Bybit and Kraken List 60 Tokenized US Stocks via Backed’s xStocks

Crypto exchanges Bybit and Kraken have begun offering on-chain trading of U.S. stocks through a new product line called xStocks

Crypto exchanges Bybit and Kraken have begun offering on-chain trading of U.S. stocks through a new product line called xStocks, developed by Swiss real-world-asset tokenization firm Backed Finance. The service, launched on 30 June, gives clients in permitted jurisdictions 24-hour access five days a week to roughly 60 tokenized equities and exchange-traded funds.

The first pairs—COINX, representing Coinbase Global, and NVDAX, tracking Nvidia—are scheduled to start trading at 10 p.m. local time on Monday. Further listings, including Apple (AAPLX), Alphabet (GOOGLX), Amazon (AMZNX) and an SPY-linked token, will follow through the week. Each SPL token is said to be fully backed one-for-one by the underlying shares, which are held by a regulated custodian.

Backed Finance plans to extend xStocks beyond centralised venues by integrating the tokens with Solana-based decentralised finance platforms such as Raydium, Kamino and Jupiter later in the day. The company said the assets will be eligible for use as collateral in DeFi lending protocols, widening their utility.

The roll-out adds momentum to the broader push by crypto firms to tokenise traditional financial instruments and deliver round-the-clock, cross-border market access. The product is not available to U.S. residents, reflecting current securities restrictions.