Points of Focus

• Nasdaq and Kraken are building a gateway to move tokenized stocks between regulated markets and public blockchains.
• Chainlink powers the entire system.
• NYSE parent ICE is pursuing the same play.

Nasdaq and Kraken’s parent company Payward announced a partnership on Monday to build an equities transformation gateway, infrastructure that lets tokenized stocks move between Nasdaq’s regulated market environment and permissionless blockchain networks. 

Nasdaq said on Monday that it will work with crypto exchange Kraken and issuing companies in developing its plan to offer tokenized stocks on its exchange https://t.co/ga7jcOShGc

— The Wall Street Journal (@WSJ) March 9, 2026

Since launching less than a year ago, xStocks has already surpassed $25 billion in total transaction volume, including more than $4 billion settled on-chain, with over 85,000 unique holders across supported networks. It’s a massive headline, but the infrastructure beneath is why the story matters.

What are xStocks?

xStocks tokens are backed 1:1 by underlying stocks and ETFs, held in a bankruptcy-remote structure by a licensed custodian. They trade 24/7 for non-US clients and can exist simultaneously as a conventional listing and an on-chain token. Payward acquired Backed, the issuer behind xStocks, in December 2025, which is why Kraken now controls both the distribution platform and the token issuance layer. The gateway will be available in jurisdictions where xStocks are currently accessible, with Payward Services handling KYC and AML onboarding for tokenized equities across the Kraken platform.

xNasdaq?

Soon.

The xStocks framework will power a new gateway connecting @Nasdaq’s tokenized equity markets with blockchain networks.

TradFi isn’t so traditional anymore. pic.twitter.com/tE6gL8AANt

— xStocks (@xStocksFi) March 9, 2026

The companies plan to launch tokenized stocks linked to NYSE-listed shares as early as Q2 2026, with Nasdaq’s broader equity token design becoming fully operational in H1 2027.

Where Chainlink comes in

This is where the “Bloomberg for blockchains” framing earns its weight. The entire xStocks infrastructure runs on Chainlink at two critical layers.

Chainlink Data Streams power real-time pricing for all xStocks tokenized equities and ETFs inside DeFi, including on Kamino, Solana’s largest lending protocol. Without accurate, manipulation-resistant price feeds, tokenized equities can’t function as collateral or be fairly liquidated in DeFi environments. This isn’t a peripheral integration; solving the oracle problem here is the sole reason the entire system is trustworthy.

JUST ANNOUNCED: @BackedFi, the tokenization platform behind @xStocksFi, has partnered with Chainlink to power the newly launched xBridge.https://t.co/LFxOcFbpoS

Via CCIP, xBridge now enables transfers of xStocks' 50+ tokenized stocks across Ethereum & Solana. pic.twitter.com/LluBeX5T19

— Chainlink (@chainlink) December 12, 2025

Chainlink CCIP handles the cross-chain bridge layer, specifically the xBridge that moves tokenized equities between Ethereum and Solana. The partnership is designed to create interoperability between financial systems and decentralised networks, with price integrity preserved across both environments. CCIP is what makes that integrity technically enforceable rather than just a product promise.

Institutional adoption of digital asset infrastructure has accelerated following the GENIUS Act’s passage, with NYSE parent ICE also seeking regulatory approval for a blockchain-based platform. This enables 24/7 trading and on-chain settlement, meaning Nasdaq isn’t moving alone here. But Nasdaq is moving first with a named partner, a live product with $25 billion in volume, and a specific go-live timeline.

The bigger picture for LINK

Chainlink’s fee model converts off-chain and on-chain revenue from enterprise adoption into LINK tokens stored in a strategic reserve. Every major institutional integration adds to the revenue base that feeds the flywheel.

Nasdaq has partnered with crypto exchange Kraken to distribute tokenized stocks around the world 🔥

This development is underpinned by xStocks, which uses Chainlink as its official data and interoperability oracle solution

Chainlink Data Streams powers the pricing of all… https://t.co/Dj3qKfnwu1

— Zach Rynes | CLG (@ChainLinkGod) March 9, 2026

Nasdaq token holders will retain the same governance rights as traditional shareholders all need reliable data infrastructure to automate. Beyond the price feed – that’s another Chainlink surface area.

The framing of Chainlink as “Bloomberg for blockchains” has been used loosely for years. The Nasdaq-Kraken partnership is the first time it’s attached to a specific institutional product, a live transaction volume, and a hard launch date. That’s the difference between a thesis and a business.