Kraken Launches xStocks Vaults Offering DeFi Yield on Tokenized Stocks and ETFs

This matters less as a new yield product than as a test of whether tokenized equities can function as collateral rather than just as tradable wrappers. Kraken is effectively betting that demand for yield will pull its tokenized-stock line deeper into DeFi, where the real constraint is counterparty and liquidation risk, not distribution. The audience is existing crypto-native users, not traditional equity holders. Whether these vaults attract meaningful lending depth, and how the tokenized shares behave under stress, is the open question.