Solana’s xStakes: Kraken Bridges Traditional Finance with Tokenized U.S. Stocks and ETFs
Kraken, in collaboration with Backed and the solana Foundation, has launched the "xStocks" initiative, a groundbreaking effort to tokenize U.S.-listed equities and ETFs on the Solana blockchain. This move aims to provide global users, particularly those excluded from direct access to traditional financial markets, with a seamless gateway to these assets. Backed will issue the tokens under Solana’s SPL standard, while Kraken will manage the trading infrastructure. This initiative represents a significant step towards integrating traditional finance with blockchain technology, leveraging Solana’s high-speed and low-cost network to democratize access to financial instruments. The launch of xStocks underscores the growing trend of tokenization in the crypto space, offering new opportunities for investors worldwide. As of May 2025, this development is poised to further solidify Solana’s position as a leading blockchain for financial innovation.
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.
Solana (SOL) Faces Selling Pressure as Long Liquidations Exceed $6M
Solana’s price retreated 3.27% to $171.07 on May 25, 2025, erasing gains from a brief spike above $181 during a weekend of political meme coin controversy. The Trump-themed token activity on Solana’s blockchain triggered volatility before markets settled into a bearish pattern.
Liquidations hammered bullish traders with $6.1 million in long positions wiped out across exchanges. Binance bore the brunt, accounting for $2.76 million of the forced closures. Despite the sell-off, a whale demonstrated conviction by withdrawing $3.53 million worth of SOL from Binance and staking 19,875 tokens.
Technical barriers remain firm with SOL unable to breach the $193 resistance level. The RSI cooled to 61.87 from overbought territory as spot markets recorded $158.93 million in outflows versus $141.42 million in inflows, creating net downward pressure.
Analyst Peter Brandt Predicts Solana Price To Hit $518
Solana’s price trajectory dominates crypto discussions as Polymarket odds surge from 15% to 40% in Q2. Veteran trader Peter Brandt adds fuel to the bullish sentiment, identifying a cup-and-handle pattern that could propel SOL past $500.
ARK Invest’s Cathie Wood amplifies the optimism, citing Solana’s trifecta of cost efficiency, developer traction, and adoption momentum as key drivers for blockchain innovation. The network’s fundamentals appear robust—Messari reports a 40.8% quarterly spike in DEX volume to $4.6 billion, partly fueled by memecoin speculation.
FTX’s Sam Bankman-Fried Could See Early Release Amid Prison Good Behavior
Sam Bankman-Fried, the disgraced founder of collapsed crypto exchange FTX, may exit prison nearly four years earlier than his 25-year sentence for fraud. Federal corrections officials credit his participation in rehabilitation programs and pre-sentencing custody time.
The former billionaire was convicted in 2024 of orchestrating what prosecutors termed one of history’s largest financial frauds, stealing billions from FTX customers and investors. His sentencing marked a watershed moment for cryptocurrency regulation.
Caroline Ellison, former Alameda Research CEO and key prosecution witness against Bankman-Fried, remains scheduled for release in May 2026. The hedge fund’s entanglement with FTX fueled the exchange’s catastrophic $32 billion collapse.
