EU Trader Fever: Kraken Tokens Take 360X by Storm

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xStocks, those tokenized equities with the charm of a well-traveled receipt, have landed on 360X, letting Deutsche Börse Group clients trade five tokenized securities against stablecoins.

The Kraken-backed xStocks are now tradable on 360X, a BaFin- and ESMA-regulated secondary venue owned by Deutsche Börse Group. Institutional clients on 360X can trade CRCLx, GOOGLx, NVDAx, SPYx, and TSLAx against stablecoins; this listing follows the Kraken-Deutsche Börse alliance and hints at more coverage to come as the partnership grows.

Why care? Because these xStocks-each 1:1 backed by the underlying stock or ETF and held with licensed custodians in fortress-like, bankruptcy-remote arrangements-have logged almost $20 billion in trading volume since May 2025 and offer round-the-clock trading with instant settlement. Carlo Kölzer of Deutsche Börse Group and Mark Greenberg of xStocks trumpet the twin virtues of institutional access and scalability.

🧭 FAQs

• What assets are available as xStocks on 360X and where? Five xStocks-CRCLx, GOOGLx, NVDAx, SPYx, TSLAx-are available to Deutsche Börse Group clients on 360X in EU jurisdictions.
• How are xStocks backed and custodied for European clients? Each xStock is 1:1 backed by the underlying equity or ETF and held with a licensed custodian in a bankruptcy-remote structure.
• What regulation covers trading on 360X for local users? 360X operates under BaFin and ESMA regulatory frameworks for EU trading participants.
• Are U.S. investors able to trade xStocks on 360X? No; the xStocks listing on 360X is not available to U.S. clients.

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2026-02-11 09:07