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High-Beta Names Regain Momentum as Rate Expectations Soften
August 18, 2026

xStocks Goes Live on Hyperliquid, Bringing the Market's Deepest Tokenized Equities Framework to Trad

Why the Next Asset Class for xStocks to Tokenize Is the Rest of the World
July 22, 2026

OKX Launches 40+ Tokenized Stocks Powered by xStocks
July 16, 2026

One Year of xStocks: The Tokenized Equities Framework That Made a Market
July 2, 2026

Announcing Tokenized IPO Access for Retail Investors Across the Globe
June 3, 2026

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xStocks are 1:1 backed tokenized US equities and ETFs, tradeable 24/7, across chains, by anyone in the world.

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xStocks

Netflix xStock

Meta xStock

Robinhood xStock

Coinbase xStock

Amazon xStock

NVIDIA xStock

Merck xStock

Apple xStock

AstraZeneca xStock

McDonald's xStock

Tesla xStock

Microsoft xStock

<p>Three July FOMC dissents for a rate hike put Wednesday's minutes in focus. A softer July CPI cut September hike odds to 32.1% from 53.6%, while xStocks split in two: aggregate TVL rose 6.1% to $526.2M, but weekday on-chain volume nearly halved.</p><p>The July FOMC produced three dissents in favor of a rate hike, the first three-way dissent in the same direction in a decade. Wednesday's minutes will show whether those votes were isolated or the start of a broader shift. The market has already moved the other way. A softer July CPI pulled implied rates lower across the curve and cut the odds of a September hike to roughly one in three, from better than one in two. Even so, the December contract still implies a 3.85% policy rate, compared with 3.63% for the active contract. Tokenized equities also split in two. Aggregate TVL rose 6.1% to $526.2M, while weekday on-chain volume fell to $14.5M from $26.9M. SPCXx was relatively resilient. Wednesday's minutes and Friday's flash PMIs are the week's main tests for rates and risk appetite.</p>

High-Beta Names Regain Momentum as Rate Expectations Soften

SPCX saw a sharp rebound, even as xStocks DeX volumes declined slightly. This week, we dive into the split between a growing tokenized equity TVL and weaker trading activity.

