Kraken-linked tokenized stock platform xStocks plans to launch a rewards program targeting trader liquidity providers and DeFi builders using on-chain stock tokens.
The initiative, called xPoints, tracks activity across supported trading venues and integrations. Participants can earn points by trading tokenized US stocks that provide liquidity or by using assets in decentralized finance (DeFi) applications.
Points programs have become a common strategy in cryptocurrencies to encourage early adoption of new platforms. Projects often later convert accumulated points into governance tokens or other ecosystem rewards. Although xStocks has not announced any tokens yet, this effort could pave the way for a potential token launch.
xStocks said the points program is aimed at aligning long-term contributors with the growth of the ecosystem. Details were not disclosed, but participants who accumulate points may have access to future benefits associated with the platform after the program ends.
The move comes as tokenized equities are emerging as one of the fastest growing sectors in cryptocurrencies. According to data from RWA.xyz, the category currently has more than $1 billion in value locked in, and has tripled in size in the past six months.
xStocks says its tokenized stock offering has processed more than $25 billion in trading volume in the eight months since launch and expanded across multiple blockchain networks.
Traditional financial companies are also showing interest in tokenized stocks. Earlier this week, Nasdaq announced that it plans to work with Kraken to distribute tokenized versions of its public shares to investors outside the United States. This is part of a broader push by exchange operators to bring blockchain infrastructure to capital markets.
Read more: Tokenization still at the beginning of the hype cycle, but more use cases needed, experts say
