News linked to both this project and an event.
Kraken partners with Veda and Sentora to launch the xStocks vault, allowing users to earn DeFi yields by lending tokenized US stocks and ETFs.
According to The Block, Hyperliquid’s institutional trading layer, Silhouette, officially launched its Request for Quote (RFQ) system on mainnet on Tuesday, initially supporting Payward’s tokenized equity framework, xStocks. Traders can submit quote requests to designated market makers; after market makers place bids, the winning counterparty settles the trade on-chain. This enables round-the-clock, large-volume trading without the need for a dedicated order book. Tokens that meet trading activity thresholds can be migrated to standalone HyperCore markets in the future. Since its launch in June 2025, xStocks has processed over $40 billion in cumulative trading volume, settled approximately $20 billion on-chain, and accumulated more than 200,000 holders. With a current market cap of around $620 million, it ranks as the third-largest global issuer of tokenized stocks.
xStocks announced that it is advancing its tokenized stock business on Hyperliquid, with MUx, SKHYx, NVDAx, QQQx, and SPYx now live as native spot markets. Each asset has approximately $1 million in liquidity, an average spread of 8–12 basis points, and supports 24/7 trading, with more assets to be listed subsequently.
xStocks announced on X that MUx, SKHYx, NVDAx, QQQx, and SPYx are now live as native spot markets on Hyperliquid, supporting 24/7 trading. Each asset has approximately $1 million in liquidity, with an average spread of 8 to 12 basis points. More assets will be listed gradually.xStocks reminds that these tokens only represent economic exposure to the corresponding assets, not direct ownership, and are not available to U.S. persons, subject to geographical restrictions.
Odaily News, Blockworks analyst Shaunda Devens stated on the X platform that Kraken may be testing Hyperliquid's HIP-3 (Builder-Deployed Perpetuals) new compliant deployment feature, potentially becoming one of the first centralized exchanges to explore this mechanism. BlockworksData shows that a deployer named "Kraken HIP-3 test DEX" has enabled permission management functionality (Star gating) on the Hyperliquid testnet and went live for testing on August 19. Currently, this test DEX has completed whitelist settings for 10 wallets, tested 3 of the 5 compliance control features, and registered a "Kraken Exchange Validator."Shaunda Devens noted that Hyperliquid has been continuously adding testnet features to support regulatory-compliant HIP-3 deployments, including whitelist management, canceling user orders, closing positions via reduce-only orders, and moving collateral. These capabilities are similar to the risk control mechanisms required by traditional financial institutions' compliant trading platforms.Although this is still in the testing phase, and any user could deploy a test DEX with a similar name, making it impossible to confirm it definitively belongs to Kraken, combined with Hyperliquid's recent expansion of xStocks functionality and Kraken's parent company Payward's involvement in related business initiatives, analysts believe Kraken may be testing HyperCore's new infrastructure targeting institutional and compliant markets.HIP-3 is a third-party deployed perpetual contract market framework introduced by Hyperliquid, allowing eligible developers to create independent perpetual trading markets on HyperCore's order book infrastructure. It is considered a key upgrade direction for Hyperliquid to expand into traditional assets and institutional trading scenarios. If large compliant exchanges like Kraken enter the HIP-3 ecosystem, it could further drive the integration of on-chain derivatives markets with traditional financial trading systems.
Odaily News – According to the latest report by The Economist Enterprise, after 13 years of development and multiple strategic upgrades, Gate is gradually evolving from a traditional crypto asset trading platform into a comprehensive financial infrastructure connecting digital assets with traditional financial markets. The report notes that as more traditional financial products — including stocks, ETFs, tokenized assets, forex, and metals — enter the digital asset ecosystem, Gate is leveraging its multi-asset product layout and global infrastructure development to further bridge the gap between crypto finance and TradFi. In the interview, Gate Founder and CEO Dr. Han stated that as the industry evolves, digital asset platforms are no longer facing only technical challenges, but also risk management, user protection, and industry regulation.In terms of TradFi integration, Gate has established a multi-layered framework spanning tokenized assets, derivatives, and native stock trading, successively launching products and services such as xStocks, Ondo, Gate TradFi, Pre-IPOs, Direct IPO Access, and Gate Stocks. Among these, Gate Stocks now supports stock trading in the U.S., Hong Kong, and South Korea, significantly lowering the barrier for global users to participate in traditional financial markets. Meanwhile, Gate continues to enhance its 24/7 trading and liquidity infrastructure to meet the cross-market asset allocation needs of users worldwide.The Economist Enterprise also pointed out that as the digital asset market moves further toward institutionalization, compliance, transparency, and infrastructure capabilities are becoming key components of platform competitiveness. Gate continues to advance its compliance framework across multiple global jurisdictions and has provided third-party audits and open-source Proof of Reserves since 2020. In addition, Gate is introducing AI infrastructure into Web3, connecting AI with trading, wallets, and more services through products such as Gate AI, Gate MCP, and GateClaw, driving the platform's evolution from a traditional trading venue into a comprehensive financial infrastructure that connects digital assets, traditional finance, and AI applications.
