- Kraken offers 24/7 tokenized trading of over 50 U.S. stocks and ETFs via Solana-based xStocks.
- xStocks are backed 1:1 by real shares held by Backed Finance and can be redeemed for cash.
- Kraken is the first major exchange to successfully launch tokenized U.S. equities globally.
Kraken has introduced xStocks for its users globally, making it possible to trade tokenized U.S. stocks and ETFs on the Solana blockchain 24/7. With this launch Kraken became the first large crypto exchange to offer tokenized U.S. shares after Binance’s attempt in 2021 failed.
The xStocks program provides access to over 50 assets, including Nvidia, Apple, and Tesla shares, as well as exchange-traded funds such as SPDR S&P 500 (SPY) and SPDR Gold Shares (GLD). Backed Finance holds these assets, which are real shares that can be swapped 1:1 for cash.
Kraken’s xStocks Aim to Disrupt Traditional Equity Access
Initially, users outside the United States, located in Europe, Latin America, Africa and Asia, can access Kraken’s xStocks. The tokens are issued as SPL tokens on Solana because its blockchain is known for high-speed and low-latency blockchain capabilities. According to the cryptocurrency exchange, this marks a step toward democratizing access to U.S.-listed equities globally.
Unlike traditional finance (TradFi) systems that restrict trading to specific hours and charge high fees, Kraken’s tokenized equities are available for trading anytime. Mark Greenberg, Kraken’s Global Head of Consumer, stated that the cryptocurrency exchange is “reimagining equities investing” by enabling open, borderless, and accessible trading of major U.S. companies. He emphasized that global investors often face slow and costly barriers in accessing U.S. markets—a gap xStocks aims to close.
The cryptocurrency exchange began offering domestic clients access to over 11,000 U.S.-listed stocks and ETFs through Kraken Securities in April. The new global rollout is part of the exchange’s broader strategy to merge crypto technology with traditional investment offerings.
Tokenization of Equities Gains Traction in Crypto and Finance
Tokenization, which involves representing real assets on a blockchain, is gaining more interest. The cryptocurrency exchange’s move with xStocks follows industry trends led by financial institutions such as BlackRock and Franklin Templeton. These companies have contributed to raising the tokenization market cap to around $65 billion by May 2025.
Backed Finance working with the cryptocurrency exchange on xStocks, ensures that the underlying assets are real shares held in reserve. Although the tokens can also be used onchain through compatible wallets, allowing for greater utility than conventional equities, such as using them as collateral in decentralized finance (DeFi) applications.
Kraken has indicated that it works closely with regulators across jurisdictions to ensure compliance. This proactive approach addresses a challenge that led Binance to halt its tokenized stock initiative in 2021 due to regulatory uncertainty.
Notably, the xStocks platform will be made available on additional blockchain networks. Because of this potential multi-chain support worldwide investors could access more tokenized securities.
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