xStocks, the leading standard for tokenized US equities and ETFs, is now integrated with CoinRoutes, giving institutional traders access to tokenized stocks and ETFs within the same platform they use to trade perpetual futures, crypto options, CME-listed commodities, and traditional equities. The integration goes live today for CoinRoutes clients globally.
CoinRoutes is built for sophisticated execution: smart order routing, liquidity aggregation, and multi-asset algorithms designed to capture pricing inefficiencies across fragmented markets.
With xStocks now in that environment, institutional traders can run spread strategies across tokenized equities, their underlying counterparts, and related derivatives from a single interface. That’s a meaningfully different proposition than accessing tokenized equities through a standalone venue.
The integration reflects how xStocks is being used in practice. Since launching in June 2025, xStocks has processed over $28 billion in combined transaction volume and grown to more than 100,000 unique holders across blockchain ecosystems.
Demand from institutional counterparties (firms running algorithmic strategies across asset classes) has been a consistent part of that growth. CoinRoutes, with connectivity to 60+ venues and support for thousands of instruments, is purpose-built for exactly that use case.
Val Gui, General Manager of xStocks: “Tokenization isn’t just about expanding access, it’s about making capital markets fundamentally more efficient. Integrating with CoinRoutes brings institutional-grade execution to tokenized equities and unlocks new trading strategies across onchain and traditional markets, moving us closer to fully integrated, 24/7 capital markets.”
Ian Weisberger, CEO of CoinRoutes: “By integrating with xStocks, we’re giving our clients efficient, institutional-grade access to these instruments while maintaining the execution quality and control they expect from CoinRoutes. Our platform’s multi-asset algorithms enable seamless trading between tokenized equities, underlying equities, equity perpetual futures, and traditional futures, unlocking new relative value and spread trading opportunities.”
xStocks is designed to be interoperable by default. Assets move between centralized exchanges, self-custodied wallets, and onchain protocols without friction. The CoinRoutes integration extends that reach into institutional execution infrastructure, where capital allocation decisions happen at scale and execution quality is non-negotiable.
The integration is live now. CoinRoutes clients can access xStocks directly through their existing platform.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. In the European Union / European Economic Area, xStocks are offered to eligible customers via Payward Europe Digital Solutions (CY) Ltd. (“PEDLS-CY”), a Cyprus investment firm authorized and regulated under EU MiFID II. xStocks are not registered under the U.S. Securities Act and are not available in the United States or to U.S. persons. xStocks are also not currently available in the United Kingdom or in any other jurisdiction where their offer or distribution would be unlawful or would require regulatory authorization that has not been obtained. Neither PDSL, Payward Europe Digital Solutions (CY) Ltd. (“PEDLS-CY”), nor their respective affiliates provide investment advice or recommendations, PDSL (Kraken) does not provide investment advice and/or recommendations, and no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability/appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at to learn more.