Payward’s xStocks goes live on Hyperliquid
Kraken parent company Payward has announced that xStocks, the tokenized equities framework developed by Payward, are now live on Hyperliquid’s HyperCore. HyperCore is the high-performance, deterministic execution engine native to the Hyperliquid layer-1 blockchain.
This marks the first time many of the most popular tokenized US stocks and ETFs are available on HyperCore’s onchain spot order books, bringing 24/7 access to these assets in one of the fastest-growing decentralized trading venues.
This is the next phase of xStocks’ ambition to meet a global audience of investors where they already trade. The deepest tokenized-equities issuer in the market, with more than 600+ assets across its network, is arriving on one of the fastest-growing onchain trading venues, bringing real spot order books to HyperCore and composability across HyperEVM DeFi.
A new distribution layer for tokenized equities
The initial rollout includes five tokenized US stocks and ETFs, all quoted against USDC: Nvidia (NVDAx), the S&P 500 index (SPYx), the Nasdaq-100 index (QQQx), SK Hynix (SKHYx) and Micron (MUx). Further xStocks deployments to HyperCore are planned in the coming weeks, including SpaceX, Sandisk and Tesla.
xStocks continues to be the industry-leader for tokenized equities. Each token is backed 1:1 by its underlying reference asset, held in custody by a regulated entity, and designed to move freely between centralized exchanges, self-custodied wallets, and onchain applications. Since launching in June 2025, xStocks has grown to power nearly $40 billion dollars in transaction volume across multiple blockchain ecosystems.
“Hyperliquid has one of the most engaged onchain trader bases found anywhere and has strong product-market fit as a venue for price discovery when traditional markets are closed,” said xStocks GM Val Gui. “With this launch, xStocks is answering untapped demand on a major decentralized trading venue: enabling traders to access spot markets for tokenized equities around the clock and unlocking those assets as collateral for DeFi protocols on HyperEVM.”
The five markets track proven demand on Hyperliquid. The semiconductor names in particular rank among the most heavily traded HIP-3 perpetual futures on the network, and traders can now hold them as spot assets rather than only as derivatives. And because spot xStocks are composable on HyperEVM, these assets can be held for the longer term and put to work as collateral in lending and other DeFi applications, not just traded.
HyperCore now joins Solana, many widely-adopted EVM chains and TON among the networks where xStocks are available, with more than 700 tokenized assets in the broader xStocks catalogue.
About xStocks
xStocks is the industry standard for tokenized securities, bringing publicly listed equities onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Launched initially as tokenized US equities, xStocks will soon be expanding to tokenize equities from markets across the world, including the UK, Europe and Asia.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.
