xStocks listed on 360X — Deutsche Börse clients gain access to tokenized equities
Kraken announced that xStocks are now tradable on 360X, a regulated secondary trading venue operated by Deutsche Börse Group. From Feb 9, 2026, Deutsche Börse clients can trade five xStocks (CRCLx, GOOGLx, NVDAx, SPYx, TSLAx) against stablecoins. xStocks launched in May 2025 and have amassed nearly $20 billion in trading volume. Each xStock is 1:1 backed by the underlying equity or ETF, held with a licensed custodian in a bankruptcy-remote structure, and is interoperable across centralized and decentralized environments. The move expands institutional access, offers round-the-clock trading with instant settlement, and follows Kraken and Deutsche Börse’s strategic partnership announced in December covering FX, custody, settlement and tokenized assets. 360X is BaFin- and ESMA-regulated and plans to expand listings over time. xStocks are not available to U.S. clients.
Bullish
Listing xStocks on 360X materially increases institutional distribution and on‑ramp accessibility for tokenized equities. Key bullish factors: 1) Regulatory legitimacy — 360X is BaFin/ESMA-regulated, reducing regulatory uncertainty for European institutional participants; 2) Proven demand — nearly $20B trading volume since May 2025 demonstrates liquidity and product-market fit; 3) Product design — 1:1 custody backing and bankruptcy-remote structures address custody and counterparty concerns common among institutional traders; 4) Operational upside — round-the-clock trading and instant settlement can attract volume from market-makers, arbitrage desks, and active traders, improving price discovery and narrowing spreads. Short-term effects: increased trading flows in the listed xStocks, higher volatility around listings and spreads tightening as liquidity concentrates. Market makers and arbitrageurs may push activity, benefiting related stablecoin pairs. Long-term effects: wider institutional adoption of tokenized securities could pull trading share away from traditional venues, deepen liquidity pools in tokenized markets, and support premiums for efficiently settled, 24/7 instruments. Risks that temper the bullish view include regulatory shifts, custody failures, or counterparty incidents — any adverse event could trigger rapid deleveraging. Overall, on balance this development is positive for crypto trading desks and institutions seeking regulated exposure to equities on-chain.