Crypto exchange Kraken announced Thursday a partnership with tokenized asset firm Backed and the Solana Foundation to introduce tokenized U.S. equities to select non-U.S. markets through the Solana blockchain. The initiative was unveiled during the Solana Accelerate event.
Through the partnership, Kraken will provide eligible clients outside the United States access to digital versions of U.S.-listed stocks and exchange-traded funds (ETFs). The assets will be available via xStocks, a new brand launched by Backed, offering onchain exposure to traditional equities.
xStocks to Launch on Solana Blockchain
Backed will issue digital representations of equities in the form of SPL tokens on the Solana blockchain. Kraken will be the first exchange to support trading of xStocks, citing Solana’s speed, scalability, and active developer community as reasons for the chain’s selection.
The tokenized equities aim to offer around-the-clock access to stocks typically traded within limited market hours. While xStocks are initially limited to Kraken users in select jurisdictions, expansion to additional regions and platforms is planned.
Solana Foundation’s Head of Partnerships, Amelia Daly, said the initiative aligns with the organization’s goals of creating “global, 24/7, permissionless access to the financial system.”
Broader Push Toward Onchain Financial Products
The move is part of a broader trend by Kraken to expand access to equities-related products. In April, the company introduced traditional stock and ETF trading for U.S. clients, covering more than 11,000 listed instruments. Kraken has stated its intent to extend these services to markets in Europe, the U.K., and Australia.
Adam Levi, cofounder of Backed, described the xStocks platform as a bridge between traditional and decentralized finance, enabling new forms of investment access. The firm views tokenized equities as public infrastructures, intended for use across multiple exchanges and chains.
Kraken and Backed indicated plans to explore additional blockchain integrations beyond Solana, signalling a longer-term strategy to increase access to equity markets via tokenization. No timeline has been confirmed for expansion or listings on other platforms.
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