From today, Deutsche Börse clients and participants on 360X can trade five xStocks assets (CRCLx, GOOGLx, NVDAx, SPYx, TSLAx) against stablecoins. 360X’s BaFin and ESMA-regulated trading venue plans to expand coverage over time.
The launch significantly broadens institutional access to xStocks, and further accelerates adoption of the leading token standard globally, by trading volume and unique holders.
A proven, scaled token standard backed 1:1 by traditional assets
Since their inception in May 2025, xStocks have seen rapid uptake, surpassing nearly $20 billion in total trading volume. Each xStock is backed 1:1 by the underlying equity or ETF and held with a licensed custodian in a bankruptcy-remote structure, combining on-chain efficiency with institutional-grade expectations.
Interoperable across a range of centralized and decentralized environments, xStocks helps unlock a range of new opportunities for Deutsche Börse clients.
Mark Greenberg, Kraken Global Head of Consumer and VP of Product for xStocks:“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 clients can now access one of the most liquid ecosystems for tokenized financial instruments.”
Carlo Kölzer, CEO of 360X: “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.”
Advancing regulated market infrastructure through strategic partnership
Today’s announcement marks the first major milestone following Kraken and Deutsche Börse Group’s strategic partnership announced in December. Spanning FX, custody, settlement and tokenized assets, the partnership aims to combine regulated market infrastructure with crypto-native expertise in order to unlock products and services that deliver holistic experiences for institutional clients.
“Bringing xStocks into the 360X ecosystem is a headline example of how our partnership with Deutsche Börse is translating into regulated, scalable solutions for a broader swathe of investors,” Greenberg said. “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.”
Not available for U.S. clients.
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