Kraken, a prominent cryptocurrency exchange, recently announced that it now allows eligible traders to use select tokenized stocks and exchange-traded funds (ETFs), known as xStocks, as collateral for futures and margin trading. This significant development, unveiled on July 3, 2026, enables users to maintain their exposure to traditional financial assets while simultaneously engaging in leveraged crypto trading without the need to liquidate their holdings first. This move enhances capital efficiency for traders and further integrates real-world assets (RWAs) into the digital asset ecosystem.
The initial rollout supports ten specific xStocks, including tokenized versions of major U.S. technology companies like Apple (AAPL), Nvidia (NVDA), and Tesla (TSLA), along with popular ETFs such as the SPDR S&P 500 ETF (SPY) and Invesco QQQ Trust (QQQ). These tokenized assets are identified by an "x" suffix (e.g., AAPLx, SPYx) and are issued as SPL tokens on the Solana blockchain by Backed Finance, a company Kraken acquired in December 2025 to bolster its tokenized asset offerings.
To manage risk, Kraken has implemented a system of collateral haircuts and limits. Broad-market ETFs like SPYx and QQQx receive the lowest haircut at 10%, reflecting their relative stability. More volatile individual stocks, such as Robinhood (HOODx) and Strategy (MSTRx), are subject to a higher haircut of 30%. Additionally, collateral limits are in place for each asset, with broad-market ETFs capped at up to $1 million in collateral value, most individual stocks at $250,000, and tokenized gold (GLDx) and Circle shares at $100,000. These haircuts and limits will be periodically reviewed and are subject to change, according to the exchange.
This Feature is Not Available For United States Residents
This new feature is available only to eligible clients residing outside the United States. Specifically, tokenized stocks can be utilized as collateral for futures trading within the European Economic Area (EEA), while support for margin collateral is extended to other eligible jurisdictions outside the EEA. This regional differentiation highlights the complex regulatory landscape surrounding tokenized securities and leveraged trading across different global markets.
The integration of tokenized stocks as collateral marks a crucial step in the evolution of real-world assets within the crypto space. By allowing users to leverage their tokenized equity holdings, Kraken is providing a more flexible and capital-efficient trading environment. This development aligns with a broader industry trend of bridging traditional finance with decentralized ecosystems, offering new avenues for liquidity and utility for tokenized representations of real-world assets. The move is expected to attract a wider range of institutional and retail traders looking to optimize their capital across both traditional and digital asset markets.
Original announcement: Kraken Blog