Kraken, a prominent crypto exchange that has faced legal challenges from the U.S. Securities and Exchange Commission (SEC) over its digital asset offerings, is making a bold move into tokenized securities. The exchange announced plans to offer tokenized versions of over 50 U.S. stocks and exchange-traded funds (ETFs), including shares of major companies like Apple, Tesla, and Nvidia, to customers outside the United States.
In collaboration with Backed—a firm specializing in blockchain-based financial assets—Kraken will tokenize these assets on the Solana blockchain under the product name “xStocks.” The tokens will trade 24/7, providing global investors with round-the-clock access to traditional equities in a crypto-native format. Each token will represent real shares held by Backed Finance and can be redeemed 1:1 for their cash value.
The xStocks lineup includes popular ETFs such as the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, and the SPDR Gold Shares (GLD). This initiative marks Kraken’s first step into offering tokenized equities globally, targeting regions such as Europe, Latin America, Africa, and Asia. Notably, the service will not be available to U.S. customers, who already have access to over 11,000 traditional stocks and ETFs through Kraken Securities via a conventional brokerage model.
Kraken’s decision to launch xStocks comes amid growing interest in asset tokenization, a process that converts real-world assets into blockchain tokens. The tokenization market has gained significant traction, with pioneers like Ondo Finance, BlackRock, and Franklin Templeton driving the industry to a $65 billion market cap as of May. Robinhood and other platforms are also exploring similar ventures, but Kraken stands out as the first exchange to successfully offer tokenized shares of major U.S. stocks.
This development places Kraken in direct competition with platforms like Robinhood while distinguishing it from Binance, which attempted to tokenize U.S. equities in 2021 but abandoned the effort due to regulatory uncertainty. A Kraken spokesperson told the Wall Street Journal that the exchange is “actively working with various regulators” to ensure compliance with local laws, as regulations surrounding tokenized assets vary across jurisdictions.
The move reflects broader trends within the financial industry, as both crypto-native firms and traditional financial giants increasingly embrace blockchain technology. With U.S. lawmakers and the Trump administration showing a warmer stance toward crypto infrastructure, Kraken is seizing the opportunity to expand its offerings and cement its role as a leader in the evolving landscape of digital finance.
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