From Stablecoins to Tokenized Stocks: How Veda Powers Kraken Earn

“The multichain, multiprotocol nature of Veda is really the superpower.’‘

– John Zettler, Director of Product, Kraken

Kraken is expanding the role its platform plays in customers’ financial lives. Beyond trading, it is giving customers more ways to earn on the assets they already hold, from stablecoins and bitcoin to tokenized equities.

Through its DeFi Earn program, Kraken has built a growing lineup of yield products designed for different assets and risk preferences. Veda provides the vault infrastructure behind these offerings, connecting Kraken to onchain strategies through a single integration.

What began with three stablecoin vaults in January expanded to BTC Earn in May and xStocks in September. By October 2026, Kraken’s Veda-powered Earn program had reached $900 million in balances and more than 90,000 active depositors, making it the largest DeFi Earn program in the market.

Kraken had an established trading platform and a broad customer base holding different types of digital assets. The next opportunity was to give those customers more reasons to keep their assets on the platform between trades.

Earn products could help customers put their existing holdings to work. But building competitive offerings across stablecoins, bitcoin, and tokenized equities meant accessing different lending markets, liquidity sources, and blockchain ecosystems.

Each asset class introduced its own requirements. Some strategies could lend assets directly, while others needed to borrow against collateral or access opportunities across multiple chains. Supporting these approaches individually would add complexity as Kraken expanded its Earn lineup.

Kraken needed infrastructure that could connect these markets, support meaningful customer balances, and make it easier to introduce new products without rebuilding the underlying system each time.

Veda provides the multi-protocol, multichain vault infrastructure that allows Kraken to offer yield strategies across different asset classes through a single integration.

For customers, this means accessing earning opportunities on assets they already hold within Kraken. Behind the scenes, Veda handles onchain execution, deposits, withdrawals, and accounting, while third-party curators manage strategies and adjust allocations as market conditions change.

Kraken began with three USDC vaults: Balanced Yield, Boosted Yield, and Advanced Strategies. Each offers a different approach to risk and return, drawing on yield opportunities and liquidity across protocols.

As Kraken expanded into bitcoin and tokenized equities, the same infrastructure supported more complex strategies, including borrowing against collateral. Kraken could introduce new asset classes without rebuilding the vault infrastructure supporting its existing Earn products.

The launch of xStocks in September marked another step in that expansion. Kraken’s xStocks vaults became the first in the market to accept deposits on EVM while earning yield on Solana within a single product.

Customers holding SPYx, QQQx, and NVDAx can maintain exposure to their tokenized equities while earning additional holdings. Veda connects the underlying strategies across chains, allowing Kraken to extend Earn into assets that require more than traditional lending.

The same vault infrastructure now supports stablecoin, bitcoin, and tokenized equity strategies, giving Kraken the flexibility to expand its product lineup as customer needs evolve.

By October 2026, Kraken’s Veda-powered Earn program had reached $900 million in balances across more than 90,000 active depositors.

Stablecoin vaults established the initial foundation, with BTC Earn driving a substantial increase in balances following its May launch.

In less than a year, Kraken expanded from three stablecoin vaults to a lineup spanning three asset classes. The growth demonstrates adoption of its Earn offerings, while the expansion into bitcoin and tokenized equities shows how a common infrastructure layer can support increasingly varied strategies.

For Kraken, that means more ways to serve customers with different holdings and return preferences, without building a separate infrastructure stack for each new product.

Veda provides the vault infrastructure connecting those products to onchain opportunities, supporting Kraken as it continues to develop its Earn business.

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To build embedded Earn into your platform, reach out for a free vault design consultation.