- These tokenized assets, branded as “xStocks,” are reportedly backed 1:1 by real securities held by Kraken’s partner, Backed Finance.
- This expansion builds on the exchange’s April rollout of traditional equities for U.S. clients, now offering tokenized versions to global users.
Kraken launched tokenized versions of popular U.S. stocks around the clock. In a move toward merging traditional equities with blockchain, the exchange will reportedly offer 24/7 access to over 50 tokenized stocks and ETFs, including Tesla, Nvidia, and the SPDR S&P 500 ETF, on the Solana blockchain.
According to a comment by Kraken co-CEO Arjun Sethi during Solana’s Accelerate event, as reported by Cointelegraph, the new tokens, branded as “xStocks,” will be backed 1:1 by real securities held by Kraken’s partner, Backed Finance. Each token mirrors the cash value of the underlying stock and can be redeemed accordingly.
While Kraken had already rolled out traditional equities to U.S. clients through Kraken Securities in April, the latest expansion brings a crypto-native version of the same assets to users worldwide, starting with markets in Europe, Latin America, Africa, and Asia.
Unlike traditional stock exchanges that operate during specific hours, Kraken’s tokenized assets will be available for trading 24 hours a day, seven days a week.
This opens up continuous market access to global investors, even when Wall Street is closed. The list includes individual tech stocks like Apple and Nvidia and widely held ETFs such as SPY and GLD.
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Kraken Outpaces Binance In Tokenization Race
This rollout makes Kraken reportedly the first exchange to successfully offer tokenized versions of U.S. equities, something Binance attempted in 2021 but eventually shelved due to regulatory hurdles.
The tokenization of real-world assets has become a growing trend in the crypto space. Turning physical and financial instruments into blockchain-based tokens offers advantages such as increased liquidity and faster settlement times. Industry giants like BlackRock, Franklin Templeton, and Ondo Finance have helped push the market capitalization of tokenized assets to $65 billion as of May.
Kraken’s move signals a broader shift toward integrating crypto infrastructure with traditional financial products.
