Since September 14, 2026, holders of SPYx, QQQx, and NVDAx on Kraken can place these tokenized stocks in vaults that deploy them on onchain lending markets. Yield shown during the launch peri
Since September 14, 2026, holders of SPYx, QQQx, and NVDAx on Kraken can place these tokenized stocks in vaults that deploy them on onchain lending markets. Yield shown during the launch period: 2% net of fees for the two ETFs, 1.8% for Nvidia, paid in the same asset. For an investor holding these positions over several years, the benefit is concrete. The mechanism producing this yield deserves to be understood before allocating anything.
Useful reminder: an xStock is a token backed 1:1 by a stock or American ETF, issued by Backed and tradable on Kraken outside Wall Street trading hours. Cointribune detailed the arrival of xStocks in Europe, then the shift to more than 130 tokenized assets in spring. Until now, the only “income” from a position was dividends, which Kraken reflects by increasing the token balance. The platform itself specifies on its xStocks page: xStocks confer no ownership rights on the underlying stock, so no voting rights.
On NVDAx, this dividend is almost symbolic. The vault thus becomes, for this asset, the only source of additional yield. On SPYx, it adds to the ETF dividend. Darius Tabatabai, head of Kraken Pro, summarizes this in the xStocks announcement (Cointribune translation): “Every sleeping xStocks position is capital not working as much as it should.”
The decisive point lies in the payment method. A deposit of NVDAx yields NVDAx. The price exposure remains fully intact, both upwards and downwards. No one exchanges their tokenized stocks for yield in dollars.
To activate xStocks Vaults from your Kraken account, click here.
Behind the “Allocate” button, several layers. Your xStock goes to an integrated non-custodial wallet, on Ink, Kraken’s layer 2 network. It is “wrapped” there for vault accounting, then deposited in a Veda vault whose risk manager is Sentora. The xStock then serves as collateral on a lending protocol. At launch, Sentora cites Kamino markets on Solana. Stablecoins are borrowed against this collateral, placed in DeFi strategies, and the gains are converted back into xStock and reinjected.
Veda, which routes its strategies to protocols like Morpho, Aave, Kamino, Euler, or Curve, claims more than $16 billion in deposits processed for over 300,000 users. The same infrastructure runs Kraken DeFi Earn, launched in January on stablecoins then extended to bitcoin in May: over $800 million deposited to date, according to xStocks. Key point: Kraken provides access to the product but does not manage the strategy or the protocols. The vault, allocations, and fees remain viewable onchain.
A calculation the product page does not do for you. The Kraken help center indicates 25% performance fees taken on vault gains. A displayed 2% net rate therefore implies a gross yield of about 2.67% before fees (2 ÷ 0.75). In other words, a quarter of what the strategy produces does not go to you. Nothing unusual for this type of product, but good to know when comparing.
The process is the same across all four interfaces. Only the entry point changes.
Interface Where to Find Vaults Kraken App Home, then Earn page, then chosen xStock. Or: Wallet, xStock, Allocate. Kraken Pro App More tab, then Earn, Ready to Earn section. Or: Wallet, xStock, Earn. kraken.com Login, then Earn page, Ready to earn table. pro.kraken.com Yield menu, then Earn, Ready to earn table or For you section. Or: Wallet, Allocate.First use: an information page appears, just continue. Then enter the amount, with a floor of 0.001 unit (e.g., 0.001 NVDAx). On the web, the amount can be entered in dollars or xStock, with 25%, 50%, 75%, and Max shortcuts. The verification screen shows the rate, delay, and estimated annual gain. Email code validation may be requested. Final screen: “Allocation initiated.” No allocation or withdrawal fees, and no gas fees on Ink according to support. Vaults are listed on the Kraken Pro product page.
Here the product differs from a simple interest-bearing account. The strategy borrows against your xStocks: it therefore uses leverage. A sharp drop in NVDAx, an asset much more volatile than an index ETF, can push collateral below required thresholds and trigger liquidations. A wave of simultaneous withdrawals can have a similar impact if liquidity tightens.
The help center also lists risks of smart contract failures, cross-chain execution issues, uncollectible debts, and exposure to downstream assets used. Kraken’s own formulation: there is a risk of losing part or all the deposit, with no insurance or public guarantee. The 2% is only a launch estimate. Afterwards, the rate will depend on borrowing demand on onchain markets.
Final filter, geographic. Vaults are offered everywhere Kraken operates, except in the United States, United Kingdom, Canada, Australia, India, UAE, Philippines, Kazakhstan, New Zealand, Singapore, Hong Kong, and sanctioned countries. French residents, like the rest of the European Economic Area, are eligible. Tax treatment of gains paid in xStocks depends on your personal situation.
Who benefits from taking the step? First, the investor already holding SPYx or QQQx with a long-term view and no plans to sell. Less clear for those wanting a “clean” stock exposure: adding a DeFi layer with borrowing changes the risk profile, even if the displayed balance grows prudently.
xStocks announces that other tokenized assets will join the vaults. To date, the list stops at three, out of a catalog of more than 130 xStocks available, while Kraken targeted 500 xStocks listed by the end of 2026 during the 100 assets milestone. As for the 2% rate, it only applies for the launch period, whose end date Kraken has not communicated.
xStocks Vaults are accessible from the Earn page of Kraken or Kraken Pro.
