7 December 2025
Kraken, the leading cryptocurrency exchange, will soon make international trading of U.S. stocks accessible to customers outside the U.S. The exciting news was announced in a press release last Thursday.
The new service, which covers over 50 US stocks and exchange-traded funds (ETFs), is the result of a partnership with Backed, a specialist company in tokenized securities. Kraken will use the Solana blockchain to offer the so-called xStocks. This innovative product promises improved access to stocks listed on US stock exchanges, worldwide.
Tokenization involves physical assets, such as stocks or bonds, being digitally represented on the blockchain. Kraken will represent these shares on Solana as SPL tokens, a standard similar to the popular ERC-20 tokens on Ethereum. The xStocks, which will be traded on a public blockchain, are designed for 24/7 trading.
“Hold on to your seat, because we’re going to turn the world of stock investing upside down!” That’s the spirit of this revolution.
Kraken and Backed chose Solana for its unmatched performance, low latency, and thriving global ecosystem. However, they are also open to exploring tokenized securities on other networks. Mark Greenberg, Global Head of Consumer at Kraken, said: “Access to traditional U.S. equities is slow, expensive, and fraught with restrictions. We are reimagining that experience for our clients.”
In April, Kraken launched trading of US stocks and ETFs for US clients and is now eyeing similar expansions in the UK, Europe and Australia. It comes as the exchange prepares to go public this year.
Within the financial world, there are several champions of tokenization. BlackRock CEO Larry Fink described the concept in 2022 as the future of markets, with blockchain technology enabling near-instant settlements and lower costs. In the U.S., firms like Securitize have positioned themselves as leaders in tokenization, managing large digital funds such as BlackRock’s USD Institutional Digital Liquidity Fund, worth around $2,8 billion.
With the rise of tokenized stocks, it is clear that this market is still in its infancy compared to stablecoins and more established products. Currently, the total value of tokenized stocks on the blockchain is estimated to be around $373 million, with Exodus Movement’s stock being one of the prominent examples.
What are xStocks?
xStocks are tokenized versions of US stocks traded on the Solana blockchain via Kraken.
Why does Kraken choose the Solana blockchain?
Kraken and Backed chose Solana for its high performance, low latency, and thriving ecosystem.
Is tokenization a common practice?
Tokenization is still relatively new, but it has caught the attention of major financial players, with growing interest and investment in this innovative technology.
It’s clear that the future of investing looks different. By opening the door to tokenization, Kraken is helping investors worldwide gain easier and faster access to the US financial markets. Stay informed and be prepared for what the future of crypto and stock markets has in store for you!
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