Kraken sells the share and its token side by side, under two laws
Kraken opened US stock trading across the European Economic Area this morning and says the traditional share and its tokenized version now sit side by side in one regulated account.
Tokenization platform
xStocks
Network for tokenized equities issued out of Jersey by Backed Assets against the underlying share one-for-one, with more than 100 US stocks and ETFs live on Solana and Ethereum and not offered in the United States or the United Kingdom.
The profile
Network and brand for tokenized equities whose tokens are issued by Backed Assets (JE) Limited in Jersey as instruments collateralised one-for-one by the underlying share or fund unit, and offered through Payward Digital Solutions in Bermuda and Payward Europe Digital Solutions in Cyprus following Kraken's agreement of 2 December 2025 to acquire Backed. More than 100 US stocks and ETFs are issued against these tokens on Solana and Ethereum and distributed through more than 50 integrated venues and wallets, among them Kraken, Bybit, OKX, Gate, Bitget, Jupiter and Phantom; they are not offered in the United States or the United Kingdom. Kraken said on 2 December 2025 that combined exchange and onchain volume had passed $10bn within six months of the June 2025 debut; a Kraken post of 19 February 2026 put cumulative volume above $25bn, and a Payward release of 12 May 2026 put it above $30bn since launch. That trajectory makes the network the reference case for whether offshore tracker tokens can carry equity turnover at scale.
Products and services
- xStocks tokens
- Tokenized tracker instruments on more than 100 US stocks and ETFs, each collateralised one-for-one by the security held with third-party custodians.
- Venue and wallet integrations
- Distribution across centralised exchanges, Solana and Ethereum trading venues and self-custody wallets, with continuous onchain transferability and weekday trading on Kraken.
Coverage
Developments in which xStocks is a named party, newest first.
On the record
Kraken opens US share dealing across the EEA alongside xStocks
Kraken made more than 7,000 US-listed stocks available to eligible customers across the European Economic Area on 18 August 2026 under a MiFID authorisation held in Cyprus, in the same account as its xStocks tokens, which are issued in Jersey and distributed from Bermuda and which the company says are registered with no securities regulator.
Kraken lists xStocks tokenized US equities on Solana
Kraken began offering xStocks, tokenised US stocks and exchange-traded funds issued by Backed Assets (JE) Limited of Jersey as SPL tokens on Solana, with 60 assets at launch. US persons were excluded from the offering, which Kraken said it intended to extend to more than 140 countries.
Official
Sources
- xStocks
- Kraken: Kraken to acquire Backed, accelerating xStocks expansion
- Kraken: xStocks remain largest provider of tokenized equities, surpass $25 billion in total transaction volume
- Business Wire: Payward and Franklin Templeton announce strategic collaboration to advance tokenized assets and institutional digital finance