In a sign of growing momentum behind tokenized finance, two major crypto exchanges, Kraken and Bybit, unveiled their listings of tokenized U.S. stocks just two hours apart. Kraken is launching 60 tokenized equities under the xStocks brand, powered by Swiss issuer Backed. The offering includes prominent names like Apple, Tesla, and ETFs such as SPY. Two hours later, Bybit, currently the second-largest exchange by crypto trading volume, announced the same product integration on its Spot platform. Kraken’s launch signals a broader ambition to decentralize access to traditional markets. Its xStocks are built on the Solana blockchain and allow users not only to trade them on the exchange but also to withdraw them to self-custody wallets. From there, users can deploy them as collateral across decentralized finance protocols, something conventional stocks can’t match. The exchange plans to expand access to xStocks across more than 185 countries in the coming weeks, with support for additional blockchains to follow. Bybit’s listing supports Ethereum (ERC-20) and Solana (SPL) versions of xStocks, and includes the same basket of high-demand equities. Emily Bao, Bybit’s Head of Spot, said the exchange aims to provide users with more control and choice while remaining within the crypto ecosystem. xStocks offer features such as traditional equities can’t, fractional ownership, on-chain mobility, and round-the-clock trading. By listing them nearly simultaneously, Kraken and Bybit are positioning themselves at the frontier of financial infrastructure. Meanwhile, Robinhood also announced the launch of tokenized versions of U.S.-listed stocks and ETFs, besides a blockchain network.