Key facts
- xStocks has launched natively on the Monad blockchain, bringing over 1,100 tokenized US stocks and ETFs to the platform.
- The native integration allows for direct minting and settlement of xStocks tokens on Monad.
- xStocks tokens are 1:1-backed and transferable, accessible fractionally from $1.
- Monad's TVL has surpassed $400 million.
- Aave governance is considering an Aave V4 deployment on Monad, which would include a tokenized equities hub.
- Nasdaq invested $100 million in Payward, valuing it at $21 billion.
xStocks, a tokenized equity platform operated by Kraken's parent company Payward, has officially launched natively on the Monad blockchain. The announcement was made by Val Gui of xStocks at Monad's Open conference in Singapore on October 6, 2026. This move signifies a significant development in the effort to bring real-world asset liquidity to next-generation blockchains.
Native issuance means that xStocks tokens will be created and settled directly on Monad, rather than relying on cross-chain bridges. This integration is expected to facilitate easier access to equity exposure for decentralized exchanges (DEXs), lending markets, and wallets operating on the Monad chain. Val Gui described the launch as "just the beginning," highlighting the potential for innovation on Monad as its infrastructure develops.
xStocks provides tokenized US equities and ETFs that are backed 1:1, transferable, and composable within decentralized finance (DeFi). These tokens are available in over 110 countries, can be traded 24/7, and allow for fractional ownership starting at $1. The xStocks product, developed by Backed Finance, has already facilitated over $25 billion in transaction volume and lists more than 1,100 stocks and ETFs.
Monad's mainnet went live in late November 2025, supported by a $225 million raise and a Coinbase token sale. The chain has since seen its total value locked (TVL) exceed $400 million, bolstered by substantial stablecoin liquidity, which is crucial for xStocks' minting and redemption processes. Monad has also focused on enhancing its security and developer tooling, including the acquisition of Ponder.
The deployment coincides with discussions within Aave governance regarding an Aave V4 deployment on Monad, which could feature a hub for tokenized equities like SPYx, QQQx, and NVDAx. This native integration by xStocks addresses potential concerns about liquidity depth and weekend price gaps previously identified in Aave's proposals.
Institutional interest in tokenized equities is growing, evidenced by Nasdaq's $100 million investment in Payward, valuing the company at $21 billion. Furthermore, a partnership between Payward and Ledger enables hardware custody for tokenized stocks, allowing users to store them in cold storage. Kraken also offers integrated trading of traditional stocks and xStocks within a single regulated account in the EEA.
Investors should be aware of certain risks associated with tokenized equities, including the lack of voting rights and potential price gaps during weekends when underlying markets are closed. Geo-restrictions also apply. Additionally, scheduled token unlocks for Monad's native token, MON, later in 2026 could impact supply dynamics, though this is reportedly already priced into the market.