Kraken Bridges Traditional Finance and Crypto with Tokenized U.S. Stocks and ETFs on Solana

Kraken, in collaboration with Backed and the solana Foundation, has launched the "xStocks" initiative to tokenize U.S.-listed equities and ETFs on the Solana blockchain. This groundbreaking move aims to provide global users with access to traditional financial assets through blockchain technology, further integrating decentralized finance (DeFi) with conventional markets.

Kraken Launches Tokenized U.S. Stocks and ETFs on Solana via xStocks Initiative

Kraken has unveiled a pioneering venture called "xStocks" in partnership with Backed and the Solana Foundation, aiming to bridge traditional finance with blockchain technology. The initiative will tokenize U.S.-listed equities and ETFs on Solana, targeting global users excluded from direct access to these assets. Backed will issue the tokens under Solana’s SPL standard, while Kraken handles trading infrastructure.

The announcement at Lisbon’s Solana Accelerate event highlights crypto’s growing institutionalization. By leveraging Solana’s high-speed blockchain, the project could democratize access to traditional markets while showcasing the network’s capability to handle real-world asset tokenization at scale. This MOVE follows increasing demand for compliant crypto-finance hybrids after similar experiments by competitors like FTX and Binance.

Pi Network Struggles Below $1 Despite Kraken Listing

Pi Network’s native token continues to trade below psychological resistance at $0.78, failing to capitalize on its recent Kraken Pro listing. The platform introduced perpetual futures trading with 20x leverage on May 23, marking PI’s formal entry into the U.S. derivatives market.

Technical indicators paint a bearish picture. The MACD histogram shows sustained downward momentum, while a Sharpe Ratio of -6% signals poor risk-adjusted returns. Trading volume has collapsed 60% since Pi briefly touched $1.60 earlier this month, reflecting waning speculative interest.

Centralization concerns linger after blockchain analysts identified 12 million PI tokens moving from insider-controlled wallets. The network’s transition to open mainnet remains incomplete, leaving early adopters unable to freely transact their mined tokens.