Kraken Expands Services, Bringing U.S. Stocks to Global Markets via Tokenization
Cryptocurrency exchange Kraken is expanding its services, aiming to make global stock markets more accessible. The platform will offer tokenized versions of popular U.S. stocks and ETFs to clients in select non-U.S. markets.
Kraken's move with xStocks builds on its recent expansion into traditional equities trading for U.S. clients. This announcement follows a trend of leading crypto exchanges innovating to bridge the gap between digital assets and traditional finance.
Initially, Kraken considers Switzerland and the entire European Union for trading tokenized U.S. stocks and ETFs, having launched the product first in Switzerland in August 2025 before expanding to EU customers. The exchange plans to steadily expand both the range of tokenized assets and the jurisdictions where xStocks are available.
Kraken's clients will be able to trade these tokenized assets both on its platform and on-chain through compatible wallet providers. Mark Greenberg, Kraken's global head of consumer, stated that this move is 'reimagining equities investing and providing better alternatives to the status quo'. The tokenized assets can also be used as collateral in ways currently impossible through traditional finance. These tokenized assets will be issued as SPL tokens on the Solana blockchain, enabling 24/7, borderless access to American equities.
Kraken's approach differs from competitors like Bybit, which facilitates trading traditional stocks with crypto, by creating blockchain-native versions of these stocks. The exchange's expansion into tokenized assets is expected to democratize global access to financial markets and provide new investment opportunities.
