Kraken Launches xStocks for Global Stock Tokenization

Kraken will launch tokenized U.S. stocks, enabling non-U.S. users to trade Apple, Tesla, and Nvidia 24/7 on Solana.

Kraken is launching tokenized U.S. stocks, giving non-U.S. users 24/7 trading access to Apple, Tesla, and Nvidia on Solana. The new product, xStocks, will allow users in Europe, Latin America, Africa, and Asia to invest in over 50 tokenized equities and ETFs.

The service will not be available in the U.S. market.

Each xStock token will be backed by real shares, which are held by Backed Finance and can be redeemed for cash at par with their market value. Investors will benefit from instant settlement and lower transaction costs.

The initial rollout includes major stocks such as Apple, Tesla, and Nvidia, as well as popular ETFs like SPY and SPDR Gold Shares. The tokens will initially be available for purchase and trading through Kraken’s industry-leading web and mobile platforms.

Kraken plans to expand xStocks availability to additional exchanges and blockchains in the future.

Solana was selected for its low fees, high throughput, and reliable infrastructure, enabling smooth, fast, and secure transactions across global markets, even at significant volumes.

The use of Solana ensures that xStocks can function at internet scale as part of a broader effort to bridge the gap between Web2 and Web3. Solana’s ecosystem was selected for its ability to deliver seamless user experiences.

Users can hold xStocks in digital wallets or use them as collateral for crypto trades, opening new opportunities in DeFi trading and liquidity strategies. Kraken is also exploring multichain integration to grow its reach.

Backed Finance will acquire and manage the underlying securities, ensuring that each xStock is backed by an actual share of a U.S. company. As a result, token prices should closely follow real market prices.

Token holders may redeem their assets for the value of the underlying stocks or ETFs. This mechanism supports transparency and investor trust in tokenized equities. Backed Finance will handle custody and compliance for token issuance.

The collaboration aims to offer legal and regulated access to tokenized stocks to diverse investors around the world. Kraken is currently engaging with international regulators to ensure compliance and expand availability while meeting local financial rules.

Kraken aims to grow its equity-related products beyond xStocks. In April, it began offering trading for over 11,000 U.S. stocks and ETFs to U.S. clients. The firm plans to bring similar offerings to more regions soon.

Future phases may introduce xStocks to other blockchains beyond Solana. Overall, Kraken is expanding its capital market products and services to provide greater access to global assets.

The company views tokenization as a core part of the future of investing. Its goal is to make such products broadly available to a diverse range of traders and investors.

The move signals a broader trend toward more decentralized access to traditional assets. By combining regulated equity exposure with crypto flexibility, Kraken is positioning itself at the forefront of financial innovation.