Kraken and Backed Launch xStocks, Bringing Tokenized U.S. Equities to Solana

Kraken has officially launched xStocks, a new offering that allows users to trade tokenized U.S. stocks and ETFs on the Solana blockchain, marking a major step in merging traditional financial assets with blockchain infrastructure.

The product, developed in partnership with asset tokenization platform Backed Finance, debuts with over 60 tokenized equities, including major firms like Apple, Tesla, Microsoft, Amazon, Nvidia, Meta, Robinhood, Coinbase, Netflix, and others. These stocks are now available not only on Kraken but also on Bybit and several Solana-based DeFi platforms.

24/5 Trading and Onchain Utility

Unlike traditional equities, which are restricted by weekday trading hours, xStocks are available 24 hours a day, five days a week. The tokens are minted by Backed and backed 1:1 with real shares, allowing for instant onchain settlement and self-custody. Users can withdraw their holdings to Solana wallets and use them within DeFi ecosystems for purposes like liquidity provision or as loan collateral.

This flexibility introduces a novel form of utility for stock ownership. By bringing equities onchain, xStocks blur the lines between traditional investing and decentralized finance, giving users programmable financial instruments with global reach.

Kraken’s Vision: Breaking Barriers in Finance

Kraken’s co-CEO Arjun Sethi described xStocks as more than a product, he called it a move toward redefining access to global markets. “Borders and outdated financial infrastructure have long limited access to capital markets,” Sethi said. “xStocks let users treat stocks like currency- transferable, spendable, usable, onchain and without friction.”

The exchange emphasized that tokenized stocks can enable financial inclusion, especially for investors outside the United States who face barriers to accessing American equities.

Expanding Beyond Solana

While the current version of xStocks is built on Solana, Kraken and Backed have indicated plans to expand the offering across multiple blockchains, aiming for broader reach and increased composability across the crypto ecosystem.

Backed co-founder Adam Levi called tokenized equities an “inevitable evolution” for digital finance. “Combining blue-chip assets with decentralized infrastructure brings efficiency, transparency, and accessibility. It’s the next logical step for capital markets,” he said.

Available on Kraken, Bybit, and Solana DeFi

Beyond Kraken, Bybit has also rolled out xStocks across its TradFi and Byreal platforms. The exchange claims compliance with MiFID II, a key European regulatory standard, and says dividend support is under development.

xStocks are now integrated into major Solana DeFi protocols including Kamino, Raydium, and Jupiter, allowing tokenized equities to be traded, swapped, or used in liquidity pools. The integration also extends to Phantom Wallet, with further functionality expected to follow.

This move opens a new chapter in onchain finance by combining the security and value of traditional assets with the programmability and speed of blockchain systems. With more tokenized assets expected to roll out in the coming weeks, xStocks may help redefine how global investors engage with equities in the digital age.