The crypto exchange Kraken is launching trading of tokenized US stocks on the Solana blockchain. International investors will gain 24/7 access to Apple, Tesla & Co. – US investors are excluded for now.
Kraken aims to rethink the stock market with xStocks, tokenized versions of popular US equities like Apple, Tesla, Nvidia, Microsoft, and Google. The offering is exclusively available to non-US customers and is based on the Solana blockchain. According to the Wall Street Journal, trading will be available around the clock. Each token is fully backed by real stocks, which are held by Backed Finance. With this move, Kraken is setting a new standard in the realm of real-world asset (RWA) tokenization and positioning itself in competition with exchanges like Coinbase and Binance.
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Tokenized stocks: 24/7 trading on the Solana blockchain
The new product line will launch with over 50 stocks and ETFs available as so-called xStocks. The key difference from traditional stock trading: these tokenized stocks can be traded 24/7 – including weekends and in real time, without centralized clearing houses.
xStocks are fully backed by real equities and can be redeemed for fiat currency. Custody is handled by Backed Finance, a Swiss company focused on compliant tokenization. Technically, the process runs on Solana, offering high speed, low fees, and seamless wallet integration.
Regulatory environment and outlook
Kraken emphasizes its active collaboration with regulatory authorities to meet all local compliance requirements. Unlike earlier tokenization attempts – such as Binance’s in 2021 – the new model is designed to be legally compliant and sustainable. Kraken’s choice of Solana once again underscores how strongly the network is positioning itself as infrastructure for tokenized assets – Robinhood recently used Solana for a RWA pilot project.
xStocks offer international users a low-barrier entry to US stocks, particularly in countries without direct access to stock markets. This could enable Kraken to reach a new audience for digital financial products – with real assets and blockchain efficiency.
With this offering, the exchange demonstrates how the tokenization of real-world assets is increasingly becoming a bridge between the crypto and traditional finance worlds. If successful, the model could serve as a blueprint for other exchanges and asset classes – including bonds, real estate, or commodities.
