Kraken has introduced xStocks, a new product to tokenize U.S. stocks and ETFs on the Solana blockchain, allowing non-U.S. users to trade popular American equities like Apple (AAPL), Tesla (TSLA), and Nvidia (NVDA) around the clock. Through the partnership with Backed Finance, each xStock token is backed by real shares held in custody, redeemable for cash at market value, ensuring transparency and parity with underlying assets.
This launch offers investors instant settlement and reduced transaction costs, leveraging Solana’s fast, scalable, and low-fee blockchain infrastructure. The availability will initially cover Europe, Latin America, Africa, and Asia, excluding U.S. residents, and accessible via Kraken’s web and mobile platforms.
xStocks tokens can be held in digital wallets and used as collateral in decentralized finance (DeFi) applications, opening new possibilities for integration between traditional finance and crypto. Kraken intends to expand the offering to additional stocks, ETFs, and blockchains over time, while actively pursuing regulatory compliance worldwide.
This initiative follows Kraken’s recent rollout of over 11,000 U.S. stock and ETF trading options for American customers, marking a strategic expansion of tokenized equity products. The project positions Kraken at the forefront of bridging capital markets with blockchain technology, promoting borderless, permissionless access to regulated securities.