In May 2025 Kraken announced xStocks, tokenised versions of popular US equities including Apple, Tesla and Nvidia. Deployed on the Solana blockchain and backed by real securities held via its partner Backed Finance, the tokens allow round-the-clock global trading of shares that traditionally trade only during US market hours.
The launch targeted customers outside the United States, reflecting how tokenisation of real-world assets, or RWAs, has become one of the most active frontiers in crypto.
Wall Street to your wallet
By putting equities on-chain with continuous settlement, Kraken joined a broader movement, echoed by Robinhood and others, to blur the line between traditional securities and digital assets. The model's success will hinge on transparent backing and clear regulatory treatment.
Wrapper, not ownership
Tokenised equity exposure typically conveys economic performance without shareholder rights. That distinction is often buried in documentation retail users do not read.
Round-the-clock trading in an instrument whose underlying market is closed also creates pricing gaps that only sophisticated participants can arbitrage.
