Cryptocurrency exchange Kraken made a groundbreaking announcement at today's Solana Accelerate event, revealing plans to collaborate with tokenized asset firm Backed in launching a platform for trading over 50 tokenized US stocks and ETFs on the Solana blockchain. This strategic move marks Kraken's significant pivot into tokenization while positioning it to compete directly with traditional brokers like Robinhood.
Kraken Enters Tokenized Securities Arena Targeting Global Markets
The newly announced "xStocks" platform represents Kraken's latest expansion following its $1.5 billion acquisition of futures platform NinjaTrader in March 2025. The service will launch on Solana in coming weeks, offering:
- Tokenized versions of 55+ US-listed equities and ETFs
- Access to popular stocks including Apple, Tesla, and Nvidia
- Services initially available to non-US clients in select markets
"Today we're announcing our new partnership with BackedFi for the launch of xStocks on Solana. This will offer tokenized versions of U.S.-listed equities, available soon to eligible Kraken clients in select non-U.S. markets."
— Kraken Exchange (@krakenfx)
Why Tokenized Stocks Matter in 2025
Equity Tokens: The Next Frontier Beyond Stablecoins
Kraken co-CEO Arjun Sethi predicted during the Solana Accelerate event that equity tokens will eventually surpass stablecoins in market size:
"Tokenized stock markets will grow exponentially when you factor in derivatives like futures and options. Single stock tokens could rival Tether's market cap."
Solving Global Access Barriers
Sethi highlighted how tokenization solves key pain points:
"Many international investors, particularly in Europe and the UK, face cumbersome processes to access US markets. Tokenization removes these friction points."
The Rising RWA Market Landscape
The tokenized assets market has seen remarkable growth:
- Total market cap surged from $15.9B to $22.7B in 2025 (+43%)
- While currently dominated by treasury bonds (85%), equities represent $370M (3.7%)
- Projected to reach $16 trillion by 2030 according to Boston Consulting Group
Traditional broker Robinhood recently announced plans to develop its own blockchain for European stock token trading, signaling mainstream adoption.
👉 Explore how tokenization is transforming capital markets
Kraken's Strategic Positioning for IPO
This development comes as Kraken considers a $1B funding round ahead of potential public listing. The tokenized securities offering:
- Diversifies revenue streams beyond crypto trading
- Bridges traditional and digital asset markets
- Positions Kraken as a next-gen financial platform
Frequently Asked Questions
Q: When will xStocks launch?
A: The platform is expected to go live in coming weeks, with phased regional availability.
Q: Which stocks will be available initially?
A: Over 55 major US equities including Apple, Tesla, Nvidia and popular ETFs.
Q: Who can access xStocks?
A: Initially available to non-US Kraken clients in select jurisdictions (exact markets TBA).
Q: How does this compare to Robinhood's offering?
A: While both offer tokenized stocks, Kraken's solution leverages Solana's infrastructure versus Robinhood's proprietary blockchain.
Q: What are the tax implications?
A: Investors should consult local tax advisors as regulations vary by jurisdiction.
Q: How are dividends handled?
A: Backed's tokenization protocol automatically distributes dividends to token holders.
The Future of Tokenized Finance
As blockchain technology reshapes capital markets, Kraken's strategic moves demonstrate the convergence of traditional and decentralized finance. With institutional adoption accelerating, tokenized assets represent the next evolutionary phase in global market infrastructure.
👉 Discover more about Solana's growing institutional ecosystem
Disclaimer: Cryptocurrency investments involve high risk. Prices are volatile and investors may lose their entire principal. Carefully consider your risk tolerance before investing.