据 CoinTelegraph 报道，币安 bStocks 在上线不足两个月后，于 8 月 3 日市值达约 6.24 亿美元，超越 Kraken 旗下 xStocks（约 5.79 亿美元），跃升为全球第二大代币化股票发行商，仅次于 Ondo Finance（约 9.27 亿美元）。截至本周二，bStocks 以 6.106 亿美元小幅领先 xStocks 的 6.012 亿美元。
Odaily News: The Layer 2 network X Layer, developed by OKX, continues to see rising ecosystem activity. On-chain data shows that its DeFi TVL has exceeded $100 million, stablecoin scale has surpassed $2 billion, and xStocks tokenized stock trading volume now accounts for over 80%.Stock-driven Meme launch platform StockMars (stockmars.fun) has gone live on X Layer. The platform's first launched token, $MARSDOGE, has reached a market cap exceeding $400,000.
: xStocks announced that its first batch of 5 tokenized US stock products—NVDAx, SPYx, QQQx, SKHYx, and MUx—have officially launched on Hyperliquid. Currently, these xStocks appear under the "All" tab rather than the "Strict" section in Hyperliquid's search bar, and trading volume remains weak. Among them, Micron's MUx has seen trading volume exceeding $110,000, while the other products range between $5,000 and $15,000.
Bybit announced that its Dual Asset investment product has added four xStocks tokenized US stock underlying assets: METAx, TSLAx, HOODx, and CRCLx. Currently, Bybit Dual Asset supports the 10 most popular xStocks on the Bybit platform, providing users with a richer selection of tokenized US stock structured investment options. The newly added underlying assets cover popular sectors such as artificial intelligence, smart electric vehicles, fintech, and stablecoins, further enriching users' options for allocating yield strategies around different market themes. Dual Asset is a non-principal-protected structured yield product launched by Bybit. Users can independently select the underlying asset, target price, and investment term based on their judgment of the future price trend of the underlying asset, earning potential returns while maintaining market views. The product supports three investment terms: 8 hours, 1 day, and 7 days, with a single subscription amount ranging from 30 to 200,000 USDT. At maturity, the system will settle in the corresponding asset based on the performance of the underlying asset price relative to the target price and pay the agreed yield to the user. This product is suitable for users who wish to generate potential returns in range-bound markets, or who wish to buy or sell target assets at ideal prices. With the addition of these four underlying assets, Bybit Dual Asset provides users with more opportunities to construct yield strategies around popular US stocks.
: Crypto exchange Kraken has opened subscription for Jersey Mike's planned IPO to retail investors. Eligible U.S. users can apply to subscribe to book-entry shares at the IPO price, while users in over 110 countries and regions can apply for tokenized stock JMKEx. JMKEx is backed 1:1 by the underlying stock and custodied with regulated institutions. Allocation results are determined by the IPO underwriters, and a successful allocation is not guaranteed; after the IPO completion, JMKEx will be tradable on Kraken and participating xStocks Alliance platforms 24 hours a day, 5 days a week. Kraken stated that the tokenized stock can be transferred between platforms participating in the xStocks Alliance, on-chained, and accessed via compatible decentralized finance applications. Jersey Mike's is a U.S. sandwich chain brand with over 3,300 stores. Its expected IPO price is between $21 and $25 per share, and it will be listed on the New York Stock Exchange under the ticker JMKE.
According to CoinDesk, Kraken's parent company Payward announced it will expand its tokenized stock platform xStocks to markets outside the United States, planning to partner with investment infrastructure provider GTN to bring listed stocks from Hong Kong, the UK, Europe, and South Korea on-chain, with further expansion to other asset classes subject to regulatory approval. Currently, xStocks supports over 500 tokenized securities, with cumulative trading volume exceeding $35 billion and nearly 200,000 holders, but the product is not currently open to US investors.
