Key Takeaways
- Kraken has launched xStocks, tokenized versions of 60 major U.S. equities, including Apple, Tesla, and Nvidia.
- These tokens are issued on Solana as SPL assets, allowing on-chain ownership and withdrawals to crypto wallets.
- Binance attempted a similar product in 2021 but shut it down amid regulatory pressure.
After years of false starts and regulatory roadblocks, tokenized stocks are back, this time with Kraken stepping into the ring.
The U.S.-based crypto exchange is launching xStocks, a new offering that brings U.S. equities to the blockchain.
By combining real-world assets with the speed and accessibility of Solana (SOL), Kraken is hoping to succeed where others, including Binance, fell short.
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Kraken Brings U.S. Stocks On-Chain for Global Access
Kraken’s new product will let users outside the U.S. trade tokenized versions of 60 top U.S. stocks, including tech giants like Apple, Tesla, and Nvidia, directly on its exchange, 24/5, with plans to eventually expand to weekend trading.
These xStocks are backed 1:1 by real shares and issued as SPL tokens on the Solana blockchain, allowing for fast, low-cost on-chain transfers and wallet withdrawals.
While investors don’t get shareholder voting rights, dividends are automatically reinvested into additional tokens.
The minimum investment? Just $1. And for those using USD or Kraken’s USDG, there are no purchase fees.
Kraken, Backed, and Solana Team Up
This isn’t a solo effort. Kraken’s xStocks were built in collaboration with token issuer Backed and the Solana Foundation.
Solana handles the infrastructure, chosen for its speed and cost-efficiency. Backed ensures the tokenized equities are fully collateralized.
The offering is aimed squarely at non-U.S. retail investors, excluding regions like Canada, the UK, EU, and Australia.
Still, it marks a significant expansion of access to U.S. equities using blockchain rails—and could be a sign of what’s to come as TradFi and crypto continue to blend.
Kraken already provides thousands of stocks and ETFs to U.S. users through traditional channels. xStocks extend that reach globally, wrapped in crypto-native infrastructure.
Looking ahead, Kraken and Backed plan to expand tokenized equities to additional blockchains as they build toward a 24/7 global market for real-world assets.
Binance Tried, and Failed
Kraken’s move comes in the wake of a failed attempt by Binance to offer tokenized stocks in 2021.
That effort lasted just a few months before regulators—starting with Hong Kong’s SFC—stepped in.
Soon after, watchdogs in the UK, EU, France, Italy, and Germany followed suit, forcing Binance to shut it all down.
The exchange pulled the product and quietly exited the space, leaving a gap Kraken now seems ready to fill—with a more compliant, partnership-led strategy.
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