<p>xStocks, the tokenized equities framework built by Payward, is now live on Hyperliquid meeting traders where they are. This is the first time many of the most-traded tokenized U.S. stocks and ETFs are available as native spot markets on HyperCore's onchain order books, bringing 24/7 access to these assets on one of the leading decentralized exchanges.</p><blockquote>"Hyperliquid has one of the most engaged onchain trader bases found anywhere, and strong product-market fit as a venue for price discovery when traditional markets are closed," said Val Gui, General Manager of xStocks. "With this launch, xStocks is answering untapped demand on a major decentralized trading venue: enabling traders to access spot markets for tokenized equities around the clock, and unlocking those assets as collateral for DeFi protocols on HyperEVM."</blockquote><h2>Five spot assets live, with more on the way</h2><p>The initial rollout brings five tokenized stocks and ETFs to HyperCore, all quoted against USDC: Nvidia (NVDAx), the S&amp;P 500 index (SPYx), the Nasdaq-100 index (QQQx), SK Hynix (SKHYx) and Micron (MUx).</p><p>This first batch reflects a mix of assets with proven demand from HIP-3 perp activity, with further deployments planned in the coming weeks as part of a wider push into the Hyperliquid ecosystem.</p><h2>Why spot, and why this fills a gap</h2><p>Perpetuals give traders exposure and leverage, but they don't give you an asset you can hold, move, or build with. That's the gap we’re attempting to fill.</p><ul><li>Composable wrapped xStocks on HyperEVM plug into lending, collateral and structured products across DeFi, with partnerships to announce across the HyperEVM ecosystem soon.</li><li>Transparent order book depth is visible onchain in real time.</li><li>Each xStock is backed 1:1 by its underlying reference asset and held in regulated custody.</li><li>Liquidity depth from day one is supported by leading market makers helping traders execute size around the clock.</li></ul><h2>Moving xStocks into HyperCore</h2><p>xStocks are deploying across two places on Hyperliquid: HyperEVM (Hyperliquid’s general purpose network) and HyperCore (Native trading engine that powers Hyperliquid). This first launch focuses on HyperCore, and represents the start of our wider push into the ecosystem.</p><p>An xStock on HyperCore is directly tied to its wrapped counterpart on HyperEVM (NVDAx on HyperCore = wNVDAx on HyperEVM). Moving between them means wrapping (or unwrapping) the token and bridging it across.</p><p>Here’s how it works:</p><ol><li>Bridge from supported network into HyperEVM: <a href="https://defi.xstocks.fi/bridge">https://defi.xstocks.fi/bridge</a></li><li>Wrap supported xStocks on HyperEVM: <a href="https://defi.xstocks.fi/wrap">https://defi.xstocks.fi/wrap</a></li><li>Bridge from HyperEVM into HyperCore: <a href="https://app.hyperliquid.xyz/portfolio">https://app.hyperliquid.xyz/portfolio<br>‍</a><em>(Select EVM and Core, the asset and the direction)</em></li></ol><p>If you want to move your assets out of HyperCore, please follow the steps in reverse.</p><p>The portfolio UI within Hyperliquid is the recommended route. You can learn more about <a href="https://hyperliquid.gitbook.io/hyperliquid-docs/for-developers/hyperevm/hypercore-less-than-greater-than-hyperevm-transfers">bridging into Hyperliquid</a> in our documentation.</p><p>Bridging between your supported network to HyperEVM is powered by Chainlink CCIP. By leveraging Chainlink CCIP, xStocks unlocks secure cross-chain token transfers for tokenized equities and ETFs, starting with NVDAx, SPYx, QQQx, SKHYx, and MUx.</p><p><em>The first network supported for direct bridging into HyperEVM is Solana. This will expand in the future. Bridging from EVM networks requires bridging into Solana first, and then into HyperEVM.</em></p><h2>Understanding wrapped xStocks</h2><p>Wrapped tokens don't trade 1:1 against the underlying xStock. To understand the price of the underlying wrapped you will need to use our APIs.</p><ol><li>Take the estimated price of the token itself - from here: <a href="https://api.backed.fi/api/v2/public/assets/NFLXx/price-data">https://api.backed.fi/api/v2/public/assets/NFLXx/price-data</a></li><li>Take the multiplier from here: <a href="https://api.backed.fi/api/v2/public/assets/NFLXx/multiplier?network=XLayer">https://api.backed.fi/api/v2/public/assets/NFLXx/multiplier?network=XLayer</a></li><li>Multiply both values. So for wrapped NFLXx it will be ~72.80 * 10 = 728 USD</li></ol><p>If the multiplier endpoint returns a forward-looking value, that signals an upcoming discontinuity, avoid trading through that window. And if an asset's trading-halted flag is set, disable trading on your end too, in line with the underlying market status.</p><h2>Meeting traders where they are</h2><p>This is the first step of a broader push into the Hyperliquid ecosystem: more tickers, deeper liquidity, and the DeFi partnerships across HyperEVM still to come.</p>

xStocks Goes Live on Hyperliquid, Bringing the Market's Deepest Tokenized Equities Framework to Traders 

Five tokenized U.S. stocks and ETFs launch as native spot markets on HyperCore's onchain order books, with more assets and full HyperEVM composability to follow.

