Kraken's xStocks, the tokenised equities platform, has integrated with CoinRoutes, an institutional execution platform with connectivity to more than 60 trading venues, allowing professional trading desks to access tokenised stocks and exchange-traded funds alongside crypto derivatives, CME-listed commodities and traditional equities from a single interface.
The integration went live on Monday for CoinRoutes clients globally.
CoinRoutes specialises in smart order routing, liquidity aggregation and multi-asset algorithmic execution designed to capture pricing inefficiencies across fragmented markets.
With xStocks now embedded in that infrastructure, institutional traders can run spread strategies across tokenised equities, their underlying conventional counterparts and related derivatives without switching platforms.
"Tokenisation isn't just about expanding access, it's about making capital markets fundamentally more efficient," said Val Gui, general manager of xStocks.
"Integrating with CoinRoutes brings institutional-grade execution to tokenised equities and unlocks new trading strategies across onchain and traditional markets."
Since launching in June 2025, xStocks has processed more than $28 billion in combined transaction volume, grown its catalogue to over 100 tokenised US stocks and ETFs, and attracted more than 100,000 unique holders across blockchain ecosystems.
The platform is built on infrastructure from Backed Finance, a Swiss tokenisation firm, with tokens issued by Backed Assets (JE) Limited under a Liechtenstein-approved prospectus.
Each xStock is backed one-to-one by the underlying equity, held in custody through regulated broker Alpaca, with weekly verification published via Chainlink Proof of Reserve and quarterly ISAE 3000 assurance audits.
Dividends are automatically reinvested into additional tokens rather than distributed as cash.
The CoinRoutes deal is the latest in a series of distribution partnerships that have extended xStocks beyond Kraken's own exchange.
Related reading
- xStocks tokenizes Fundrise VCX fund as VCXx
- Bitcoin steadies near $75,700 as $7.9bn options expiry looms
- Bitcoin tops $75,000 as geopolitical de-escalation and short squeeze drive broad crypto rally
In March, Kraken announced a partnership with Nasdaq to bring tokenised equity markets to Solana-based decentralised finance, and xStocks are now tradeable on multiple centralised exchanges including Bybit and Gate.io, as well as decentralised platforms such as Jupiter and Raydium on Solana.
xStocks are not available in the United States, the United Kingdom, Canada or Australia.
The recap
- XStocks integrates with CoinRoutes to trade tokenised equities.
- Platform powers billions in transaction volume, according to announcement.
- Company did not disclose a timeline or next steps.
