Kraken Plans to List Tokenized Shares of Nvidia, Apple, Tesla and More
Kraken will list tokenized shares of Nvidia, Apple, Tesla, and over 50 U.S. stocks and ETFs, as reported by the Wall Street Journal.
- The tokens, named “xStocks,” will operate on Solana and be tradable 24/7 globally.
- ETFs available include SPDR S&P 500 ETF (SPY) and SPDR Gold Shares (GLD).
- Shares are backed by real stocks held by Backed Finance, redeemable 1:1 for cash value.
- This expands Kraken's earlier rollout of 11,000 U.S.-listed stocks and ETFs to international markets including Europe and Latin America.
- Kraken competes with platforms like Robinhood and is the first exchange to offer tokenized shares of major U.S. stocks after Binance canceled similar plans in 2021.
- Kraken is collaborating with regulators to ensure compliance for xStocks across jurisdictions.
- Tokenization is gaining traction in crypto, contributing to a $65 billion market cap as of May.