Kraken launches xStocks Vaults: Up to 2% on SPYx and NVDAx

Since the September 14, 2026holders of SPYx, QQQx and NVDAx on Kraken can place these tokenized shares in vaults which mobilize them on onchain lending markets. Performance displayed during the launch period: 2% net of fees for both ETFs, 1.8% for Nvidia, paid into the same asset. For an investor who maintains these positions over several years, the interest is concrete. The mechanics that produce this output deserve to be understood before allocating anything.

What xStocks Vaults Change for a SPYx or NVDAx Holder

Useful reminder: an xStock is a token backed 1:1 by a US stock or ETF, issued by Backed and tradable on Kraken outside Wall Street hours. Tremplin.io detailed the arrival of xStocks in Europe, then the move to more than 130 tokenized assets in the spring. Until now, the only “income” from a position was dividends, which Kraken repercussions by increasing the token balance. Precision that the platform itself formulates on its xStocks page : xStocks do not confer any ownership rights on the underlying stock, therefore no voting rights.

On NVDAx, this dividend is almost symbolic. The vault therefore becomes, for this asset, the only source of additional yield. On SPYx, it is added to the ETF dividend. Darius Tabatabai, head of Kraken Pro, sums it up this way inxStocks announcement (Tremplin.io translation): “Every xStocks position that is dormant is capital that is not working as much as it should be. »

The decisive point is the method of payment. An NVDAx repository reports NVDAx. Exposure to the price therefore remains intact, both upwards and downwards. No one trades their tokenized shares for a dollar return.

👉 To activate xStocks Vaults from your account Kraken, it’s over here.

Where the yield comes from: Ink, Veda, Sentora and onchain lending

Behind the “Allocate” button, several floors. Your xStock goes to an integrated non-custodial wallet, on InkKraken’s layer 2 network. It is “wrapped” there for vault accounting, then deposited in a vault Veda whose risk manager is Sentora. The xStock then serves as collateral on a loan protocol. At launch, Sentora cites Kamino Markets, on Solana. Stablecoins are borrowed against this collateral, placed in DeFi strategies, and the earnings are converted back into xStock and then reinjected.

Veda, which directs its strategies towards protocols like Morpho, Aave, Kamino, Euler or Curve, claims more than 16 billion dollars of deposits processed for more than 300,000 users. The same infrastructure runs Kraken DeFi Earn, launched in January on stablecoins then extended to bitcoin in May: more than $800 million deposited to date, according to xStocks. Point to remember: Kraken provides access to the product but does not manage the strategy or protocols. The vault, allocations and fees remain viewable onchain.

A calculation that the product page does not do for you. THE Kraken help center indicates 25% performance fee taken from the vault’s earnings. A posted rate of 2% net therefore assumes a gross return of approximately 2.67% before fees (2 ÷ 0.75). In other words, a quarter of what the strategy produces does not come back to you. Nothing unusual for this type of product, but good to know when comparing.

How to allocate your xStocks from Kraken

The route is identical on all four interfaces. Only the front door changes.

Interface	Where to find vaults
Kraken app	Home, then Earn page, then the chosen xStock. Or: Wallet, xStock, Allocate.
Kraken Pro app	More tab, then Earn, Ready to Earn section. Or: Wallet, xStock, Earn.
kraken.com	Login, then Earn page, Ready to earn table.
pro.kraken.com	Yield menu, then Earn, Ready to earn table or For you section. Or: Portfolio, Allocate.

First use: an information page is displayed, just continue. You then enter the amount, with a floor of 0.001 units (0.001 NVDAx, for example). On the web, the amount can be entered in dollars or in xStock, with shortcuts 25%, 50%, 75% and Max. The verification screen displays the rate, deadlines and estimated annual gain. Validation by code received by email may be requested. Final screen: “Allocation initiated”. No allocation or withdrawal fees, and no gas fees on Ink according to support. The vaults are listed on the Kraken Pro product page.

Risks to weigh before allocating

This is where the product differs from a simple paid account. The strategy borrows against your xStocks: it therefore uses a leverage. A sudden fall in NVDAx, an asset that is significantly more volatile than an index ETF, can cause collateral to fall below required thresholds and trigger liquidations. A wave of simultaneous withdrawals can produce a comparable effect if liquidity becomes tight.

The help center also lists the risks of smart contracting, cross-chain execution, bad debt and exposure to downstream assets. Formulation of Kraken itself: there is a risk of losing part or all of the deposit, without insurance or public guarantee. The 2% is just a launch estimate. Then, the rate will depend on borrowing demand in onchain markets.

Last filter, geographic. Vaults are offered wherever Kraken operates, except in the United States, United Kingdom, Canada, Australia, India, United Arab Emirates, Philippines, Kazakhstan, New Zealand, Singapore, Hong Kong and countries under sanctions. French residents, like the rest of the European Economic Area, are eligible. The taxation applicable to winnings paid into xStocks depends on your personal situation.

Who is interested in taking the plunge? First, the investor who already holds SPYx or QQQx for the long term and does not intend to touch it. Less obvious for those who wanted a “clean” equity exposure: adding a DeFi layer with borrowing modifies the risk profile, even if the displayed balance progresses wisely.

xStocks announces that other tokenized assets will join the vaults. To date, the list stops at three, out of a catalog of more than 130 xStocks available, while Kraken was targeting 500 xStocks listed by the end of 2026 when reaching the 100 active milestone. As for the 2% rate, it only applies to the launch period, the end date of which Kraken has not communicated.

👉 xStocks Vaults are accessible from the Earn page of Kraken or Kraken Pro.