Cryptocurrency exchange Kraken has launched its tokenized stock platform, xStocks, for millions of clients across the European Union, marking a significant expansion of its services. The platform enables EU-based investors to trade tokenized versions of popular U.S. stocks and exchange-traded funds (ETFs) directly through the Kraken app, providing on-chain access to traditional equities.
The xStocks tokens, developed in partnership with Swiss Fintech firm Backed, are blockchain-based representations of real-world stocks or ETFs that mirror the value of the underlying assets. These tokens operate as SPL tokens on the Solana blockchain, leveraging its fast and low-cost transaction capabilities. Kraken has announced plans to expand support to BEP-20 blockchains and Ethereum's mainnet in the future, adopting a multi-chain approach to deepen integration with the DeFi ecosystem.
Mark Greenberg, Kraken's global head of consumer, stated: "Expanding xStocks to the European Union was a natural next step for Kraken, given our dedicated growth strategy and market presence here. For too long, it's been unnecessarily challenging to gain exposure to U.S. markets, and with xStocks we're removing many of the barriers."
The platform offers several advantages including fractional ownership, 24/7 trading (compared to traditional market hours), global access to U.S. equities, and the ability to integrate these tokenized assets into DeFi protocols as composable financial building blocks. Investors maintain complete control over their assets, allowing seamless movement across compatible platforms and self-custody options.
This expansion aligns with industry trends toward decentralization, transparency, and democratization of global financial markets. According to Boston Consulting Group and McKinsey & Company, the global tokenized asset market is expected to be worth trillions of dollars by the 2030s.