Kraken and Veda are growing their partnership to launch a new product that offers yield on tokenized equities. Eligible Kraken clients can now earn yield on tokenized stocks through xStocks vaults on Solana powered by Veda, with onchain strategies curated by Sentora. These are the first Veda vaults deployed on Solana, with Kamino as the liquidity source for this expansion to the Earn product.

The launch introduces three dedicated vaults, one for each supported xStock: SPYx, QQQx, and NVDAx. Clients with tokenized exposure to the S&P 500, the Nasdaq 100, and NVIDIA can now put those holdings to work directly in both Kraken and Kraken Pro. This integration expands on an existing collaboration between the two companies to offer stablecoin and BTC yield,using Veda's technology to offer Kraken's client base some of the most advanced Earn products on the market.

This is the first integration of tokenized equities into Veda vaults, and Kraken is the first major platform to offer yield on tokenized stocks. Traditionally, holding a tokenized stock gave holders little more than just price exposure to the underlying asset. With this launch, the same asset can serve as productive collateral onchain, expanding the power of financial products by moving them onchain.

"Every xStocks position sitting untouched is capital not working as hard as it should," said Darius Tabatabai, Head of Kraken Pro. "Clients can already earn dividend yield on select xStocks, and our new vaults enable clients to earn additional onchain yield on their holdings."

Sun Raghupathi, CEO & Co-Founder of Veda, said: "Tokenized equities have moved beyond simply replicating traditional market exposure onchain, towards making those assets even more productive. By bringing xStocks into Veda vaults, Kraken clients can access onchain yield strategies without having to navigate DeFi themselves. This makes it dead simple to earn on xStocks through the same integration that already enables clients to earn yield on stablecoins and bitcoin."

How it works

Allocating follows the same opt-in flow as Kraken's existing stablecoin and BTC vaults. A client holding xStocks in their Kraken account chooses a vault, reviews the details, and allocates.

During the deposit process, a self-custodial wallet powered by Privy is created on the backend for each user, unless the user already is using another Earn product, where there is no new account creation step needed. Those clients can simply bring their tokenized stocks into a vault and earn yield. As with every Veda deployment, the vaults are non-custodial: only depositors can withdraw or transfer their funds.

Each xStock maps 1:1 to its own Veda BoringVault deployed on Ink, Kraken's L2 chain. From there, Sentora, as the curator, bridges the xStocks to Solana using Chainlink data streams and CCIP and deploys them as collateral in Kamino markets, borrowing stablecoins and putting them to work in yield strategies. Rewards are swapped back into the underlying xStock. Deposit SPYx, earn more SPYx. An additional benefit of xStocks is that the tokenized asset earns dividend yield, which is included automatically.

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Veda enables users to access the best of DeFi, without having to become an expert, write a line of code, or manage positions on their own. The simplicity of the experience for the end user is made possible by Veda's multi-chain, multi-protocol architecture. A single integration point enables Kraken to give its clients access to sophisticated and vetted strategies, curated by Sentora.

"A Kraken client holding SPYx or NVDAx already has the equity exposure. xStocks vaults let them keep that position while generating additional yield in-kind," said Anthony DeMartino, CEO and Co-Founder of Sentora. "The strategies behind the xStocks vaults are designed to lend those assets into onchain markets such as Kamino, with exposure limits set in advance and live risk models tracking collateral, liquidity and oracle conditions. It's the same curation approach we built for Kraken's DeFi Earn vaults, and we're now extending it to tokenized equities as we deepen our partnership with Kraken."

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Started with stablecoins, expanded to BTC, now tokenized stocks

This is the third asset class Kraken has brought into its Earn vaults in under a year, all with the same familiar end-user experience from within the application. The ability to expand the offering is only made possible by using Veda's vault infrastructure, whose modular, multi-protocol, multi-chain architecture allows the product to keep expanding.

Kraken DeFi Earn launched in January with three risk-tiered stablecoin vaults. In May, the partnership expanded to Bitcoin, bringing BTC Earn to clients in 100+ countries. Combined deposits across the USDC and BTC vaults have since surpassed $800 million. Tokenized stocks are the latest addition, and none of these expansions required existing users to migrate funds, sign new transactions, or change how they use the product.

That continuity is the point of the infrastructure. A single Veda deployment supports new deposit assets, new chains, and new yield sources as they come online. The stablecoin vaults route capital across protocols like Morpho, Aave, Euler, and Curve on Ethereum and Ink. The BTC vault runs a supervised loan strategy. The xStocks vaults now extend the same stack to Solana, deploying assets into Solana-native protocols like Kamino. Veda's compliance-friendly infrastructure also handles availability by region, enabling Kraken to run one Earn product across jurisdictions with different rules on what can be offered where.

For Kraken, that means every new yield offering is an extension of an existing integration and product, rather than a net-new build for each instance. For clients, it means the Earn experience they already know now covers stablecoins, bitcoin, and tokenized stocks.

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Availability

xStocks vaults are available immediately across most of Europe and large parts of APAC, covering 100+ countries at launch. The product is not yet available in the US, UK, Canada, Australia, or Japan. Availability is intended to expand as xStocks support reaches additional jurisdictions.

To date, Veda vaults have powered more than $16 billion in deposits for over 300,000 end users. Tokenized equities are the newest asset our infrastructure supports, and the pattern is the same one behind every vault we run: users get access to onchain yield, and the complexity stays on the backend where it belongs.

To bring embedded Earn to your exchange, wallet, neobank, or fintech application, reach out to Veda to kick off your free vault design consultation.