xStocks Tokenized Equities Now Supported Through Talos

xStocks, the standard for tokenized equities, is now accessible through Talos, the premier provider of institutional digital asset infrastructure, technology and data for trading and portfolio management. This significantly expands the reach of xStocks, as eligible Talos clients can now route orders for xStocks on the Kraken exchange. In parallel, Talos has expanded its Coin Metrics Prices coverage to include these and other tokenized equities.  

xStocks are open, permissionless, tokenized representations of individual US equities and ETFs, that are interoperable with multiple blockchains. Each xStock is backed 1:1 by the underlying stock or ETF and can be redeemed for the equivalent cash value or its underlying. Corporate actions, including dividends and splits, are reflected through a token rebasing mechanism that adjusts the holder’s token balance. xStocks support 24/5 trading on multiple centralized platforms and applications, as well as 24/7 on-chain trading and may be self-custodied in a compatible wallet.

The integration with Talos helps accelerate the adoption of xStocks across the digital asset ecosystem. Exchanges already integrated with Talos are now able to support xStocks through their existing connectivity; similarly, market makers connected to Talos may opt to provide liquidity in these tokenized assets, and banks and retail trading platforms that rely on Talos’s white label technology may elect to add xStocks to the range of digital assets available to their end customers. 

"Integrating xStocks with Talos plugs tokenized equities directly into the institutional trading stack,” said Val Gui, General Manager at xStocks. “Through Talos’s global network of exchanges, liquidity providers and platforms, we’re removing friction that has held the adoption of tokenized equities back, making it more seamless for venues to list them, for liquidity providers to support them, and for institutions to deliver always-on tokenized equities to investors across the world.”  

In parallel with trading support, Talos has expanded its Coin Metrics Prices data coverage to include tokenized equities from xStocks and more. The update adds 98 tokenized equities, with continuous reference rates and principal market prices available around the clock. Coin Metrics Prices for tokenized equities are derived using the same methodology applied to native digital assets, supporting use cases such as portfolio valuation, risk management and financial reporting.

“At Talos, we believe that all assets will transition to digital assets, supported by blockchain-based market infrastructure,” said Daniel Packham, VP and Head of Provider Network at Talos. “Supporting xStocks through our trading platform and expanding Coin Metrics coverage for tokenized equities are examples of how we are building for a future market structure where institutions can interact with all digital assets in a unified way.”

Talos’s support of xStocks across both trading infrastructure and market data reflects a fast-growing shift toward blockchain-based representations of real-world assets. Unlike traditional equity markets bound by exchange hours, tokenized equities trade 24/7 on blockchain networks, enabling investors to react to market events, such as geopolitical events or earnings announcements, in real time, even outside of market hours.

xStocks are a leading standard for tokenized equities and ETFs that is issued by Backed Assets (JE) Limited, now part of the Kraken group. xStocks are not offered or sold to US persons or within the United States and may not be available in all jurisdictions. Not all features or venues may be available to all Talos clients.

About xStocks

xStocks is the next-generation framework for tokenized equities, developed through a partnership between Kraken and Backed. Fully collateralized and 1:1-backed by underlying equities and ETFs, xStocks brings publicly-listed companies and ETFs onto blockchain rails, giving global investors access to U.S. capital markets even when traditional exchanges are closed. Built for interoperability, xStocks enables the seamless transfer of real-world assets between centralized and decentralized environments, unlocking new utility across exchanges, wallets, and on-chain applications. Since launching in June 2025, xStocks has rapidly become the industry benchmark for real-world asset tokenization, powering billions in transaction volume and supporting a growing ecosystem of platforms building the future of tokenized markets. For more information, visit https://xstocks.fi. 

About Talos

Talos provides institutional-grade technology and data that supports the full digital asset investment lifecycle, including liquidity sourcing, price discovery, trading, settlement and portfolio management. Engineered by a team with experience building institutional trading, portfolio and data systems, the Talos platform connects institutions to key providers in the digital asset ecosystem – exchanges, OTC desks, prime brokers, lenders, custodians and more – through a single interface. For additional information, visit www.talos.com.

^{Talos Disclaimer: Talos offers software-as-a-service products that provide connectivity tools for institutional clients. Talos does not provide clients with any pre-negotiated arrangements with liquidity providers or other parties. Clients are required to independently negotiate arrangements with liquidity providers and other parties bilaterally. Talos is not party to any of these arrangements. Services and venues may not be available in all jurisdictions.}