Bitcoin on a stack of coins with Kraken logo on a laptop screen. Source: 24K-Production - stock.adobe.com

Key Takeaways:

Kraken will launch tokenized US stocks for non-US clients via the Solana blockchain, aiming to bridge traditional finance with crypto.
The initiative, in partnership with Backed, positions Kraken to compete with multi-asset platforms like Robinhood.
Tokenized real-world assets are gaining traction, with the sector’s market cap rising 43% in 2024 to $22.7 billion.

Kraken is set to launch tokenized U.S. stock trading for international clients, partnering with Backed to offer the service via the Solana blockchain.

This marks a strategic expansion aimed at bridging traditional finance with the digital asset world.

Today we’re announcing our new partnership with @BackedFi for the launch of xStocks on @Solana 🚀@xStocksFi will offer tokenized versions of U.S.-listed equities, available soon to eligible Kraken clients in select non-U.S. markets.

A new layer of market access, built on… pic.twitter.com/eXUnpHDipF
— Kraken Exchange (@krakenfx) May 22, 2025

Solana was chosen for its speed and global reach.

Kraken co-CEO Arjun Sethi emphasized the transparency and innovation enabled by blockchain technology during the Solana Accelerate event on May 22.

The initiative positions Kraken to compete more directly with multi-asset platforms like Robinhood, which is also developing a blockchain for tokenized securities.

Kraken previously began offering ETFs and stock trading in select U.S. states, and this global move reflects its broader diversification goals.

The tokenization of real-world assets (RWAs) is rapidly growing, with the sector’s market cap rising nearly 43% in 2024 to $22.7 billion.

While tokenized Treasurys and private credit lead the space, tokenized stocks remain a smaller segment at $373.4 million.

Kraken’s expansion signals increasing momentum in bringing traditional investments onto blockchain, enhancing access and reducing barriers for global retail investors.