Kraken Launches xStocks Tokenized U.S. Stocks on Solana Blockchain

Kraken, a leading cryptocurrency exchange, has launched xStocks, a new product that offers tokenized U.S. stocks on the Solana blockchain. This innovation allows global users to access American stocks in a unique and efficient manner. The launch, announced on Kraken's official platform, represents a significant step in the convergence of traditional finance and blockchain technology.

xStocks initially includes 60 different U.S. stocks and exchange-traded funds (ETFs), minted by Backed, an asset tokenization platform. These tokenized assets represent real-world stocks and ETFs, allowing international investors to buy, hold, and trade shares of companies and ETFs as SPL tokens on Solana. This setup enables 24/5 trading, providing more flexibility compared to traditional stock markets that operate only during weekdays and are closed at night and on weekends. This feature aligns tokenized stocks more closely with the continuous nature of crypto markets.

One of the key advantages of xStocks is the ability for users to maintain self-custody of their tokenized shares. Token holders can withdraw their tokenized shares directly to their personal wallets. Once stored on-chain, these tokens can be utilized in decentralized finance (DeFi) solutions, allowing holders to use them as collateral for loans or other financial instruments. This added utility differentiates tokenized shares from traditional stock holdings, which lack such versatility in mainstream finance.

Kraken targets global users, though regulations exclude users in certain regions. Within days, Kraken plans to extend this service to 185 countries. This expansion aims to tap into high demand from global retail and institutional users. The trading runs five days a week for 24 hours each day, with weekend access planned for the near future. This approach enables activity beyond standard stock market hours. Users can also buy in small increments, starting at $1. They can pay using crypto, stablecoins, or fiat currencies. The system works on Solana, enabling faster and cheaper transactions than most chains.

xStocks do not provide shareholder rights. There are no voting powers or dividend distributions tied to these tokens. This setup aligns more with growth stocks, which typically reinvest profits. Most listed assets fall under the fast-growth category. They appeal to users focused on capital appreciation over income. The structure supports DeFi use cases, particularly where capital efficiency and liquidity matter.

Kraken’s listing remains one of the most extensive to date. The lack of industry standards remains a challenge. However, xStocks represents a structured step forward in tokenized equity access. Tech-driven global investors continue to seek efficient access to U.S. equities. Tokenization removes the need for traditional brokers and offers an alternative access point.

By March 2025, tokenized real-world assets reached a $50 billion market value. Forecasts suggest this could grow to $2 trillion by 2030. Kraken’s xStocks add to this growing trend, despite tokenized stocks trailing behind tokenized bonds and T-bills. This launch signifies a broader shift in global finance. The revolution in capital markets is driven by digital assets and decentralized technology. Kraken aims to empower individuals by placing more control into their hands, creating a free, borderless, and faster investment environment all year round. xStocks has the potential to transform the meaning of investing and accumulating wealth in the connected world over the long term.