xStocks review 2026: tokenized stocks, xPoints and referral code (full guide)

Written by flogrv, founder of Koddeo. Last updated: June 2026. This article contains an xStocks referral link (xPoints).

xStocks has become, in less than a year, the leader in tokenized stocks: US stocks and ETFs (Apple, Tesla, Nvidia, S&P 500…) replicated 1:1 as tokens on the blockchain, buyable from $1 and tradable 24 hours a day, 5 days a week. Since launching in June 2025, the platform has crossed $25 billion in volume with 100+ stocks available.

In this complete guide, I explain what xStocks are, how the xPoints rewards program works, how to maximize your points (holding, lending on Kamino, liquidity on Raydium), and most importantly how to lock a permanent +20% referral boost with my code. By the end, you'll know whether tokenized xStocks are right for you, and the risks to understand before you start.

xStocks are tokenized stocks: for every xStock issued, a real share of the company is bought and held 1:1 with a regulated custodian, in a so-called bankruptcy-remote structure (isolated if the issuer fails). The token itself circulates on the blockchain and tracks the price of the real share.

Concretely, an xStock like TSLAx (Tesla) or SPYx (S&P 500 ETF) is an SPL token on Solana (with bridges to Ethereum and TON) that you hold in your own crypto wallet. You keep the equity exposure without going through a traditional broker.

Who is behind xStocks?

xStocks is issued by Backed Finance, a Swiss company specialized in real-world asset (RWA) tokenization, and distributed by Kraken, one of the largest crypto exchanges in the world (see the official Kraken xStocks page). In 2026, Kraken announced the acquisition of Backed to accelerate xStocks expansion. The roadmap targets more than 500 tokenized stocks by the end of 2026.

Two ways to buy xStocks (two stackable bonuses)

There are two entry points, which unlock two different and stackable referral bonuses:

• Via the Kraken exchange (the simplest, no crypto wallet): you buy xStocks like any other asset. Opening an account with my Kraken referral link unlocks a bonus of up to €200 once you trade.
• In DeFi via the xPoints portal (to farm the airdrop): connect a Solana wallet and use my xPoints link to lock the permanent +20% multiplier.

👉 Open a Kraken account (up to €200 bonus)

xStocks combine the best of traditional finance (TradFi) and decentralized finance (DeFi). Key features:

• 24/5 trading: unlike the traditional stock market open ~6.5h a day, you trade your xStocks at any time on weekdays, even overnight.
• Fractional shares from $1: no need to buy a whole Nvidia share, buy 0.01 if you want.
• Dividends auto-reinvested: instead of cash, your xStocks balance increases to reflect the dividend.
• Self-custody: tokens stay in your wallet (Phantom, Solflare…), you keep control.
• DeFi-composable: you can lend your xStocks or provide liquidity to earn yield and points.

Discover tokenized xStocks

The xPoints program rewards users who engage with the on-chain xStocks ecosystem. You accumulate points based on your activity, and these points are widely seen as the precursor to a future token airdrop (TGE) — a classic crypto pattern. Note: no airdrop is officially guaranteed at this time.

xPoints multipliers by activity

Not all points are equal. The multiplier depends on what you do with your xStocks:

The referral (+20%) and Telegram (+10%) boosts are permanent and cumulative, but they must be activated at sign-up. If you forget to enter a referral code, you permanently lose the +20%. That's the number-one reason to sign up correctly from the start.

Beyond simple holding, you can trade your xStocks across the various DEXes (decentralized exchanges) of the Solana ecosystem to accumulate more xPoints. Every swap and liquidity deposit on these platforms feeds the on-chain volume that the program rewards.

The main DEXes to trade and provide liquidity in xStocks:

• Raydium — the most used for xStocks pools, up to 7x in liquidity.
• Orca — efficient concentrated pools, also eligible for 7x.
• Byreal — DEX integrated into the ecosystem, eligible for xPoints rewards.
• Jupiter — the reference aggregator on Solana to get the best price by routing your xStocks swaps across all DEXes.

In practice: the more active you are (regular swaps + liquidity across several DEXes), the more points you generate. Just factor in transaction fees and impermanent loss in your profitability calculation.

Here's the strategy I use to optimize the points/risk ratio on xStocks. The idea: stack multipliers and permanent boosts.

