Kraken: US Stocks Now Available In Tokenized Version

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, and DeFi is already responding. In this wake of disruption, initiatives are blossoming, like Kraken’s, which chooses to shake up Wall Street with its latest creation: xStocks.

Kraken draws: crypto enters the arena of stocks

Coinbase opened the ball with the integration of the S&P 500 on its platform. Today, Kraken follows suit and is stepping up the pace. The California-based exchange partners with Backed to offer tokenized stocks on Solana. Named xStocks, this project will allow clients outside the United States to access shares like Apple, Tesla, or Nvidia… but in crypto form.

Through SPL tokens, investors will now 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.

Mark Greenberg, Global Director 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 checks all the boxes for a global-scale service. xStocks are thus designed to integrate into DeFi and CeFi ecosystems and to be used as collateral.

At their launch, more than 50 stocks will be available in certain non-US markets, with progressive expansion. Arjun Sethi, co-CEO of Kraken, summed up the vision:

We are building a financial architecture that is accessible, borderless, and without time constraints.

Kraken’s bet is also that of competition: Robinhood and even BlackRock are investing in tokenization. Binance’s failure in 2021 remains a warning, but political signals have changed: looser regulations under Trump have created fertile ground.

Exchange war: when crypto redefines investment

The race is on. Every crypto exchange wants its piece of the pie. Kraken, Coinbase, Robinhood… All are betting on real-world assets in digital form. Innovation becomes vital.

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

• +42.8%: growth of the RWA market between January and May 2025;
• $22.7 billion: current capitalization of the sector;
• $373.4 million: share of stocks in this market;
• 11,000: securities available on Kraken’s classic stock platform for US clients;
• 50+: stocks offered in the xStocks project

With features like use as collateral or free transfer via wallet, Kraken aims to attract users tired of traditional limits. The ground is fertile: demand is booming, tools are mature, and crypto is establishing itself as an alternative.

Kraken does not intend to stop there. The platform is currently in talks with Goldman Sachs and JPMorgan to raise one billion dollars. The goal? Successfully complete its initial public offering planned as early as the first quarter of 2026. This project marks a strategic transformation: Kraken wants to establish itself as a key institutional player in crypto.