Kraken Launches xStocks Vaults to Borrow Against Tokenized Equities

This signals that tokenized equities are being folded into DeFi credit markets, not just held as exposure. The real shift is structural: once xStocks can serve as collateral, their utility depends less on trading and more on lending demand, which makes Kraken's move a test of whether tokenized equity collateral can attract borrow-side interest at all. The 25% performance fee and cross-chain migration from Ink to Solana add operational and smart-contract layers that could matter more than the headline APY. Whether such vaults scale beyond a niche depends on borrowing appetite and risk appetite holding up.