Crypto exchange Kraken plans to offer tokenized versions of popular U.S. equities. According to the exchange’s announcement, Kraken will list a new suite of tokenized equities called xStocks in partnership with Backed Finance. The assets will reportedly be live on the Solana blockchain and represent actual shares held 1:1 by Backed.
Clients in selected non-U.S. jurisdictions will reportedly be able to trade more than 50 U.S. stocks and ETFs, including Tesla, Nvidia, Apple, and the SPDR S&P 500 ETF (SPY), outside traditional market hours.
Blockchain Brings Round-the-Clock Stock Access
The launch positions Kraken as the first exchange to successfully list tokenized U.S. equities since Binance’s short-lived effort in 2021. Unlike earlier iterations, Kraken’s approach relies on real securities held in custody and tokenized on a fast, low-cost blockchain.
According to the exchange, the xStocks tokens are issued as SPL tokens on Solana,…
