xStocks, a widely adopted tokenized equity standard supported by Kraken, is now available for trading on 360X, a regulated secondary trading venue backed by Deutsche Börse Group. This integration allows Deutsche Börse clients and 360X participants to trade five xStocks assets—CRCLx, GOOGLx, NVDAx, SPYx, and TSLAx—against stablecoins, marking a significant expansion of institutional access to tokenized financial instruments.
360X, an investment firm and trading venue based in Frankfurt regulated by BaFin and ESMA, plans to incrementally broaden its coverage of tokenized assets. The launch is expected to accelerate the global adoption of xStocks, which has seen nearly $20 billion in total trading volume since its inception in May 2025, according to the announcement.
Each xStock is backed 1:1 by its underlying equity or exchange-traded fund (ETF) and held with a licensed custodian within a bankruptcy-remote structure. This design aims to combine the efficiency of on-chain operations with institutional compliance expectations. Interoperable across both centralized and decentralized environments, xStocks are intended to open new avenues for Deutsche Börse Group clients.
Mark Greenberg, Global Head of Consumer and VP of Product for xStocks, stated, “The rapid adoption of xStocks reflects strong global demand for digitally native instruments that provide exposure to established financial markets. 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.”
Carlo Kölzer, CEO of 360T, 360X, and Global Head of FX & Digital Assets at Deutsche Börse Group, commented on the development: “The listing of xStocks represents a significant milestone for 360X and demonstrates how our regulated trading infrastructure is delivering market outcomes. As Deutsche Börse Group, we are pleased that this listing represents a key pillar of the Group’s partnership with Kraken, establishing a strong foundation for institutional-grade trading of tokenized securities and anticipating the continued convergence of digital assets and traditional capital markets.”
This announcement is a primary outcome of the strategic partnership between Kraken and Deutsche Börse Group, which was established in December. The collaboration seeks to merge regulated market infrastructure with crypto-native expertise across areas such as foreign exchange, custody, settlement, and tokenized assets to deliver comprehensive solutions for institutional clients.
Greenberg added, “Bringing xStocks into the 360X ecosystem is a headline example of how our partnership with Deutsche Börse Group is translating into regulated, scalable solutions for a broader swathe of investors. xStocks enable round-the-clock trading of established financial assets with instant settlement, unlocking a broader range of use cases and utilities than are typically available in traditional equity markets.”
Kraken, founded in 2011, provides a platform for trading over 600 digital assets, traditional assets including U.
S. futures and U.
S.-listed stocks and ETFs, and six national currencies. 360X, backed by Deutsche Börse Group and Commerzbank, offers a secure marketplace for wholesale and institutional participants to trade digital financial instruments, supporting various DLT solutions and settlement methods.