<p>For its first year, an xStocks token largely meant one thing: tokenized exposure to a U.S. stock or ETF, permissionless and tradeable onchain, and backed 1:1 by the underlying assets. That was deliberate. We started with the deepest, most liquid equity markets in the world and proved the model worked. Now there are more than 500 listed xStocks, over $35 billion in volume, and nearly 200,000 holders across the world.</p><p>While tokenizing U.S. equities was the starting point, it was never the finish line. The world's markets don't stop at the U.S. border or during U.S. trading hours, and neither should the tokenized assets you can hold onchain.</p><p>Today marks the start of the next phase of this expansion. xStocks is taking a tangible step to move beyond tokenized representations of U.S. equities for the first time, opening the framework to equities listed in international markets, starting with tokenizing equities listed in Hong Kong and extending to further markets over time. It's the beginning of a simple but significant shift: from tokenizing one country's market to tokenizing the world's.</p><h2>Why the world stayed fragmented</h2><p>Holding equities from more than one country has always been harder than it should be. A stock listed in one country trades in specific windows, and in that local currency, through local infrastructure. Wanting both often has meant separate brokers, separate settlement systems, separate rules, and a stack of intermediaries in between. Most people treat that friction as a fact of life.</p><p>It isn't. It's a consequence of how the old infrastructure was built, one market at a time, with no reason to talk to the others. Tokenization changes the premise. When an equity becomes an onchain token, the border stops mattering. It settles the same way, moves the same way, and lives in the same wallet as every other asset you hold, wherever in the world it was originally listed.</p><h2>What this means if you hold xStocks</h2><p>The change is easy to feel. Hold a tokenized U.S. stock and a tokenized Hong Kong equity side by side, with more markets to come. All of it lives onchain, trades 24/7 (in select geographic regions), and moves freely across the 100-plus exchanges, wallets, and DeFi applications where xStocks already trades.</p><p>No separate account for each market. No waiting for a foreign exchange to open. Just a wider world of assets, reachable from one place, on your terms. As always, what you do with that access is entirely your decision.</p><h2>What this means for xStocks Alliance members</h2><p>For the platforms building on xStocks, the most important thing about this expansion is what doesn't change. The foundation of the asset class stays exactly as it is: the same 1:1 backing, the same onchain settlement, the same interoperability and composability your users already rely on. You don't re-integrate, re-architect, or rebuild anything.</p><p>What changes is what you can offer. The same integration that gives your users tokenized U.S. equities today will give them a steadily widening range of international markets, and eventually asset classes beyond equities. Breadth becomes something you can offer your users by default, not a roadmap you have to build toward. In a market where depth of assets is the differentiator, that's the whole point.</p><h2>The engine supporting this expansion</h2><p>Expanding across international markets takes plumbing most people never see, and that's where GTN comes in. Through a single integration, GTN reaches a wide range of asset classes across more than 90 markets, provides the global execution and custody for the traditional assets that underpin the expanded list of xStocks, and supplies the ledgering and record-keeping that lets those assets be accurately accounted for onchain. It's what makes scaling xStocks beyond U.S. equities possible, and possible at pace.</p><p>The partnership is already live. Distribution of tokenized assets to GTN's institutional clients will follow once the required licenses are in place, subject to regulatory approval in each market.</p><h2>The work ahead</h2><p>Tokenization's promise was never to put one market onchain. It was to make the world's markets reachable from a single place. The majority of the world's assets haven’t yet been tokenized, and that’s something we’re determined to change.</p><p>Closing that gap is the work ahead, and moving beyond U.S. equities is the most meaningful step we've taken into it. Tokenized representations of Hong Kong listed equities will be live this week, with tokenized assets from the UK, European Union and South Korea to follow in the weeks ahead.</p>

Why the Next Asset Class for xStocks to Tokenize Is the Rest of the World

xStocks is moving beyond U.S. equities for the first time, tokenizing internationally listed stocks starting with Hong Kong and expanding to the UK, EU, and South Korea.

