Kraken has opened trading of tokenized US equities to its European customers, signalling growing interest in blockchain-based financial products.
Through the platform, investors can now access more than 60 tokenized certificates tracking companies such as Apple, Meta Platforms, Nvidia, and GameStop, offering 24/5 trading without relying on traditional brokers.
The xStocks service, launched in partnership with tokenization startup Backed, allows European users to trade US equities while avoiding common obstacles such as currency conversion delays, high fees, and settlement lags.
Mark Greenberg, Kraken’s global head of consumer, said,
“For too long, it's been unnecessarily challenging to gain exposure to U.S. markets, and with xStocks we're removing many of the barriers.”
Users can self-custody their tokenized assets or use them across compatible platforms, including decentralized finance protocols.
Since its initial rollout in June, xStocks has seen over $3.84 billion worth of trade volume across centralised and decentralised platforms.
Kraken has indicated plans to expand support beyond the Solana blockchain to include BEP-20 tokens on the BNB Chain and Tron blockchain, with further integrations planned for high-impact networks.
The move places Kraken alongside rivals such as Robinhood and Gemini, which have already introduced tokenized securities in Europe.
Unlike conventional stocks, these blockchain-based certificates offer flexible trading hours and interoperability across platforms, allowing assets to move freely without being confined to a single exchange or wallet.
Traditional players are taking note of the trend.
Nasdaq recently filed with US regulators to list tokenized securities, emphasising that established exchanges could provide safer, regulated venues compared with “siloed trading platforms.”
Commenting on Nasdaq’s proposal, Greenberg said,
“There will be space for walled, KYC-only models like what Nasdaq is exploring, but the real technological breakthrough lies in permissionless, interoperable platforms like xStocks.”
Backed co-founder Yehonatan Goldman sees Nasdaq’s move as validation of tokenized assets’ growing market potential.
He stated,
“This initiative serves as a powerful validation of the growing institutional interest in tokenized assets. We see this move not only as an endorsement of our approach but also as a powerful indicator of the immense market potential for tokenized assets.”
Despite the potential, the market for tokenized equities remains relatively small, valued at around $421 million according to industry tracker rwa.xyz.
Most tokenized shares are issued by third-party platforms rather than the companies themselves, yet they are increasingly viewed as tools to enhance liquidity, support fractional ownership, and provide international investors easier access to US markets.
Kraken’s European rollout of xStocks demonstrates the rising convergence of traditional equities with blockchain technology, giving investors more flexible ways to access global markets while laying the groundwork for wider adoption of tokenized financial instruments.
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