a bankruptcy-remote structure, a design aimed at institutional expectations around asset protection and settlement integrity. Kraken also pointed to interoperability across centralized and decentralized venues as a central feature of the xStocks model.
Deutsche Börse frames the listing as a strategic building block
Deutsche Börse Group described the xStocks listing as an important step for its regulated digital market infrastructure. 360X is backed by Deutsche Börse Group and Commerzbank, and supports multiple market segments including OTC, MTF and DLT-MTF. Connectivity is available through REST API, FIX protocol and Deutsche Börse’s member infrastructure. Carlo Kölzer, CEO of 360T and 360X and Global Head of FX & Digital Assets at Deutsche Börse Group, said the launch marks a significant milestone for 360X and stands as a key pillar of the group’s partnership with Kraken.
Kraken presented the rollout as a response to rising demand for digitally native exposure to established financial markets. Mark Greenberg, Global Head of Consumer and VP of Product for xStocks, said adoption of xStocks reflects global demand for instruments that give market access in digital form. He added that connecting to a distribution channel such as 360X gives Deutsche Börse Group clients access to one of the more liquid ecosystems for tokenized financial instruments.
Stablecoin settlement and 24/7 trading are central to the model
The launch also highlights the market structure behind the product. Through 360X, tokenized equity exposure can be traded and settled against stablecoins, aligning with a model built around always-on access rather than conventional exchange hours. Kraken has been promoting tokenized instruments as a way to extend equity market access, shorten settlement time and open up new portfolio uses. Greenberg said xStocks supports round-the-clock trading with instant settlement, expanding functionality beyond what is typically available in traditional equity rails.
The companies also said the offering is not available to U.S. clients. At this stage, the 360X rollout places xStocks inside regulated European market infrastructure rather than limiting the product to crypto trading venues alone.