<p>Today, OKX launched more than 40 tokenized U.S. stocks and ETFs, giving customers across Southeast Asia, Northeast Asia, the CIS region, MENA and Türkiye a way to trade Apple, NVIDIA, Tesla, Microsoft, Amazon, Meta and dozens of other names directly from the crypto account they already use, 24 hours a day, against USDT.</p><p>Every one of those tokens is built on xStocks, Payward's tokenized equity framework. This is the latest and largest step in a partnership that's been compounding for months.</p><blockquote><em>"We're excited to see OKX build the industry's first single market for every tokenized stock on xStocks – more than 40 U.S. equities and ETFs, trading around the clock in one deep market instead of scattered across competing tokens. When OKX needed a tokenization partner to build on its global exchange they built on xStocks, because we're the framework proven at this scale, with the liquidity, custody model and track record to back it," </em>said<strong> Val Gui, General Manager of xStocks. </strong></blockquote><h2><strong>One asset, one market</strong></h2><p>Typically exchanges that have launched tokenized stocks end up creating a separate market for every issuer's version of the same equity, so "Tesla" ends up fragmented across three or four competing tickers with thin liquidity in each.&nbsp;</p><p>OKX built something different: a single market per stock, prioritising xStocks first, with the potential to add future issuers.</p><p>With xStocks, every token is backed 1:1 by real shares held in regulated custody, so the market structure OKX is building can scale without sacrificing the guarantee that matters most: one token, one real share, always redeemable.</p><h2><strong>What's live at launch</strong></h2><p>Customers can now trade more than 40 tokenized stocks and ETFs on OKX, including:</p><ul><li><strong>The Magnificent Seven</strong>: Apple (XAAPL), NVIDIA (XNVDA), Tesla (XTSLA), Microsoft (XMSFT), Alphabet (XGOOGL), Amazon (XAMZN) and Meta (XMETA)</li><li><strong>Indices and ETFs</strong>: S&amp;P 500 (XSPY) and Nasdaq-100 (XQQQ)</li><li><strong>Semiconductors</strong>: Micron (XMU), SanDisk (XSNDK), Marvell (XMRVL), Intel (XINTC) and AMD (XAMD)</li><li><strong>Crypto and fintech names</strong>: Circle (XCRCL), Strategy (XMSTR), Coinbase (XCOIN) and Robinhood (XHOOD)</li></ul><p>These tokenized stocks trade against USDT, through the order book or via instant Buy, Sell and Convert, in the same account, the same UX customers already use for crypto, now extended to tokenized U.S. equities.</p><h2><strong>OKX and xStocks: Building a Track Record Together&nbsp;</strong></h2><p>The launch is the visible, headline moment, but xStocks and OKX have been working together successfully for months:</p><ul><li>OKX Wallet held a trading competition with xStocks, generating $1.7 billion in volume in two weeks, taking 70% market share of trading volume during the competition, an early signal of just how much retail demand is waiting for tokenized access once the friction is removed.</li><li>xChange integration (the atomic swap layer behind xStocks) is live across OKX DEX on three chains, with more to come.</li><li>xStocks and the atomic RFQ engine are deployed on X Layer, alongside xPoints.</li><li>xStocks was a day-one launch partner of OKX's Exchange OS rollout in May 2026.</li></ul><p>All of these building blocks, combined with xStocks having processed billions in combined trading volume for a large and growing base of unique holders, ultimately led to OKX choosing xStocks as its tokenization partner.</p>

OKX Launches 40+ Tokenized Stocks Powered by xStocks

OKX launched more than 40 tokenized U.S. stocks and ETFs built on xStocks, Payward's tokenized equity framework.

