xStocks by Kraken: How to Earn xPoints on Tokenized Stocks

xStocks are tokenized stocks and ETFs that give you price exposure to traditional securities through blockchain-based tokens. Each token is backed 1:1 by the corresponding underlying asset, but owning an xStock does not make you a shareholder or give you voting rights. In March 2026, the xStocks ecosystem launched xPoints, a separate rewards program built around on-chain activity.

The key distinction is simple: holding or trading xStocks on Kraken does not earn xPoints. xPoints are based on on-chain activity. Kraken also offers separate products for xStocks holders — Auto Earn and xStocks Vaults. Below, we’ll explain how these three mechanisms differ, how xPoints work, what is available to users in Ukraine, and what risks to consider before using tokenized stocks in DeFi.

What are xStocks, and where does RWA fit in?

RWA stands for real-world assets — traditional assets represented on a blockchain as tokens. xStocks follow this model: each token is backed by the corresponding stock or ETF position held within a custody structure.

If you buy NVDAx, for example, you get price exposure to Nvidia stock, not direct ownership of Nvidia shares. xStocks do not provide voting rights or shareholder status. Legally, each xStock is structured as a tracker certificate — a debt instrument issued by the xStocks issuer rather than direct ownership of the underlying security. That means you take on not only market risk, but also issuer, custody, liquidity, blockchain, and regulatory risk.

xStocks are issued by Backed Assets (JE) Limited. Kraken announced its acquisition of Backed Finance in December 2025, and the Payward group completed the transaction in January 2026. That is why xStocks are often described as a Kraken project, even though the tokens can be withdrawn to self-custody and used on-chain.

As of September 25, 2026, Kraken lists 131 xStocks: 100 stocks, 27 ETFs, and 4 specialized assets. Across the broader xStocks ecosystem, the project reports more than 800 tokenized stocks and ETFs and over $40 billion in cumulative transaction volume. On Kraken Pro, ten of the most popular xStocks trade 24/7, while the rest trade 24/5. Once withdrawn to self-custody, the tokens can be used on-chain around the clock.

If the underlying company pays a dividend, xStock holders do not receive a separate cash payment. Instead, the economic effect is reflected through rebasing: the token balance is adjusted to account for the corporate action.

Three different ways to earn rewards with xStocks

In 2026, “earning with xStocks” can refer to three very different things. They are separate mechanisms and should not be treated as one rewards system.

Auto Earn / Opt-In Rewards — up to 1% on Kraken

This is a reward paid by Kraken on eligible xStocks in supported jurisdictions. Once Auto Earn is enabled, eligible assets can earn up to 1% APY, with rewards paid in the same asset you hold. Rates are variable, and availability depends on the specific xStock and your region.

No on-chain activity is required here: the tokens stay on Kraken. Before opting in, check the current rate and availability directly in your account.

xStocks Vaults — up to 2% on selected assets

In September 2026, Kraken launched another separate product called xStocks Vaults. At launch, it supports SPYx, QQQx, and NVDAx and uses on-chain lending markets through Kraken’s embedded non-custodial wallet. Kraken currently shows estimated net APYs of 2.0% for SPYx and QQQx and 1.8% for NVDAx. Rates can change as borrowing demand changes in the underlying markets.

Vaults are different from simply leaving assets on an exchange balance: they use DeFi infrastructure, and withdrawals are subject to a three-day waiting period. The risk profile is therefore different from standard Auto Earn.

xPoints — a separate on-chain rewards program

xPoints are part of the xStocks ecosystem and are based on on-chain activity. Holding or trading xStocks on Kraken does not earn xPoints. The program is separate from the balance in your Kraken exchange account.

How xPoints work: holding, lending, and liquidity

xPoints launched on March 17, 2026. The official program portal is defi.xstocks.fi/points. xStocks themselves are available across multiple networks, but which networks, assets, and DeFi protocols currently qualify for xPoints should always be checked directly in the dashboard.

The basic logic is straightforward: the larger your position, and the longer and more actively it is used on-chain, the more weight it can carry in the xPoints system. Exact multipliers and rules can change during a season, so old tables showing fixed 1x, 5x, or 7x rates can quickly become outdated.

Boosts and referral rewards

When xPoints launched, early participants could receive a +20% boost after connecting a wallet. The program has since used other temporary boost campaigns as well, so the original +20% should not be treated as a guaranteed bonus for every new wallet. Check the dashboard for the current terms.

The program may also reward consistent activity with additional boosts and occasionally run quests or limited-time campaigns. Review the current requirements before taking part, because social tasks, multipliers, and bonus mechanics can change.

