Kraken Launches On‑Chain Yield Vaults for Tokenized Stocks and ETFs

Kraken has introduced on‑chain yield vaults, called xStocks, that allow eligible clients to earn returns on tokenized equities by lending them in decentralized finance markets.

Supported Tokenized Assets

The initial offering includes tokenized versions of three assets:

• SPDR S&P 500 ETF (ticker SPYx)
• Invesco QQQ ETF (ticker QQQx)
• Nvidia stock (ticker NVDAx)

How Yield Is Generated

Deposited xStocks are lent through DeFi protocols, primarily on the Solana blockchain via platforms such as Kamino. Yield is paid out in the same xStocks that were deposited, and withdrawal requests are fulfilled within three days.

Infrastructure and Partners

The vaults use the same infrastructure as Kraken DeFi Earn, which launched earlier in the year and has attracted over $800 million in deposits. The lending strategies are designed and managed by Sentora, while Veda provides the underlying technology.

Geographic Availability

Access is limited to eligible Kraken clients in the European Economic Area and other approved markets. The service is not available to users in the United States, United Kingdom, Canada, Australia, or the United Arab Emirates.

Market Context

Tokenized equities are experiencing rapid growth, with the total distributed value rising to roughly $2.84 billion, up from about $540 million a year earlier, according to data from RWA.xyz.