Kraken to Tokenize Major US Stocks Including Apple and Tesla

Kraken just announced the launch of xStocks, a program to tokenize more than 50 US stocks and ETFs. These assets will be hosted on Solana’s blockchain, backed by a corresponding amount of the original stocks.

Users will gain 24/7 access to TradFi market exposure, with all the quality-of-life features of a crypto-native infrastructure. Specific offerings include Apple, Tesla, Nvidia, and major non-crypto ETFs.

Kraken is Bringing TradFi Into the Crypto Market

Kraken is currently the second-largest crypto exchange in the US in terms of daily trading volume. Over the past year, the US market has been a core priority for the exchange with expansions and new operations. US-based clients have access to staking features, and US policy decisions have a serious impact on its revenue.

However, when Kraken announced xStocks, its new array of tokenized assets, it clarified that these will only be available in foreign markets:

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/IPIKEgxqH7

— Kraken Exchange (@krakenfx) May 22, 2025

Kraken’s own press release doesn’t specify which stocks will be tokenized on xStocks. Luckily, TradFi media outlets reported on a few of them.

Major tech firms like Apple, Tesla, and Nvidia are obvious picks, but xStocks will also allow ETFs based on the S&P 500 and the price of gold.

In total, Kraken will tokenize approximately 50 assets, all based in the United States.

This isn’t the first time that a major crypto exchange has tried something like this. In 2021, Binance attempted to tokenize Tesla stock, but US regulators quickly shot the proposal down.

Pro-crypto regulations are growing in the US, but it’s not clear if the government’s response would be any different this time.

This may explain why Kraken is only offering xStocks abroad. The firm will still need to negotiate agreements with foreign markets, but this extra degree of isolation may make the process more tenable.

xStocks will offer Kraken users 24/7 exposure to US financial instruments, with a crypto-native infrastructure to decrease fees and consumer friction.

Technically, Backed Finance developed the tokenization system, but Kraken is handling the sales. Backed, for its part, will handle purchasing the underlying assets as needed to ensure a stable reserve.

Although xStocks will initially be exclusive to Kraken users, that may change in the future. Solana claimed that they will only be exclusive to its blockchain “for a limited time,” but it’s unclear how temporary this arrangement might be.

For now, Kraken plans to roll these products out on its app, followed by specific market access for the UK, Europe, and Australia.