Kraken推出支持代币化英伟达(NVDA)股票及ETF的收益型金库

Kraken launches tokenized Nvidia shares and ETF earnings vault products

Key points:

• Cryptocurrency platform Kraken has launched the xStocks vault product, allowing investors to gain income from tokenized Nvidia shares and two major U.S. exchange-traded funds (ETFs).
• The expected net annualized return on SPYx and Qx tokens is 2% each, while NVDax provides a return of 1.8% at the entry stage.
• These gains are mainly generated through asset lending through decentralized finance (DeFi) platforms, especially the Kamino platform based on the Solana blockchain.
• There are multiple risk factors, including potential clearing events, smart contract vulnerabilities, and the complexity of cross-chain transfers.
• Residents of the United States, the United Kingdom, Canada, Australia and the United Arab Emirates are prohibited from participating in the product.

Cryptocurrency exchange Kraken has launched a new financial product that allows eligible participants to reap proceeds from tokenized securities and exchange-traded funds through a decentralized financial infrastructure.

Kraken has launched the xStocks vault that allows qualified users to earn variable returns on SPYx, Qx and NVDax, with an estimated net annualized rate of return (APY) of 1.8% to 2%.

2026年9月14日，该数字资产平台推出了三种不同的 xStocks 金库选项。参与者可以将代表 SPDR S&P 500 ETF、Invesco QQQ ETF 和英伟达公司股票的代币化资产存入，以积累收益。

金库系统的运作机制

一旦参与者存入 xStock 代币，Kraken 会将该数字资产转移到一个运行在 Ink 上的集成钱包中，Ink 是该公司以太坊二层（Layer-2）区块链基础设施的一部分。随后，该代币跨链迁移到 Solana，并在 Kamino 借贷市场中作为抵押品，以获得稳定币融资。

获得的稳定币随后被分配用于旨在产生收益的去中心化金融投资策略。所有产生的利润将转换回初始的 xStock 面值，并自动记入参与者的金库账户。

金库技术由 Veda 提供，而 Sentora 开发并监督借贷方法。Kraken 澄清称，它既不指导投资方法，也不对基础协议行使控制权。

SPY 和 QQQ 金库产品的预计净年化回报率为 2%，基于英伟达的金库为 1.8%。这些百分比会根据过去七天观察到的稳定币借贷活动而波动。

Kraken 保留了 25% 的表现费，这已从公布的 APY 数据中扣除。参与者无需支付存款或取款费用，且在 Ink 区块链上的交易不收取 Gas 费。

Risk factors and geographical constraints

Treasury structure adopts leverage framework. Deposited tokens serve as collateral for borrowing stablecoins and may be exposed to liquidation risk if asset valuations fall sharply.

Any financial losses resulting from liquidation or default obligations will be apportioned among all participants in the affected vault. Kraken stressed that customers may face partial or total principal loss, and that neither principal nor jackpots are protected by insurance mechanisms.

Other potential vulnerabilities include smart contract failures, unstable values of stablecoins, and complications caused by cross-chain asset movements. Complex operational processes route assets through multiple protocols before generating benefits.

Participants can initiate withdrawals at any time, but a three-day processing window is required to complete the withdrawal. During periods of increased market volatility, processing times may be significantly extended.

xStocks holders do not receive traditional equity benefits such as shareholder privileges, voting rights or dividend distributions. Kraken recommends that participants consult with qualified tax professionals in their respective jurisdictions to understand their obligations.

Treasury products are available throughout the European Economic Area (EEA) and some other regions. Individuals located in the United States, the United Kingdom, Canada, Australia and the United Arab Emirates are prohibited from participating.

The xStocks treasury framework leverages the same technological foundation as Kraken DeFi Earn, which was launched in January this year and has total deposits of more than $800 million.

According to data compiled by RWA.xyz, the total market value of tokenized stocks and exchange-traded funds has expanded to approximately US$2.84 billion, a significant increase from approximately US$540 million a year ago.

Kraken also disclosed its intention to acquire Backed Finance, an entity responsible for issuing xStocks tokens and is working with Nasdaq to develop blockchain-based securities technology infrastructure.