On June 30, Kraken officially listed xStocks, a range of tokenized U.S. equities and ETFs issued by Backed Assets Limited, not Kraken itself. The platform now allows users to trade over 60 tokenized assets, including high-profile names such as Nvidia, Tesla, Apple, and GameStop, directly from their Kraken accounts. The xStocks tokens are built on the Solana blockchain and follow the SPL token standard, enabling self-custody and decentralized access.

xStocks offers exposure to 55 individual stocks and 5 ETFs, representing a significant step toward merging traditional finance (TradFi) with decentralized ecosystems. While this isn’t a full substitute for owning actual shares, the tokens provide an easier, on-chain method to mirror the performance of well-known U.S. securities. Kraken users can withdraw these tokens to external wallets, maintaining control over their digital assets.

However, due to regulatory and technical limitations, xStocks trading is currently restricted by geography and functionality. Users from the U.S., Canada, the EU, the U.K., and Australia are not eligible to participate in xStocks trading. In addition, trading is only available during weekdays, even after traditional market hours, while weekend trading is still under development, Kraken noted.

Another critical caveat is that xStock tokens do not confer traditional shareholder rights, such as voting privileges or dividend payments. This makes them less suitable for income-focused investors and more appropriate for those seeking exposure to high-growth tech stocks, many of which do not issue dividends anyway. Companies like Tesla and Nvidia, which often reinvest profits for expansion, are ideal candidates for this kind of tokenized exposure.

The listing reflects the broader trend of tokenizing real-world assets (RWAs). According to market data, the total value of tokenized RWAs surpassed $50 billion as of March 2025. Analysts predict that number could reach $2 trillion by 2030, as tokenization continues to transform traditional asset classes, from real estate and equities to bonds and commodities.

As blockchain technology continues to mature, platforms like Kraken are positioning themselves to bridge the gap between DeFi and TradFi, offering traders new ways to engage with legacy financial products in a decentralized, programmable environment.