<p>A year ago, owning a share of a major US company was a privilege of geography.</p><p>In the right country, you could open a brokerage account, complete paperwork, meet capital requirements, and trade inside a window set by an exchange floor half a world away. Almost everywhere else, you waited, or you were locked out entirely. Billions of people sat on the wrong side of that line.</p><p>xStocks was built as the solution to that outdated system. The idea was to bring equities onto the same rails as the open financial system, so anyone, anywhere, could hold a tokenized piece of the companies shaping the global economy. They’d be available around the clock with purchases as small as $1.</p><p>What started as a partnership between Kraken and Backed turned that idea into a product. Tokenized equities, backed 1:1 by the underlying shares, moving at the speed of a blockchain instead of a settlement cycle.</p><p>It began on a small scale, intentionally. On day one, xStocks went live on Solana by tokenizing 60 of the most recognized US-listed companies and ETFs, a measured set carefully chosen to prove the model worked before scaling it. The market answered fast. Exchanges, wallets, and DeFi protocols integrated xStocks because they were exactly what their customers wanted.</p><p>A year later, that early answer has compounded into dominance: xStocks now make up 8 of the 15 largest tokenized stocks by market cap, <a href="https://www.coingecko.com/en/categories/tokenized-stock">according to Coingecko</a>.* The framework became the market.</p><h2>One year on, the numbers tell the story</h2><p>In the coming weeks xStocks will cross 500 listed tokenized equities, on a path to 1,000 shortly after, and is already integrated across 100+ partners. xStocks span centralized exchanges, self-custody wallets, and on-chain protocols, while embedded into seven blockchain ecosystems.</p><p>Total transaction volume has passed $35 billion, including $12.5 billion traded on-chain. Nearly 200,000 holders now sit across every corner of the world. That is real demand for a category that barely existed a year ago.</p><figure class="w-richtext-figure-type-image w-richtext-align-fullwidth" style="max-width:3840px" data-rt-type="image" data-rt-align="fullwidth" data-rt-max-width="3840px"><div><img alt="__wf_reserved_inherit" src="https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a45795944e2e1885bab772b_xAnniversary-Infographic-Blog.webp" width="auto" height="auto" loading="lazy"></div></figure><p>That growth unlocked the real value of xStocks. Assets reflecting deep capital markets are no longer bound to one platform's ledger. Globally accessible, these tokenized assets move between venues, into wallets, or can be lent into a protocol. That portability was the whole idea, and a year in, it works at scale.</p><p>This is what people mean when they say tokenization changes the asset itself. xStocks made equities programmable, on-chain, always-on, and global by design. The utility was always latent in the asset class. Tokenization unlocked it, and xStocks turned the offering into a mature, scalable market.</p><h2>A market that never closes</h2><p>Because xStocks trade on-chain around the clock, they have become a primary trading vehicle when traditional equity markets are shut. Weekends, public holidays, and overnight hours are no longer untradable dead zones. They are active markets, trading real value in response to real-life events, powered by xStocks.</p><p>As a result, xStocks weekend pricing offers an early signal for where the underlying equities are likely to open on Monday mornings. They let investors act on news as it breaks instead of having to wait for markets to open. When Wall Street is closed, xStocks stay open, and so does the ability to trade and rebalance a portfolio.</p><p>This is also why the leading financial institutions are reshaping the future of capital markets using xStocks. Through Payward, xStocks established partnerships with Nasdaq, Franklin Templeton, Deutsche Börse Group and others, bringing the infrastructure, asset expertise, and credibility to accelerate the future of tokenized assets.</p><h2>What comes next for xStocks</h2><p>This past year was about proving tokenized equities could work. About demonstrating liquidity, and earning trust. The next twelve months are about scale and reach.</p><p>The Payward team will keep working to open xStocks to more investors across even more markets as regulations allow. Access has widened substantially in the first year, but it is not yet universal, and too many people are still on the outside looking in.</p><p>A truly global market should reflect companies from every major economy, not just one. Because of that, xStocks will soon expand beyond US-listed equities to include tokenized non-US equities, as we begin empowering investors to diversify globally. And equities are only the beginning, as xStocks will soon also be expanding into commodities, bringing the same always-on, globally accessible model to a wider set of asset classes.</p><p>Liquidity continues to deepen as well. Kraken is rolling out 24/7 liquidity on a significantly expanded set of assets, marking one of the most meaningful infrastructure unlocks in xStocks’ history, and one that directly raises the bar for what seamless tokenized asset trading looks like.</p><p>xStocks will also soon be available as collateral, giving holders a new way to put their positions to work without exiting them. And for institutional or high-volume traders, Kraken’s RFQ offering is coming soon, adding a dedicated execution layer that delivers tighter pricing and better fills on large orders, without moving the market.</p><p>Pre-IPO access remains one of the most important frontiers on the xStocks roadmap. Private markets have been intentionally closed to most of the world for far too long, and Payward is committed to changing that through xStocks. With Pre-IPO opportunities, xStocks are unlocking opportunities for billions of people around the world who have never had a seat at the table, and doing it one listing at a time.</p><p>Paired with the built-in dividend mechanism and continuous product development, xStocks is systematically closing the gap between what tokenized equity ownership delivers and what traditional shareholders have always taken for granted.</p><p>A year ago, owning the world's leading companies depended on where you happened to live. That line is fading. xStocks is here to erase it completely.</p>

