The world of digital finance is evolving at breakneck speed, and a pivotal moment unfolded this week as two of the largest cryptocurrency exchanges—Kraken and Bybit—launched tokenized U.S. stock offerings within just two hours of each other. This near-simultaneous move marks a transformative step in the convergence of traditional finance (TradFi) and decentralized finance (DeFi), signaling a new era where global investors can access Wall Street assets in a fully on-chain, crypto-native format.
This coordinated launch underscores the growing momentum behind tokenized finance, a movement aimed at bringing real-world assets (RWAs) onto blockchain networks. By enabling 24/5 trading, self-custody, and DeFi integration, these platforms are redefining how people interact with equities—breaking down geographical and institutional barriers that have long restricted access to U.S. markets.
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Kraken Launches 60 Tokenized Equities on Solana
Kraken made the first move, unveiling its xStocks product line featuring 60 tokenized U.S. equities and ETFs. These digital assets, issued by Swiss-based Backed, include blue-chip stocks like Apple (AAPL), Tesla (TSLA), and the SPY ETF—all built on the high-speed Solana blockchain.
What sets Kraken’s offering apart isn’t just availability—it’s utility. Unlike traditional brokerage accounts, Kraken allows users to withdraw their tokenized stocks into self-custody wallets. Once in their personal wallets, these assets can be used across decentralized finance protocols—for example, as collateral for loans or liquidity provision—unlocking financial functionality previously unavailable with conventional stocks.
“This isn’t just about trading,” said Arjun Sethi, co-CEO of Kraken. “For the first time, people all over the world can own and use a share of a tokenized stock like they would use money. You can move it, hold it, spend it, or borrow against it. All from your wallet, with no intermediaries, no borders, and no delays.”
Kraken plans to expand access to over 185 countries in the coming weeks and will support additional blockchains beyond Solana in the future. However, consistent with regulatory constraints, these services are not available to U.S. persons or residents.
Bybit Joins the Race with Multi-Chain Support
Just two hours after Kraken’s announcement, Bybit—currently ranked as the second-largest crypto exchange by trading volume—launched its own integration of xStocks on its Spot platform. The timing was no coincidence; it reflects a competitive push to lead in the emerging tokenized asset space.
Bybit’s version supports both Ethereum (ERC-20) and Solana (SPL) variants of xStocks, giving users flexibility in chain choice. The initial offering includes the same high-demand equities: tech giants, leading ETFs, and other liquid U.S. assets.
Emily Bao, Head of Spot at Bybit, emphasized the strategic importance of this move:
"By listing tokenized equities and ETFs, we're not just adding new products—we're empowering our users with greater choice, deeper flexibility, and more control, all within the secure and seamless Bybit experience. xStocks was the clear choice to help us deliver this unparalleled access."
This expansion aligns with Bybit’s broader initiative to bridge TradFi and crypto, which already includes offerings in forex, gold, and CFDs. With xStocks, the platform enhances its value proposition for traders seeking diversified exposure without leaving the crypto ecosystem.
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Why Tokenized Stocks Are Gaining Traction
Tokenized stocks represent more than just digital copies of equities—they introduce transformative features:
- 24/5 Trading: Unlike traditional markets that close on weekends and holidays, tokenized stocks trade nearly around the clock.
- Fractional Ownership: Users can buy fractions of high-priced shares like Amazon or Google, lowering entry barriers.
- On-Chain Mobility: Assets can be transferred peer-to-peer or integrated into DeFi protocols.
- Global Accessibility: Non-U.S. investors gain exposure to U.S. equities without needing a domestic brokerage account.
These advantages are particularly valuable for users in regions with limited access to international markets or restrictive capital controls.
Moreover, the underlying infrastructure—powered by regulated issuers like Backed—ensures that each tokenized share is backed 1:1 by actual securities held in custody, maintaining trust and compliance.
Robinhood Also Eyes Tokenization
Even traditional fintech players are responding to this shift. On the same day, Robinhood announced plans to launch its own tokenized stock trading service, alongside the development of a dedicated blockchain built on Arbitrum. While details remain sparse, this signals growing institutional recognition of blockchain’s role in modernizing financial infrastructure.
Frequently Asked Questions (FAQ)
Q: What are tokenized stocks?
A: Tokenized stocks are blockchain-based digital representations of real company shares. Each token is typically backed by an actual stock held in custody and allows holders to gain exposure to price movements without owning the underlying security directly.
Q: Are tokenized stocks safe?
A: Safety depends on the issuer and custodial setup. Reputable platforms use regulated entities to hold underlying assets and undergo regular audits. However, they are not covered by protections like SIPC insurance, so due diligence is essential.
Q: Can I receive dividends from tokenized stocks?
A: Yes—most legitimate tokenized stock platforms distribute dividends proportionally to token holders, mirroring the payouts of the original equities.
Q: Why aren't these services available in the U.S.?
A: U.S. securities laws impose strict regulations on stock trading and issuance. Offering tokenized equities without proper SEC approval could violate these rules, which is why most platforms restrict access to non-U.S. residents.
Q: How do tokenized stocks differ from stock CFDs or derivatives?
A: Unlike CFDs—which are speculative contracts—tokenized stocks represent actual ownership claims backed by real shares. They offer more transparency and fewer counterparty risks when properly structured.
Q: Can I use tokenized stocks as collateral in DeFi?
A: Yes—this is one of their key advantages. Platforms like Kraken allow withdrawal to wallets, enabling use in lending protocols or liquidity pools across various blockchains.
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The Road Ahead for On-Chain Finance
The near-twin launches by Kraken and Bybit highlight a clear trend: the future of finance is on-chain. As blockchain technology matures, more real-world assets—from bonds to real estate—are expected to undergo tokenization, increasing liquidity and efficiency across markets.
With major players investing in infrastructure, interoperability, and user experience, tokenized stocks may soon become a standard feature in digital asset portfolios. For global investors, especially those outside traditional financial systems, this shift offers unprecedented access and autonomy.
As innovation accelerates, one thing is certain: Wall Street is no longer confined to physical trading floors or centralized brokers. It’s now live—onchain, open-source, and globally accessible.
Core Keywords: tokenized stocks, Kraken, Bybit, xStocks, DeFi integration, on-chain trading, Solana blockchain, 24/5 trading