Kraken Launches xStocks Vaults for Tokenized Equities Yield Generation
Kraken has launched three Solana-based vaults that let eligible non-US clients earn variable DeFi yield on tokenized versions of SPY, QQQ, and Nvidia shares without selling their positions.
Kraken has launched three xStocks Vaults on Kraken Pro, allowing eligible non-US clients to earn variable DeFi yield while maintaining exposure to tokenized equities. The product uses Solana lending infrastructure, with strategies deployed through Kamino.
How the xStocks Vaults Work
The vaults support SPYx, QQQx, and NVDAx, tokenized versions of the S&P 500 ETF, the Nasdaq-100 ETF, and Nvidia shares. The NVDAx vault is advertised with a variable yield of 8%, although returns can change with lending demand and broader market conditions.
Rather than selling the deposited tokenized equities, the strategy uses them as collateral in on-chain lending and credit markets. The vault then borrows stablecoins against those assets, deploys the stablecoins in yield-generating activities, and converts the proceeds back into the original tokenized equity.
- SPYx: Tokenized exposure to the S&P 500 ETF
- QQQx: Tokenized exposure to the Nasdaq-100 ETF
- NVDAx: Tokenized exposure to Nvidia shares, with an advertised variable yield of 8%
Rewards automatically compound into the vault’s share price through a self-custodial embedded wallet. Users retain price exposure to the underlying asset throughout the strategy, but withdrawals are subject to a three-day withdrawal period.
From Tokenized Trading to Productive Assets
The vaults extend Kraken’s xStocks platform beyond spot trading. The platform launched spot trading for tokenized stocks and ETFs in 2025, followed by perpetual futures in February 2026 and margin trading in June 2026. The new vaults are designed to make those assets productive rather than merely tradeable.
Kraken reported more than $800 million in assets under management on the xStocks platform at launch. By connecting tokenized equities to Kamino’s Solana-based lending markets, the exchange is offering access to DeFi yield without requiring a prime broker.
The approach also introduces material risks. A sharp decline in the value of collateral could trigger liquidation, while the three-day withdrawal period may limit users’ ability to exit during periods of market stress. Since yields are variable, the current 8% figure for NVDAx could change substantially as borrowing demand and liquidity conditions shift.
What This Means
Kraken’s vaults mark a meaningful step in combining tokenized equities with Solana DeFi. The product gives eligible investors a way to seek yield while preserving equity exposure, potentially increasing demand for both xStocks and lending liquidity on Kamino.
The launch also underscores that tokenized securities are moving beyond simple ownership and trading toward composable financial products. However, the combination of liquidation risk, variable returns, and delayed withdrawals means the vaults should be viewed as leveraged DeFi strategies—not as risk-free income products.