What Are Tokenised Stocks? My Take on xStocks.com and What’s Coming Next
I’ve been exploring xStocks.com, and I think it’s one of the more exciting developments at the intersection of traditional finance and crypto. For anyone new to the concept, here’s a simple breakdown.
What Are Tokenised Stocks?
Tokenised stocks are digital tokens that represent real shares of companies like Apple, Tesla, or Google. Each token is backed 1:1 by an actual share held by a trusted custodian. That means every token corresponds directly to a real-world stock, and the price of the token follows the stock price exactly. If Tesla’s stock price rises, the Tesla token (for example, $TSLAx) rises too.
Where Can They Be Traded?
This is where things are getting really interesting. As of 30 June 2025, xStocks are going live across several platforms:
✅ Kraken — Trade over 55 xStocks in 185+ countries, 24h a day, 5 days a week, with direct withdrawals to self-custodial wallets.
✅ Bybit — Trade tokenised equities directly, enjoy fractional ownership, and tap into onchain liquidity, all inside your Bybit account.
✅ Solana ecosystem — xStocks are being rolled out across Solana. You’ll be able to swap them via Kamino Swap, provide liquidity on Raydium, or access them through Jupiter Exchange (the top aggregator on Solana).
✅ Byreal (new hybrid DEX) — Combining centralized liquidity with decentralized execution, offering tokenised stocks via RFQ.
And what’s available so far? Big names like $SPYx, $AAPLx, $NVDAx, $TSLAx, $METAx, $GOOGLx, $COINx, $QQQx, $CRCLx, $MSTRx — with more on the way. You can check the full list at xstocks.com/products.
You can hold these tokens in popular Solana wallets like Phantom, Solflare, or Jupiter Mobile, swap them directly in-wallet, or use them on Solana dApps. Liquidity pools are also being deployed, so you can earn fees and incentives by providing liquidity.
The Advantages
🌍 Global access — Invest from almost anywhere in the world.
🕒 24/7 trading (especially once onchain liquidity is fully live) — no waiting for market hours.
💸 Fractional ownership — Own a piece of a share without needing to buy a full stock.
🔗 Seamless integration — Move between tokenised stocks and crypto, or use them as collateral on lending protocols.
The Risks
Of course, it’s not without risks:
⚠ Custodian risk — The real shares are held by a custodian. If something goes wrong there, the backing could be compromised.
⚠ Regulatory uncertainty — Tokenised stocks are still a grey area in some jurisdictions.
⚠ Platform risk — If a trading platform or protocol fails, you could lose access to your tokens or liquidity.
Final Thoughts
xStocks feel like a major step forward — blending real-world equities with the speed, flexibility, and openness of DeFi. They give people more choice, control, and accessibility than ever before. But like with any new innovation, it’s important to understand how they work, verify token addresses, and stay aware of the risks.
This is what investing looks like when it’s designed for everyone.
You can read more directly from BackedFi’s announcement.