Trading platform Kraken has announced a partnership with Backed and the Solana Foundation to introduce tokenised US-listed stocks and ETFs to investors worldwide.
The new offering, branded xStocks, will initially launch on the Solana blockchain, enabling eligible non-US investors to trade digital representations of equities directly through Kraken.
The move marks a significant shift in equity investing, leveraging blockchain technology to provide instant, low-cost, and borderless access to traditional financial assets.
Kraken’s global head of consumer, Mark Greenberg, described the initiative as a response to inefficiencies in conventional equity markets, stating that xStocks would provide “open, instant, accessible, and borderless exposure to some of America’s most iconic companies”.
Backed, the issuer behind xStocks, will deploy SPL-based digital assets representing publicly listed US equities and ETFs, initially on Solana. Adam Levi, co-founder of Backed, emphasised the transformative potential of tokenised stocks, calling it a “pivotal moment in democratizing access to traditional finance”.
Solana Foundation’s head of partnerships, Amelia Daly, hailed the collaboration as a step toward realising “global, 24/7, permissionless access to the financial system”.
Solana’s high-speed blockchain infrastructure is expected to ensure seamless on-chain transactions, further strengthening the viability of tokenised equities.
The initiative signals Kraken’s growing commitment to equities-linked products. Last month, the firm introduced trading for more than 11,000 US-listed stocks and ETFs for American clients, with plans to expand the service to the UK, Europe, and Australia.
Looking ahead, Kraken and Backed plan to explore expanding xStocks beyond Solana, potentially integrating with other blockchain networks to broaden access to tokenised equities.
By bridging traditional markets with decentralised finance, the collaboration is poised to redefine equity investing, offering crypto investors new ways to engage with the stock market while maintaining regulatory compliance, the company said.
