Deutsche Börse Brings Tokenized DAX 40 Stocks to 360X
Tokenized versions of all 40 DAX stocks are available on 360X through xStocks, with 24/7 trading and different rights from direct share ownership.
Key Notes
- All 40 DAX constituents are available as xStocks on 360X alongside tokenized Xetra-Gold.
- 360X offers 24/7 trading for eligible professional clients, while other distributors have different hours and restrictions.
- The tokens provide economic exposure without direct ownership of the underlying shares or shareholder voting rights.
Deutsche Börse Group has made tokenized versions of all 40 DAX constituents available on 360X, its affiliated trading venue, extending round-the-clock access to Germany’s largest listed companies. The November 11 launch uses xStocks, the tokenized securities framework developed by Kraken parent Payward.
According to the launch announcement, the lineup includes SAP, Siemens, Allianz and Deutsche Telekom. Xetra-Gold, a physically backed gold security, is also available as an xStock. The addition gives blockchain-based investors another route to German equities alongside conventional brokerage accounts.
Each equity token is backed one-for-one by an underlying share held with a regulated custodian, the companies said. That backing supports economic exposure to the stock, but does not turn the token holder into a shareholder.
Access and Ownership Have Limits
360X describes its marketplace as a service for institutional and professional clients. Organizations can use an eligibility check to establish whether they qualify for membership. Investors therefore need to distinguish the availability of a token from eligibility to trade it through a particular venue.
Trading schedules also depend on the distributor. While 360X offers 24/7 trading, the announcement specifies that Kraken’s European Economic Area service operates 24/5. Geographic restrictions apply, and the offering excludes US persons.
The xStocks disclosure identifies Jersey-based Backed Assets (JE) Limited as issuer. Holders receive exposure to share performance without owning the underlying stock, voting at shareholder meetings or acquiring claims against the underlying company’s assets in liquidation. The listed companies themselves do not sponsor the tokens.
The structure also introduces risks beyond movements in the share price. Fees can make returns differ from direct ownership, while problems at an underlying custodian could delay or prevent access to collateral. One-for-one backing does not eliminate those dependencies.
A Separate Route From Traditional Shares
The token launch follows a distinct October announcement covering traditional DAX shares. That service allows overnight and weekend trading through 360X’s regulated multilateral trading facility, with participants requesting executable quotes from counterparties. Transactions use existing DAX security identifiers and settle in euros through clients’ Clearstream accounts.
Deutsche Börse said the earlier arrangement leaves Xetra’s core market structure intact. Its institutional session remains 09:00–17:30 CET on weekdays, and 360X’s off-hours closing prices do not determine Xetra’s opening auction prices. Around-the-clock availability on 360X therefore does not mean Xetra itself has switched to weekend trading.
The two services give investors different ways to reach the same companies: conventional securities through established post-trade infrastructure, and tokenized exposure through xStocks. Their ownership terms and settlement arrangements need to be assessed separately rather than treated as interchangeable.
The rollout builds on the Deutsche Börse partnership announced in December 2025, which linked the companies’ plans for traditional and digital markets. The latest step puts that collaboration into a broader German equity offering.
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