Kraken, a well-known crypto exchange, is getting ready to offer token versions of popular U.S. stocks. These new digital assets, called xStocks, are being created with help from Backed Finance. Each token will represent a real stock held 1:1 by Backed and will operate on the Solana blockchain, known for its speed and low costs.

Eligible investors in certain jurisdictions outside the U.S. will be able to trade over 50 leading U.S. stocks and ETFs—such as Apple, Nvidia, Tesla, and the SPDR S&P 500 ETF—at any time, including outside traditional market hours.

Kraken Aims To Revolutionize Stock Investing With Tokenized Equities

With this move, Kraken becomes one of the first exchanges to successfully list tokenized U.S. equities, following an earlier short-lived attempt by Binance. What sets Kraken’s model apart is its use of real shares held in secure custody and tokenized on a blockchain.

Kraken’s Global Head of Consumer, Mark Greenberg, stated that the company aims to transform stock investing by offering faster, more affordable, and more accessible exposure to prominent companies. Through xStocks, Kraken seeks to deliver a borderless and open investing experience available around the clock.

The xStocks tokens are issued as SPL tokens, making them compatible with Solana-based wallets and decentralized applications. Investors may also be able to use them within decentralized finance (DeFi) environments, such as for collateral.

This initiative is part of Kraken’s broader strategy to bridge the gap between crypto and traditional finance. Recently, the exchange introduced traditional equities trading to U.S. clients, enabling access to thousands of stocks and ETFs through its platform. Kraken now aims to expand global access through tokenization.

Unlike traditional brokerage services, xStocks can be traded 24/7 and integrated into blockchain applications—something not currently possible within conventional financial systems. What was once a niche concept—tokenizing assets—is now proving to be a practical method to enhance access and liquidity. Kraken is also planning to expand availability to markets such as the U.K., Europe, and Australia.

Kraken Wants To Broaden Its Global Footprint With Crypto Derivatives

Kraken is now offering crypto derivatives in Europe. It got a license in Cyprus, which lets it offer services in many European countries using something called financial passporting.

Kraken, whose full name is Payward, Inc., is a crypto exchange based in the U.S. It was one of the first places where people could trade bitcoin. Over time, the company has faced some legal issues and fines, but it has also reached big goals like getting a bank license and being listed on well-known finance platforms.

Additionally, Kraken was started by Jesse Powell, Thanh Luu, and Michael Gronager. Jesse began building Kraken after helping Mt. Gox with its security problems, before that exchange collapsed. Kraken first let people trade bitcoin, litecoin, and euros. Later, it added more types of crypto and more trading tools.

The firm got early support from investors and was picked to help look into what went wrong with Mt. Gox, because people trusted it. It also became the first exchange to offer a dark pool for bitcoin trading, which is a special way for people to trade privately.