According to official announcements, following the launch of SPCXx and USPXx within weeks of their public listings, BSPx has officially launched on Mantle. BSPx is the tokenized stock representation of Bending Spoons, which owns brands such as WeTransfer, Vimeo, Evernote, and AOL. BSPx is issued by xStocks and is now open for trading on Fluxion. BSPx is traded via Fluxion's hybrid infrastructure, where its Atomic RFQ mechanism anchors real-time market quotes during market trading hours to support pricing; meanwhile, the AMM execution mechanism ensures trading can continue uninterrupted after market close. Reportedly, BSPx is the third tokenized stock launched on Mantle in less than a month, as Mantle's tokenized stock market expands rapidly at the pace of the traditional IPO listing calendar. Previously, SPCXx launched on June 19, and USPXx launched on June 23. This makes Mantle one of the first L2 networks capable of tokenizing newly listed stocks and bringing them on-chain at the pace of traditional market listings. In previous news, xStocks' xPoints are now live on Mantle, meanwhile DEX F on Mantle
According to official announcements, xStocks' xPoints are now live on Mantle. Meanwhile, the DEX Fluxion on Mantle is offering an additional 1 million Fluxion points to reward users. Currently, by trading, holding, or providing liquidity for your favorite tokenized stocks and ETFs on Fluxion, users can earn Fluxion points on one hand and xPoints on the other, achieving double rewards from a single action. According to official information, an increasing number of tokenized stocks and ETFs are continuously being listed. They can be traded 24/7 on Fluxion with better prices and deeper liquidity, powered by the dual engines of Atomic RFQ and AMM.
The tokenized version of Franklin Templeton’s Franklin U.S. Equity Index ETF (USPX), issued by xStocks as USPXx, has launched on Fluxion, Mantle’s decentralized exchange (DEX). Mantle stated that Fluxion is among the first on-chain trading platforms to distribute this ETF, enabling users to execute AMM-free, zero-slippage trades via Atomic RFQ.
the Galaxy Research Head posted on platform X, stating that tokenized stocks have garnered widespread attention. Apart from Operate, tokenized stocks are broadly categorized into two types: issuer-supported, such as GLXY; and third-party supported, such as Ondo, xStocks, etc. Coinbase has announced its own version but has not yet detailed how it will operate.
Bybit Spot has officially listed xStocks tokenized stock SPCXX on June 13 (UTC+8). The platform simultaneously launched a 200,000 USDT Token Splash trading competition, where users can participate through deposits, trading, and other activities to win substantial rewards.
Bybit stated on X platform that due to xStocks' inability to deliver the underlying assets and its failure to secure SpaceX shares, users who have subscribed through the platform will not receive any SpaceX allocation. All subscription funds will be automatically returned to the original funding accounts without any action required from users. Refund details can be viewed on the IPO Express page.As a token of appreciation for users' patience and support, eligible participants will also receive an additional reward, calculated at a 10% annualized interest rate for a fixed term of 4 days. The reward will be automatically credited to user accounts.
Nata, an official from Kraken, stated on the X platform that Kraken did not receive the expected Pre-IPO quota from SpaceX's underwriters, resulting in only partial fulfillment of customer orders today. Unfulfilled portions will be fully refunded with no fees charged.Today, Kraken launched trading of SpaceX equity and tokenized SpaceX (SPCXx) for eligible clients on its platform. Demand for SpaceX Pre-IPO access on xStocks has been extremely high. IPO quotas are entirely determined by the issuer's underwriters, and global demand for this issuance has been exceptionally strong.Payward is well-positioned to secure IPO quotas, having attracted over $1 billion in Pre-IPO demand during the week before the listing. Clients will be notified in the coming weeks about opportunities to participate in future IPO Access offerings. Following SpaceX's public listing, Kraken will list SpaceX equity and xStock for eligible clients today. xStocks remains the only platform offering continuous trading of tokenized SpaceX, with trading also available during the first post-listing weekend.
that, according to an official announcement, Binance Wallet will launch the SPCXx IPO Campaign, offering eligible users the opportunity to subscribe to tokenized SpaceX shares through xStocks. The subscription window is from 16:30 to 12:00 (UTC+8) on June 11 to June 12.The announcement indicates that the subscription target is the SpaceX tokenized stock SPCXx, with an indicative price of 135 USDC per share, corresponding to an implied valuation of approximately $1.75 trillion. Subscriptions are supported in USDC, with a minimum subscription amount of 100 USDC, and a 5% underwriting service fee will be charged.This event employs a Binance Wallet Alpha Points interval quota mechanism, where users with Alpha Points greater than 0, 40, 100, and 200 can obtain corresponding staking quotas of 20,000, 100,000, 200,000, and 500,000, respectively. Users with successful subscriptions will receive the SPCXx token after the issuance is completed.Binance stated that SPCXx does not represent direct ownership of SpaceX shares. Holders do not have shareholder rights such as voting rights or dividend rights, and a subscription application does not guarantee final allocation.