Once your xStocks are in your Solana wallet, a whole ecosystem of DeFi protocols lets you put them to work. This is called "composability": your tokenized stocks become building blocks usable everywhere. The main protocols where you can find and use xStocks:

• Raydium — the main AMM for on-chain xStocks liquidity, and the go-to hub to provide liquidity (up to 7x xPoints).
• Orca — concentrated-liquidity DEX, also eligible for the 7x multiplier.
• Byreal — partner DEX integrated into the xPoints rewards.
• Jupiter — the reference aggregator on Solana: best price by routing your swaps across all DEXes. Official xStocks partner.
• Meteora — dynamic liquidity pools (DLMM) for xStocks pairs.
• Kamino — the largest lending protocol on Solana: deposit xStocks as collateral to borrow (5x xPoints).
• MarginFi and Solend — other lending/borrowing protocols where you can use your xStocks as collateral.

These players are part of the xStocks Alliance (Backed, Kraken, Bybit, Solana, Chainlink price oracles, Kamino, Raydium, Jupiter…). On the wallet side, Phantom and Solflare natively display xStocks tickers (AAPLx, TSLAx…). By early 2026, the ecosystem exceeded $390M in TVL with 57,000+ unique holders.

Start farming xPoints in DeFi

xStocks don't replace a traditional broker (like Trade Republic), they serve a different need. Here's how I compare them:

In short: a traditional broker remains the best choice to invest calmly for the long term with a tax wrapper. xStocks is for those who want 24/5 trading, on-chain exposure, and the chance to farm an airdrop via xPoints.

Try xStocks with the +20% bonus

If you're starting out, no need to spread across all 100+ tokenized stocks. Here are the most liquid and relevant xStocks to begin:

• SPYx (S&P 500): the ETF tracking the 500 largest US companies. The most diversified first position, ideal for DCA.
• NVDAx (Nvidia) and TSLAx (Tesla): the two most traded tokenized stocks, high in both volatility and liquidity.
• AAPLx (Apple) and MSFTx (Microsoft): more stable "core portfolio" names.
• QQQx (Nasdaq 100): to overweight tech without picking a single stock.

Depending on whether you want the simplest path (Kraken) or to farm the airdrop (DeFi), the journey differs slightly.

Option A — Via Kraken (simplest)

1. Open an account with my Kraken referral link to unlock the bonus up to €200.
2. Verify your identity (KYC) and make a first deposit.
3. Buy your xStocks (SPYx, AAPLx, NVDAx…) directly on the platform, no crypto wallet.
4. Trade to meet the referral bonus conditions.

👉 Open my Kraken account

Option B — In DeFi to farm xPoints

1. Click my xPoints link to open the portal with the +20% bonus pre-filled.
2. Connect a Solana wallet (Phantom or Solflare). If you don't have one, create it in 2 minutes.
3. Validate the referral code to lock the permanent +20%, then link the official Telegram for +10%.
4. Buy your first xStocks from $1, then choose your strategy: holding (1x), Kamino lending (5x) or Raydium liquidity (7x).

Check first that you're eligible: xStocks is available in 110+ countries, but not to residents of the US, Canada, UK or Australia.

👉 Activate my +20% xPoints boost

xStocks is issued by Backed Finance (Switzerland) and distributed by Kraken. Each token is backed 1:1 by a real share held with a regulated custodian in a bankruptcy-remote structure. That said, it's a crypto product: there is smart-contract, volatility and depeg risk. It's not a guaranteed brokerage account like a traditional broker.

As of now, no airdrop or token has been officially confirmed. The xPoints program is, however, widely interpreted as the first step toward a future token (TGE), following a classic crypto pattern. Farm xPoints knowing this risk: nothing is guaranteed.

Both are complementary. Kraken is the simplest: no wallet to manage, buy in a few clicks, and a referral bonus up to €200 via my Kraken link. DeFi (xPoints portal + Solana wallet) is for farming the airdrop: holding (1x), Kamino lending (5x), liquidity and trading on DEXes like Raydium or Orca (up to 7x), with the +20% referral. Many do both: buy on Kraken, then transfer to their wallet to farm xPoints.

xStocks is available to eligible non-US clients in 110+ countries. It is not accessible to residents of the US, Canada, UK and Australia.

The xStocks referral doesn't pay a cash bonus: it unlocks a permanent +20% multiplier on all the xPoints you generate. As the referrer, I earn 20% of the points generated by referees. It's win-win and free for you.

Disclosure: this article contains xStocks and Kraken referral links. If you sign up via my links, you get the benefits described and I earn a share of the points/commissions, at no extra cost to you. This helps me keep publishing independent content on Koddeo. Risk warning: tokenized stocks and DeFi carry a risk of capital loss, volatility, smart-contract and depeg risk. No airdrop is guaranteed. Past performance does not predict future results. I'm not a financial advisor; do your own research (DYOR).