One Year of xStocks: The Tokenized Equities Framework That Made a Market

8 of the 15 largest tokenized stocks are issued by Payward*

<p>We're excited to announce we will soon enable retail investors across the world to participate in US-listed initial public offerings (IPOs) at the IPO price. Customers of select xStocks Alliance members, including Kraken and others, will be able to express interest in a US-listed IPO before the company goes public, then receive an allocation of tokenized equity at the offering price on listing day.</p><p>IPO access has long been one of the most exclusive corners of global capital markets. After a high-profile company files to go public, allocations at the offering price are typically reserved for institutional investors, private banking clients, and select regional platforms with established underwriter relationships.</p><p>For retail investors, options narrow sharply. In some geographies, the option to participate in a foreign listing simply doesn't exist, leaving investors locked out of some of the most consequential moments in public markets entirely.</p><p>In others, retail investors can only buy after the stock begins trading on the open market, by which point the price has often moved well above the level at which institutional participants secured their allocations. Our infrastructure changes that.</p><p>Through the IPO access process, partner exchanges will open an indication of interest window in the weeks leading up to a listing, during which their customers can submit non-binding offers to buy within the company’s indicated price range. Payward Services will aggregate that demand and work with an underwriting syndicate on behalf of all xStocks Alliance partners.</p><p>On the public listing day, allocations are finalized and IPO shares are tokenized, backed 1:1 by the underlying share, held in custody by a regulated entity, then distributed to eligible customers at the IPO price through the exchange they already use. Investors receive their allocation at similar offering prices as institutional participants, not at a market price that has already moved.</p><blockquote>"Going public should mean public to everyone. For decades, getting in at the IPO price has been a privilege of geography and net worth, and the most exciting moments in capital markets have been reserved for the investors closest to them. That worldview is breaking down,” said Mark Greenberg, Global Head of Payward Services. “Now a retail investor in Medellín, Madrid,&nbsp; or Malaysia can have similar access to a US-listed IPO, and Payward Services’ xStocks infrastructure is finally making that possible for the masses."</blockquote><p>The capability is built on our industry-leading tokenized equities framework developed by Payward Services, designed to make exposure to real-world equity accessible, programmable, and portable across the global crypto ecosystem. Every xStocks tokenized equity is backed 1:1 by the underlying share, held in custody by a regulated entity, giving investors direct financial exposure to the companies they believe in without the friction of traditional brokerage infrastructure.</p><p>xStocks tokens are blockchain agnostic, interoperable across chains, composable with DeFi protocols, and accessible through any platform in the xStocks Alliance, meaning the asset moves with the investor rather than being locked to a single venue. In its first year, the framework has processed over $30 billion in total transaction volume, with more than $6 billion settled onchain, across more than 125,000 unique holders globally.</p><p>For xStocks Alliance partners, IPO access represents a significant step-change in what a crypto exchange can offer its customer base. Participation in highly anticipated public offerings, at the offering price, through a compliant and seamless process, is the kind of product that drives user acquisition, deepens engagement, and positions a platform as a serious venue for equity investment beyond crypto trading.</p><p>The first tokenized IPOs powered by Payward Services’ xStocks framework will be available in the coming weeks to customers of Kraken and other xStocks Alliance members. Payward plans to expand the offering to new markets and to bring on additional xStocks Alliance launch partners in the months ahead.</p>

Announcing Tokenized IPO Access for Retail Investors Across the Globe

Payward Services' xStocks framework will soon let customers of Kraken and select xStocks Alliance members buy into tokenized US-listed IPOs at the offering price, opening up a corner of capital markets long reserved for institutional investors.

Requests	IP Address	Location	AS Autonomous System
68	104.18.24.6Cloudflare · WAF	United States	AS13335Cloudflare, Inc.
68	1	-	-

Security Scan Report: xstocks.fi

Summary

AI Security Verdict

Safe Website

Details

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Page Load Overview

Language Analysis

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Detection Details

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All Detected Categories

Detected Features

Domain & IP Information

Detected Technologies5

Content Similarity HashesFor malware variant detection

TLSH (Trend Micro Locality Sensitive Hash)

ssdeep (Context Triggered Piecewise Hashing)

sdhash (Similarity Digest Hashing)

Image Hashes

Perceptual Hashes

Other Hashes

Scan History