- Kraken is launching tokenized stocks like Apple and Tesla for non-U.S. users via Solana and a partner firm, Backed.
- The new xStocks product will offer 24/7 trading of over 50 equities in a crypto-native format.
- With U.S. regulators easing up, Kraken is reigniting its push into asset tokenization after past legal battles.
Kraken’s not exactly new to picking fights with regulators, but this latest move? It’s a bold one. The crypto exchange, fresh off years of legal wrangling with the SEC over digital asset stuff, now plans to offer tokenized versions of major U.S. stocks—yep, we’re talking Apple, Tesla, Nvidia and more. But here’s the catch: it’s only for folks outside the United States.
The new product is called xStocks, and according to a Thursday release, Kraken’s rolling it out through a partnership with Backed—a company that deals in blockchain-based financial assets. These tokenized stocks (more than 50 of them, including ETFs) will live on the Solana blockchain. And unlike the NYSE, they won’t take weekends off—xStocks will be trading 24/7, just like crypto.
Tokenized Wall Street, Reimagined on Solana
If you’re outside the U.S., this opens the door to round-the-clock access to traditional equities, but in a way that fits the crypto-native mindset. No more waiting for markets to open. These tokenized shares will behave more like Bitcoin than old-school stocks.
Kraken, for the record, already offers a traditional brokerage for U.S. users—with over 11,000 stocks and ETFs in its catalog. But that’s the classic route. The new play is clearly designed to push boundaries where U.S. regulations can’t quite reach… yet.
Legal Baggage and a Changing Climate
Now, keep in mind—Kraken’s no stranger to scrutiny. The SEC, back when it was still swinging hard under earlier leadership, went after the exchange over its digital asset offerings. But under President Trump’s current administration, most of those lawsuits have either stalled or disappeared entirely.
Meanwhile, Binance took a stab at equity tokens back in 2021, only to yank the idea when regulators got twitchy. So what’s different now? Well, things are shifting. Lawmakers are warming up to the idea of asset tokenization. Players like Robinhood and BlackRock are starting to make noise in that space too.
So yeah, Kraken’s taking another shot—this time, with a bit more wind at its back. Whether it flies or flops remains to be seen… but they’re definitely not playing it safe.