The main ways to earn xPoints

Holding xStocks in your own wallet is the base level. You are not taking on the additional risk of a lending protocol or LP pool: the tokens simply remain in a connected self-custody wallet. The main risks are still the xStock itself, the blockchain, and the issuer’s infrastructure.

Lending gives your position more weight in the program. On Solana, Kamino is one option: you deposit xStocks into a lending market and can earn borrower interest in addition to xPoints. If you only supply the asset and do not borrow against it, you do not have a debt position that can be liquidated. Smart contract risk and price risk still remain.

Providing liquidity carries the most weight among the core xPoints strategies, but it also adds more complexity and risk. For example, an xStock can be paired with USDC on Raydium, Orca, or Byreal. You may earn trading fees, but you also take on impermanent loss: if the relative prices in the pair move significantly, the composition of your position when you exit can differ from what you originally deposited.

Index ETFs such as QQQx or SPYx are often less volatile than individual stocks such as NVDAx or TSLAx, but that does not guarantee lower impermanent loss. The outcome depends on price movement relative to USDC, the liquidity range, pool structure, and how long the position remains open.

Your xPoints balance updates periodically, and rewards can depend on position size, type of activity, and how consistently you participate.

How to start farming xPoints: step by step

The example below uses Solana because it has a convenient stack of tools such as Kamino, Raydium, Orca, Phantom, and Solflare. xStocks are multi-chain assets, but xPoints eligibility depends on which networks and protocols are currently supported, so check the official dashboard before taking any action.

What you need to get started

• a verified Kraken account if you plan to buy xStocks through the exchange;
• a self-custody wallet that supports your chosen network;
• for Solana, a small amount of SOL for network fees;
• USDC or another required asset if you plan to swap or provide liquidity;
• for larger amounts, ideally a hardware wallet and a separate account used only for DeFi.

Step 1. Buy xStocks

There are two main routes.

• Through Kraken. Buy the xStock you want using supported fiat, crypto, or stablecoins in your account, then withdraw the tokens to self-custody. Under Kraken’s current pricing, purchases made with USD or USDG do not incur an additional Instant Buy fee, but a 1% spread is built into xStocks pricing. Purchases made with other fiat currencies or crypto may also be subject to the standard Instant Buy fee. Always review the final quote before confirming.
• Directly on-chain. On Solana, you can swap USDC or SOL for an xStock through an aggregator such as Jupiter or a DEX such as Raydium, provided there is enough liquidity for the pair.

The right xStock depends on the market exposure you want. For LP strategies, look at volatility, pool depth, fees, and the liquidity range — the ticker alone does not tell you enough.

Step 2. Connect your wallet and check available boosts

1. Open only the official portal at defi.xstocks.fi/points and verify the domain again before connecting.
2. Select the network you want to use and connect your self-custody wallet.
3. Check which boosts and bonuses are currently available for your wallet.
4. Review any active quests, temporary campaigns, and other bonus opportunities before taking additional actions.

Do not move a large balance into a new wallet until you have verified the domain, network, and exactly what the site is asking you to sign.

Step 3. Choose your activity level

• Hold. The simplest option: xStocks remain in the connected wallet and receive the base xPoints weight.
• Lend. Deposit xStocks into a supported lending protocol for a higher xPoints weight while also earning the market lending rate.
• Provide liquidity. Add xStocks to an LP pool for the highest weight among the core strategies, along with trading fees and the additional risk of impermanent loss.

Step 4. Track your xPoints and new quests

Track your progress in the official dashboard. Do not rely on old screenshots from third-party guides: supported protocols, tiers, boosts, and quests can change faster than an article can be reindexed.

It is also worth following the official xStocks channels for temporary campaigns and new integrations.

Example

Suppose you hold $1,000 worth of QQQx. If you simply keep the tokens in a connected wallet, the position receives the base xPoints weight. If you deposit the same tokens into a supported lending protocol, the position receives more weight. A QQQx/USDC LP position may carry even more weight and earn trading fees, but it also introduces impermanent loss.

If your dashboard shows an active boost for the wallet, that can increase your xPoints accrual, while temporary quests and campaigns may affect the final total as well. You cannot calculate the exact outcome in advance because the season rules are not permanently fixed.

Is this a real airdrop or just points farming?

As of September 25, 2026, xStocks has not confirmed a separate token or a traditional airdrop. xPoints are officially described as a rewards program for on-chain activity, but the form of any future reward, the season end date, and any rules for converting points have not been publicly fixed.

It is therefore more accurate to treat xPoints as a speculative loyalty program with the possibility of a future reward, rather than as a confirmed airdrop. Kraken’s partnership with Nasdaq around tokenized equities is real, but that partnership by itself does not confirm an xStocks token or provide a date for any potential distribution.

