Kraken will soon offer tokenized versions of popular U.S. listed stocks and ETFs to clients in select non-U.S. markets worldwide

Kraken announced on May 22, 2025 that it will launch "xStocks," a new offering that provides tokenized versions of over 50 U.S.-listed stocks and ETFs including Apple, Tesla, Nvidia, SPDR S&P 500 ETF (SPY), and SPDR Gold Shares (GLD) to clients in select non-U.S. markets.

This initiative is powered by a partnership with Backed Finance and utilizes the Solana blockchain for its high-speed, low-cost infrastructure.

Key Features of xStocks

• 24/7 Trading: Unlike traditional stock markets, xStocks will be available for trading around the clock, providing greater flexibility for investors.
• Global Accessibility: The service will initially roll out to customers in Europe, Latin America, Africa, and Asia, with plans to expand to the U.K. and Australia. U.S. customers will not have access due to regulatory restrictions.
• Blockchain Integration: xStocks will be issued as SPL tokens on the Solana blockchain, allowing for seamless integration with compatible wallets and decentralized finance (DeFi) applications.
• Asset Backing: Each token will be backed 1:1 by the underlying stock or ETF, held in custody by Backed Finance, ensuring that the token's value closely mirrors the actual asset.

Kraken's move into tokenized equities represents an important step in bridging traditional finance and blockchain technology.

Kraken will soon offer tokenized versions of popular U.S. listed stocks and ETFs to clients to clients in select non-U.S. markets worldwide.

By offering tokenized stocks, Kraken aims to democratize access to U.S. equities, particularly for investors in regions where such investments have been historically difficult or expensive to obtain.

This initiative also positions Kraken as a pioneer in the tokenization of real-world assets, a growing trend in the financial industry.

While previous attempts by other exchanges, such as Binance, faced regulatory challenges, Kraken is proactively working with regulators to ensure compliance across different jurisdictions.

By leveraging the capabilities of the Solana blockchain and partnering with Backed Finance, Kraken's xStocks could pave the way for more accessible and efficient global equity markets.