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Documentation Index

Fetch the complete documentation index at: https://docs.jup.ag/llms.txt

Use this file to discover all available pages before exploring further.

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What are xStocks

xStocks are tokenized representations of U.S. equities and ETFs, issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to Kraken clients by Payward Digital Solutions Ltd. (PDSL), a Bermuda exempted company licensed by the Bermuda Monetary Authority. Each xStock provides on-chain price exposure to a specific underlying security, and is backed 1:1 by the underlying asset held in regulated depositary institutions. xStocks are not equivalent to owning the underlying shares. Holders do not have voting rights, distribution entitlements, or any legal claim on the underlying stock or any residual assets in the event of the underlying company’s liquidation. Dividends are reflected through a token rebasing mechanism that automatically increases the holder’s xStock balance. On Jupiter Lend, xStocks can be used as collateral to borrow stablecoins or to open leveraged positions through Multiply.
xStocks are issued by Backed Assets and offered through Payward Digital Solutions. Jupiter Lend integrates these tokens as collateral, but the legal structure, custody, and rebasing mechanism are managed by the issuer. For full terms, see Kraken’s xStocks Legal & Risk Disclosure.

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Available xStocks on Jupiter Lend

Jupiter Lend supports a curated set of xStocks as collateral, including both index-based xStocks (such as SPYx for the S&P 500 and QQQx for the Nasdaq-100) and individual-stock xStocks (such as TSLAx and NVDAx). Each xStock has its own Risk Profile, LTV, Liquidation Threshold, and Liquidation Penalty, displayed directly in the Jupiter Lend interface and on the Statistics page. The list of supported xStocks is updated regularly as new vaults are added. In general:
  • Index-based xStocks (SPYx, QQQx) are classified as Medium Risk because they track diversified baskets.
  • Single-stock xStocks (TSLAx, NVDAx, etc.) are classified as High Risk because they are exposed to the volatility of a single company. A single earnings miss, regulatory action, or macro event can cause a sharp drawdown.
To see the full current list, open the xStock filter on the Jupiter Lend Borrow page.

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How to use xStocks on Jupiter Lend

xStocks can be used as collateral in two products:
Supply xStocks as collateral and borrow stablecoins. Currently supported borrow assets:
  • USDC
  • JupUSD
Each xStock vault has its own LTV (typically 65–75%) and Liquidation Threshold (typically 75–85%). The Liquidation Penalty varies by vault.For details on opening and managing a borrow position, see the Borrow page.
Open a leveraged position on an xStock by borrowing against it and reinvesting in the same asset.On Multiply, xStocks can only be used to borrow USDC.Maximum multipliers vary by xStock and depend on the vault’s LTV. For details on how Multiply works, see the Multiply page.

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xPoints rewards

xStocks usage on Jupiter Lend qualifies for the xPoints rewards program, an initiative run by xStocks (not Jupiter) to reward ecosystem participation. You can earn xPoints by:
  • Holding xStocks in your wallet (Base Tier)
  • Lending xStocks as collateral on supported lending platforms, including Jupiter Lend (Higher Tier)
  • Providing liquidity to xStocks pools on supported DEXs (Highest Tier)
Points accumulate daily based on on-chain activity. xBoost multipliers increase your earn rate based on consistent participation, and a referral program offers bonuses for inviting new users. xPoints will be used to determine eligibility for future ecosystem rewards.
xPoints is operated by xStocks. Eligibility, point calculation, and any future rewards are managed by the xStocks team, not by Jupiter. For full details, eligibility, and how to connect your wallet to track points, visit defi.xstocks.fi/points.

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Risks

Using xStocks as collateral introduces specific risks beyond standard Borrow or Multiply risks. Understand each before opening a position. Synthetic token tracking
xStocks are synthetic tokens tracking the price of an underlying U.S. equity or ETF via an oracle. The on-chain price reflects the underlying market price, not an independent market for the token itself. Sharp price decline and bad debt risk
A sudden or sharp decline in the underlying stock price, combined with low on-chain liquidity for the xStock, can lead to bad debt in the vault. If the protocol cannot liquidate fast enough, the position may end up under-collateralized. Oracle staleness during market close
U.S. equity markets are closed on weekends, holidays, and outside trading hours. During these periods, the oracle price may freeze while the xStock token remains tradeable on-chain. This can cause a deviation between the market price and the oracle price, especially during periods of stress or news events. Higher volatility for single-stock xStocks
TSLAx and NVDAx are individual-stock xStocks. They are more volatile than index-based xStocks (SPYx, QQQx) because they are exposed to single-company risk: earnings, regulatory actions, or macro events specific to that company. Issuer and custody risk
xStocks rely on Backed Assets as the issuer and on regulated custodian banks holding the underlying shares. Insolvency, operational failure, or credit risk affecting Backed or its custodians can impact the redeemability of the underlying. This risk is independent of Jupiter Lend. No legal claim on underlying shares
Holding an xStock does not grant any voting rights, dividend rights (other than through the rebasing mechanism), or legal claim on the underlying company. xStocks are not equivalent to direct stock ownership. Liquidation risk
xStocks vaults follow Jupiter Lend’s standard liquidation rules. If your debt-to-collateral ratio reaches the Liquidation Threshold, part of your collateral is sold to repay debt. Sharp drawdowns in the underlying stock can trigger liquidation quickly, especially for single-stock xStocks.
xStocks involve a high degree of risk and may result in a total loss of capital. They are complex products and may not be suitable for all investors. Read Kraken’s xStocks Legal & Risk Disclosure and the Backed prospectus before using xStocks as collateral.
xStocks are issued by Backed Assets (JE) Limited and offered through Kraken’s Payward Digital Solutions. Geographic restrictions apply: xStocks are not available in all jurisdictions. For the full list of supported regions and complete legal terms, refer to Kraken’s xStocks page. Jupiter Lend integrates xStocks as a supported collateral type but is not the issuer, custodian, or distributor of xStocks. Any legal, custody, or eligibility questions should be directed to Kraken or Backed Assets.