Kraken is attempting to transform tokenized equities from a side-show to a parallel equity market running on crypto rails through its xStocks platform and a new partnership with Nasdaq.

xStocks offers 60+ tokenized U.S. stocks and ETFs, fully backed 1:1, with 24/5 trading and an EU rollout for investors who are out of Wall Street hours.

Kraken is acquiring issuer Backed Finance and has recorded volumes of more than $25B in CEX, DEX, and mint/redemption flows in less than eight months.

The Nasdaq partnership will use xStocks technology to move listed securities over blockchain rails, while regulators warn that "copy" products risk undermining shareholder rights.

Kraken is attempting to transform tokenized equities from a side-show to a parallel equity market that runs on crypto rails 24/7. Its xStocks platform now offers more than 60 tokenized U.S. stocks and ETFs, rolled out to eligible clients across the European Union, and has processed a cumulative transaction volume of more than $25 billion in less than eight months, according to the company's data and recent coverage.

How Kraken's Tokenized Stock Platform Works

xStocks lets users buy, sell, and transfer blockchain-based tokens that mirror real U.S. equities like Tesla, Amazon, Nvidia, and broad-market ETFs, each token fully backed 1:1 by built-in security held by a licensed custodian in a bankruptcy-remote structure.

Cointelegraph and Finance Magnates report that this product provides investors with 24/5 trading in digital certificates that track U.S. prices, extended hours beyond Wall Street's 9-to-5, and the ability to move positions between compatible locations or for on-chain self-custody. Kraken's European rollout, announced in September 2025, explicitly targets customers who have found it "unnecessarily challenging" to gain exposure to U.S. markets for "too long," said Mark Greenberg, global head of consumer.