Kraken launches xStocks Vaults for tokenized equities yield generation

Kraken just rolled out a product that makes tokenized stocks do something regular stocks never could: generate DeFi yield while you hold them.

The exchange launched three xStocks Vaults for eligible non-US clients on Kraken Pro, covering SPYx, QQQx, and NVDAx, which are tokenized versions of the S&P 500 ETF, Nasdaq-100 ETF, and Nvidia shares respectively. The NVDAx vault offers a variable yield of 8%, and users retain full price exposure to the underlying asset throughout.

How the yield actually works

The vaults use on-chain strategies that deploy xStocks tokens as collateral within lending and credit markets on Solana, specifically through the Kamino protocol.

The vault borrows stablecoins against the deposited tokenized equities, puts those stablecoins to work in yield-generating activities, then swaps the returns back into the original asset. The result is that your SPYx, QQQx, or NVDAx position grows without you ever having to sell or swap anything.

Rewards auto-compound directly into the vault share price through a self-custodial embedded wallet. There is one catch: a three-day withdrawal period applies when you want to pull assets out.

The xStocks expansion timeline

The xStocks platform first introduced spot trading in 2025, giving users the ability to buy and sell tokenized versions of popular stocks and ETFs. Perpetual futures followed in February 2026, adding leveraged trading options. Margin trading capabilities arrived in June 2026, rounding out the trading toolkit.

The vaults represent the next logical step: making those tokenized assets productive rather than just tradeable. As of launch, the xStocks platform reported over $800 million in assets under management.

Why this matters for the tokenized assets market

Kraken’s xStocks Vaults allow any eligible non-US client to generate yield on tokenized equities through DeFi infrastructure, no prime broker required. The variable yields will fluctuate based on market conditions and demand in Solana’s lending markets.

The choice of Solana as the underlying infrastructure is notable. Kamino has emerged as one of the chain’s most prominent lending protocols, and routing yield strategies through it gives the vaults access to deep liquidity pools.

The risk side of the equation deserves attention too. Using tokenized equities as collateral in lending markets introduces liquidation risk if the value of the underlying asset drops significantly. The three-day withdrawal period means users can’t instantly exit during volatile market conditions. And because yield is variable, the 8% figure advertised for NVDAx today could look very different next month depending on borrowing demand and market dynamics.

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