Cryptocurrency exchange Kraken has expanded its xStocks offering to millions of clients across the European Union, providing on-chain access to U.S. equities to investors in the region.
The expansion enables eligible European investors to trade tokenized versions of popular U.S. stocks and exchange-traded funds (ETFs) directly through the Kraken app.
“Expanding xStocks to the European Union was a natural next step for Kraken, given our dedicated growth strategy and market presence here. For too long, it’s been unnecessarily challenging to gain exposure to U.S. markets, and with xStocks we’re removing many of the barriers,” Mark Greenberg, Kraken’s global head of consumer, said in the announcement shared with CoinDesk.
Tokenized stocks, also known as xStocks, developed in partnership with the Swiss Fintech firm Backed, are blockchain-based representations of real-world stocks or ETFs.
These tokens mirror the value of the underlying stock and can be traded or held just like any other cryptocurrency in your wallet. These instruments address the longstanding challenges faced by global investors trying to access the U.S. stock market, which has traditionally been difficult and fraught with friction.
With xStocks, EU-based investors can trade tokenized certificates that track the prices of popular U.S. equities, eliminating the need for traditional brokerages or intermediaries. Investors will maintain complete control over their assets, allowing seamless movement across compatible platforms and self-custody.
Additionally, xStocks can be integrated into decentralized finance (DeFi) protocols, serving as composable financial building blocks that enhance users’ flexibility and participation in modern digital markets.
Kraken’s rollout of 24/5 xStocks trading in the EU is consistent with the growing interest in blockchain-based financial infrastructure and reflects broader industry trends toward decentralization, transparency, and democratization of global financial markets.
According to Boston Consulting Group (BCG) and McKinsey & Company, the global tokenized asset market is expected to be worth trillions of dollars by the 2030s.
The tokenized stocks operate as SPL tokens on the Solana blockchain, known for fast and low-cost transactions, with plans underway to expand support to BEP-20 blockchains and Ethereum’s mainnet. This multi-chain approach aims to integrate xStocks deeper into the booming DeFi ecosystem.
