SOL Rockets Toward $200 as Kraken Bets Big on Solana for Stock Tokenization

Solana’s native token SOL surges toward the $200 psychological barrier—fueled by Kraken’s bombshell move to tokenize US equities on its blockchain. Traders pile in as institutional adoption gets real.

Wall Street’s paper certificates meet crypto’s atomic settlement. The irony? Traditional finance spent a decade ’modernizing’ while blockchain solved it in a whitepaper.

As for these Tokenized assets, unlike traditional stock markets that close after regular hours, these tokenized stocks will be available for trading 24 hours a day, seven days a week. Kraken will use the Solana blockchain to make this happen so investors can buy and sell whenever they want.

Today we’re announcing our new partnership with @BackedFi for the launch of xStocks on @Solana 🚀@xStocksFi will offer tokenized versions of U.S.-listed equities, available soon to eligible Kraken clients in select non-U.S. markets.

A new LAYER of market access, built on… pic.twitter.com/eXUnpHDipF

Kraken’s partner, Backed Finance, will hold the actual shares of the stocks backing the tokens. This means that for every token traded, there is a real stock behind it. The tokens can be exchanged for the cash value of these stocks at any time. This will keep the token prices closely matching the real stock prices.

Arjun Sethi, Kraken’s co-Chief Executive Officer, said this will give international investors a cheaper and easier way to buy U.S. stocks. He mentioned, “There’s a lot of friction” with current methods, including high fees and slow settlement times. The tokenized stocks will help remove these barriers, making investing smoother for people outside the U.S.

Customers may eventually be able to transfer their xStocks to other crypto exchanges or into personal digital wallets, where they can hold them like other cryptocurrencies. They might even use these tokenized stocks as collateral for crypto loans or trading strategies. This could open new doors for investors who want more flexibility with their assets.

However, this new offering from Kraken is a bit similar to the one Binance offered in 2021 when it introduced tokenized stocks but later stopped the service due to regulatory issues. Kraken is actively working with regulators worldwide to make sure its offering follows the law in each country.

Moreover, the government is actively paying closer attention to tokenized equities, and blockchain technology can change traditional finance. The U.S. Securities and Exchange Commission recently held talks on this topic, with big companies like BlackRock and Robinhood supporting the idea.

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