Blockchain Unlocks U.S. Stocks for EU Investors—No Broker Needed

Kraken, a leading U.S. cryptocurrency exchange, has expanded access to tokenized U.S. stocks for eligible European investors through its xStocks platform, offering blockchain-based exposure to major equities. The service, powered by Swiss fintech firm Backed, allows users to trade tokenized representations of popular U.S. stocks and ETFs directly on-chain without relying on traditional intermediaries. This expansion comes months after Kraken first introduced xStocks in June 2025, with initial availability in over 140 countries excluding the U.S., U.K., Canada, Australia, and the European Union.

xStocks operate as SPL tokens on the Solana blockchain and are backed 1:1 by the underlying shares held in custodial accounts. The product enables 24/5 trading access, allowing investors to bypass traditional brokerage limitations such as cross-border fees, settlement delays, and currency conversion issues. According to Kraken, xStocks also offer the flexibility of fractional ownership and integration with decentralized finance (DeFi) protocols, enabling users to move assets freely across compatible platforms or store them independently. The company plans to expand xStocks to additional blockchains, including BEP-20 and Ethereum’s mainnet, to deepen its integration with the DeFi ecosystem.

Since its global rollout, xStocks have generated over $3.84 billion in cumulative trading volume across centralized and decentralized platforms, with the largest share attributed to tokens tracking Tesla (TSLA), NVIDIA (NVDA), and Circle (CRCL). In mid-August 2025, xStocks accounted for approximately 58% of all tokenized stock trading, with Solana hosting the majority of the market value at $46 million out of $86 million. Kraken's Global Head of Consumer, Mark Greenberg, emphasized that the expansion to the EU is part of the company’s broader strategy to democratize access to global markets and reduce friction for investors seeking exposure to U.S. equities.

The move aligns with a growing industry trend toward tokenized securities and blockchain-based financial infrastructure. Rivals such as Gemini and Robinhood have also launched similar products in Europe, while Nasdaq recently filed with U.S. regulators to enter the tokenized securities space. Kraken’s Greenberg argued that the future of capital markets will be shaped by permissionless, interoperable platforms rather than centralized, walled systems. He highlighted xStocks' ability to enable seamless asset portability and eliminate barriers that have historically restricted access to U.S. markets for international investors.

Despite the rapid growth of tokenized assets, regulatory clarity and market adoption remain ongoing challenges. However, with forecasts from firms like Boston Consulting Group and McKinsey & Company suggesting the global tokenized asset market could reach trillions of dollars by the 2030s, Kraken’s expansion positions xStocks as a key player in reshaping traditional capital markets. By leveraging blockchain technology, Kraken aims to provide a more efficient, transparent, and accessible alternative for investors seeking exposure to U.S. equities.