Kraken Launches Yield Vaults for SPYx, QQQx, and NVDAx via Kamino as xStocks Crosses $500M in Trading Volume

Kraken Kraken has launched yield-bearing vaults for three tokenized equity products, SPYx (S&P 500), QQQx (Nasdaq-100), and NVDAx (Nvidia), powered by Kamino Finance KMNO$0.041-0.3% Kamino's lending infrastructure on Solana. The vaults went live on September 14, the same day xStocks AAPLx$333.94-0.1% xStocks reported that its tokenized assets had crossed $500 million in trading volume over a ten-day span, all routed through Raydium RAY$2.10+0.9% Raydium.

The vault launch adds an onchain yield mechanism to tokenized equities that previously tracked index prices without generating returns beyond dividend pass-throughs.

How SPYx, QQQx, and NVDAx Yield Vaults Work on Kamino

Each vault follows a single, publicly auditable strategy. The deposited xStock is posted as collateral on Kamino, where it is priced by Chainlink Chainlink through a custom Data Streams feed designed for tokenized equities. The feed delivers sub-second pricing updates and handles corporate actions including share splits and dividends, keeping collateral value closely tied to the underlying market price.

Stablecoins are borrowed against that collateral and deployed into yield strategies. Rewards are converted back into the same xStock and distributed to depositors, so yield accrues in the asset the holder owns rather than in a separate token.

The vault infrastructure is built by Veda and curated by Sentora, which sets eligible markets, defines exposure limits, and monitors risk conditions including collateral de-peg risk, borrower default, and liquidation thresholds. Kamino automates execution and rebalancing, with every action visible onchain.

xStocks Tops $500M in Trading Volume in 10 Days on Raydium

On September 14, @xStocksFi announced that xStocks had crossed $500 million in trading volume since the start of the month, with SPYx leading volume across tokenized meme pairs. All volume was routed through Raydium's decentralized exchange.

That trading activity is separate from the newly launched vault product. The $500 million figure reflects DEX spot trading on Raydium; the vaults are a yield mechanism for holders who want to keep their tokenized stock exposure rather than trade it.

The broader xStocks ecosystem now holds more than $800 million in assets under management across 700-plus tokenized stocks and ETFs, with over $40 billion in cumulative transaction volume since launch, according to the Kamino blog.

SPYx, which led xStocks volume over the period, had 72,514 holders, a $73 million market cap, and $14.1 million in single-day trading volume as of September 14, per Solana Compass data.

Vault Access, APY, and the 3-Day Withdrawal Window

Yield on the vaults is variable with a stated target of up to 2% APY, denominated in the same xStock deposited. Kraken creates a non-custodial embedded wallet on first vault allocation, so holders do not need an external wallet or seed phrase management.

One constraint applies at launch: positions carry a three-day allocation window. Funds deallocated from a vault are not immediately available; they are unlocked after three days. Dividends from the underlying stock accrue to the vault share price while a position is allocated, so there is no separate dividend event and no period where the vault stops tracking the stock.

The vaults are available to Kraken customers outside the United States, United Kingdom, Canada, Australia, India, UAE, Philippines, Kazakhstan, New Zealand, Singapore, and Hong Kong.

Kamino as Collateral Venue for Tokenized Equities on Solana

The vault launch arrives at a point of rapid growth for the tokenized equity sector on Solana. Earlier on September 14, Solana tokenized equity holders surpassed 800,000 for the first time. In early September, the London Stock Exchange and Payward announced a deal to tokenize the 100 largest UK-listed companies as xStocks, pending regulatory approval.

Kamino has served as the lending layer for xStocks collateral over the past year. The new Kraken-distributed vault product makes that infrastructure accessible without requiring holders to interact with DeFi protocols directly.

The SPYx, QQQx, and NVDAx vaults are live at kraken.com/pro/tokenized-equities/vaults.