Capital used for xPoints is not necessarily technically locked: your ability to exit depends on the protocol and available liquidity. But if you hold a position mainly for the points, you may remain exposed to market and DeFi risk for months, while the final reward is still uncertain.

Are xStocks available in Ukraine?

Yes. In 2026, Kraken officially announced a full launch in Ukraine, and xStocks are among the products available to Ukrainian users who complete the required account verification.

xStocks are available to Kraken clients in more than 110 countries. Ukraine is not among the main excluded jurisdictions, but availability of a specific product always depends on your account region and Kraken’s current rules.

You can buy xStocks on Kraken with supported fiat currencies, cryptocurrencies, and stablecoins. The exact deposit methods, currencies, and payment rails available to a Ukrainian account are best checked directly in the app because they can change independently of the xStocks product itself.

Once assets are in self-custody, the on-chain wallet operates independently of Kraken, but access to individual DeFi interfaces and your tax obligations still depend on jurisdiction. It is sensible to keep records of purchases, transfers, swaps, and income and check the current Ukrainian tax rules before filing or working with significant amounts.

Security: fake xPoints pages and wallet drainers

Points programs quickly become phishing bait, and xStocks is no exception. While preparing this article, we came across pages that copied the xPoints interface but operated on unrelated domains and pushed users to “activate a boost” through their wallet. We covered a very similar pattern in our guide to fake AML checkers: a site that looks legitimate asks you to connect a wallet and then approve an action that creates the real risk.

There are two separate steps here. Simply connecting a wallet usually does not give a website permission to spend your assets. The danger begins when the page asks you to sign a message, transaction, or permission change that you do not understand.

The exact mechanism depends on the network. It may involve a token transfer, delegated permissions, or another transaction that gives someone else authority over your assets. We explain these patterns in more detail in our guide to Approve, Permit, and WalletConnect.

What to do:

• open xPoints from a saved bookmark for the official defi.xstocks.fi/points address rather than from an ad or random link;
• use a separate wallet or account for DeFi instead of your main long-term storage wallet;
• check the network, domain, and contents of every request before confirming it;
• do not sign a transaction you do not understand just because a website labels it “claim,” “boost,” or “verify”;
• for significant amounts, use a hardware wallet and verify the transaction details on the device itself.

A hardware wallet protects your private keys and requires physical confirmation, but it cannot make a malicious transaction safe if you approve it yourself. Always review the data shown on the device before signing. We cover this in more detail in our guide to Clear Signing and blind signing.

Which wallet should you use for xStocks and xPoints?

xStocks are available across multiple networks. If you use Solana, you need a wallet that supports SOL and SPL tokens. That is enough for basic self-custody, while lending or LP strategies also require an interface that can connect to dApps.

Current hardware wallet options for Solana include:

• Keystone 3 Pro — supports Solana through compatible wallets such as Solflare and Backpack, with QR-based signing available for supported workflows;
• Trezor Safe 3, Trezor Safe 5, and Trezor Safe 7 — support SOL and SPL tokens in Trezor Suite, while dApp access can use WalletConnect or compatible third-party wallets;
• Ledger Nano S Plus, Ledger Nano X, Ledger Nano Gen5, Ledger Flex, and Ledger Stax — support SOL, SPL tokens, and a broad range of compatible Solana wallets and dApps.

If you are still choosing a device, see our separate guide to the best hardware wallets in 2026.

For DeFi on Solana, you can use a compatible software wallet or WalletConnect — for example, Solflare, Backpack, Phantom, or another interface supported by your hardware wallet. Your private keys remain on the hardware wallet, but you are still responsible for the transaction you approve.

A practical setup for farming is to use a separate account on your hardware wallet and fund it only with assets you are willing to expose to DeFi risk, while keeping long-term holdings in a separate account that never connects to dApps. That way, a bad signature or mistake in the farming account does not put your main balance at risk.

Bottom line

xPoints are an on-chain rewards program with no confirmed payout format, not a guaranteed airdrop. They should not be confused with Kraken Auto Earn or xStocks Vaults: these are three separate mechanisms with different terms and risks.

The simplest xPoints strategy is to hold xStocks in self-custody. Lending and liquidity can give your position more weight in the program, but they also add smart contract risk, liquidation risk when borrowing, impermanent loss, and more complex position management. Boosts and program rules can change, so check them directly before taking action.

The most important rule is to keep your main storage wallet away from dApps, never sign transactions you do not understand, and do not keep a risky position open solely because you expect a future reward. If xPoints eventually lead to a valuable bonus, treat that as an additional outcome. Maintaining control over your assets and risk matters more than the points themselves.