Kraken Expands Crypto Offerings with Tokenized Stocks and ETFs on Solana

Kraken, a leading cryptocurrency exchange, is making waves in the digital asset space by announcing the launch of tokenized versions of major U.S. stocks and ETFs. This innovative move, reported by The Wall Street Journal, will allow international users to trade these assets 24/7 on the Solana blockchain. The new product line, named "xStocks," includes high-profile companies like Apple, Tesla, and Nvidia, marking a significant step in bridging traditional finance with the crypto world.

Kraken to Launch Tokenized Stocks and ETFs on Solana Blockchain

Kraken, the cryptocurrency exchange, is set to introduce tokenized versions of major U.S. stocks and ETFs, including Apple, Tesla, and Nvidia, as reported by The Wall Street Journal. The new product line, dubbed "xStocks," will enable international users in Europe, Latin America, Africa, and Asia to trade over 50 tokenized assets around the clock.

The tokenized shares will be hosted on the solana (SOL) blockchain, with each token backed 1:1 by the underlying securities. Backed Finance, Kraken’s partner, will custody the actual shares, ensuring price alignment with market values. The tokens will also be redeemable for their cash equivalent.

Kraken to List Tokenized Versions of Nvidia, Apple, Tesla Shares on Solana

Kraken is expanding its digital asset offerings with the introduction of tokenized shares for major U.S. equities, including Nvidia, Apple, and Tesla. The tokens, dubbed "xStocks," will be deployed on the Solana blockchain and available for 24/7 trading globally. Backed Finance will hold the underlying shares, ensuring 1:1 redeemability for cash value.

The move follows Kraken’s April announcement of over 11,000 U.S.-listed stocks and ETFs, initially available in 10 states. The platform now adds more than 50 tokenized stocks and ETFs, including SPDR S&P 500 ETF (SPY) and SPDR Gold Shares (GLD), further bridging traditional finance with crypto markets.