By the end of the Biden era, a new era seems to be dawning for digital finance.

With the end of the Biden era, a new era seems to be dawning for digital finance. The current pro-crypto occupant of the White House appears determined to revive innovation

Coinbase began rolling out the S&P 500 integration on its platform back in June. Now, another crypto exchange is joining the initiative. California-based exchange Kraken is partnering with Backed to offer tokenized stocks on Solana.

This project, named xStocks, will allow Kraken’s clients outside the United States to invest in shares of companies like Apple, Tesla, or Nvidia in crypto.

Through SPL tokens, investors will be able to trade these stocks 24/7. The system promises unprecedented accessibility: no schedules, no borders, no intermediaries.

“We are reimagining stock investment and responding to a new demand from our clients,” stated Konstantin Filopoulos, chief technology officer at Kraken.

This unique, open, and programmable architecture opens the door to a new finance — much more flexible than TradFi.”

Tokenization and Solana: a strategic fusion with great potential

The choice of the Solana blockchain is no accident. Speed, low latency, reduced costs: it ticks all the boxes for a large-scale service. xStocks are designed to be composable and integrate into DeFi and CeFi ecosystems and to be used as derivatives or collateral.

At their launch, more than 50 stocks will be available in certain non-US markets, with plans for a wider rollout in the coming months. Arjun Sethi, co-CEO of Kraken, highlighted the company’s vision:

“We are building a financial architecture that is accessible, borderless, and free from time constraints.”

Kraken is also making a bet on competition. Platforms like Robinhood and even behemoth BlackRock are investing heavily in tokenization strategies. Binance’s attempt to launch a similar service in 2021 ultimately failed, serving as a stark warning. However, political signals have shifted, with looser regulations under Trump paving the way for greater agility in financial innovation.

Exchange war: when crypto redefines investment

The race is on. Every crypto exchange wants its piece of the pie. From behemoths like Coinbase and Robinhood to smaller players, they are all betting on bringing real-world assets into the digital realm. In this rapidly evolving landscape, innovation becomes the key differentiator.

Some key figures on the tokenization of real-world assets (RWA):

With features like use as collateral or free transfer via wallet, Kraken aims to appeal to users tired of the traditional limits of investing. The stage is set: the demand for alternative investment products is booming, the technological tools are becoming mature, and crypto is establishing itself as a preferred alternative to the limited offerings of the old institutions.

Kraken’s ambitions don’t stop there. The platform is currently in talks with Goldman Sachs and JPMorgan to raise one billion dollars ahead of its initial public offering planned as early as the first quarter of 2026. This project marks a strategic transformation: Kraken wants to become a key institutional player in crypto.