Kraken is set to expand its tokenized stock offerings with shares of Nvidia, Apple, Tesla, and over 50 additional U.S. stocks and ETFs, deploying these digital assets on the Solana blockchain, according to the Wall Street Journal.
The new tokens, called “xStocks,” will be backed by real shares held by Kraken’s partner, Backed Finance, allowing investors worldwide to trade them around the clock. The lineup includes popular ETFs such as the SPDR S&P 500 ETF (SPY) and SPDR Gold Shares (GLD).
Each xStock token can be redeemed one-for-one for the underlying securities, providing investors with tangible ownership and liquidity in a blockchain-native format.
After launching tokenized stocks and ETFs to select U.S. states through Kraken Securities in April, this expansion opens access to markets in Europe, Latin America, Africa, and Asia.
Kraken’s move positions it as a leader in the tokenized asset space, directly competing with platforms like Robinhood. This comes after Binance shelved similar plans in 2021 due to regulatory uncertainties.
A Kraken spokesperson confirmed the company is in active discussions with regulators to ensure compliance across different jurisdictions, tailoring the rollout to each region’s legal framework.
Tokenization is becoming an increasingly significant trend, with industry giants such as BlackRock, Franklin Templeton, and Ondo Finance driving growth in this $65 billion market.
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