Kraken to Offer Tokenized U.S. Shares on Solana, Eyes Global Expansion

Cryptocurrency exchange Kraken plans to offer tokenized versions of existing U.S. equities. According to today’s announcement (Thursday), Kraken will list a new suite of tokenized equities called xStocks in partnership with Backed Finance. These assets will reportedly reside on the Solana blockchain and represent actual shares held 1:1 by Backed. The service will initially be available in select non-U.S. jurisdictions and will include over 50 U.S. stocks and ETFs, including Tesla, Nvidia, Apple, and the SPDR S&P 500 ETF, outside of regular trading hours. This provides around-the-clock stock access. This launch positions Kraken among the first exchanges to successfully list tokenized U.S. equities since Binance’s short-lived attempt in 2021. Unlike previous iterations, Kraken’s method relies on real securities held in custody and tokenized on a fast, low-cost blockchain. “We’re reimagining equities investing and ushering in a new wave of demand from clients seeking superior alternatives to the status quo,” said Worth Greenberg, Kraken Global Head of User. Access to traditional U.S. equities remains slow, expensive, and limited. Using blockchain technology, we’re offering something better: open, instant, accessible, and borderless exposure to some of America’s most iconic companies. xStocks tokens are reportedly issued as SPL tokens on Solana, meaning they are compatible with wallets and protocols on the network. This integration also allows users to leverage their tokenized shares in decentralized finance environments, including as collateral. Kraken’s tokenized equities initiative builds on its broader push into traditional finance. Earlier this year, it launched equities trading for U.S. clients, offering over 11,000 stocks and ETFs through its app. Now, Kraken is targeting global access through tokenization. Unlike traditional brokerage accounts, xStocks can be traded 24/7 and potentially used in decentralized applications—a combination that traditional finance currently cannot match. Tokenization, once a niche concept, is emerging as a powerful tool to increase market access and improve liquidity. Expansion to the U.K., Europe, and Australia is expected soon. This week, Kraken debuted its crypto derivatives products for European users. This offering is powered by a Cypriot license acquired by the firm earlier this year. The exchange can reportedly passport its Markets in Financial Instruments Directive license from Cyprus to offer crypto derivatives across multiple countries in the European Economic Area.