Crypto exchange Kraken plans to offer tokenized versions of popular U.S. equities. Kraken will list a new suite of tokenized equities dubbed xStocks in partnership with Backed Finance. The assets will reportedly be live on the Solana blockchain and represent actual shares held 1:1 by Backed. Clients in selected non-U.S. jurisdictions will reportedly be able to trade more than 50 U.S. stocks and ETFs, including Tesla, Nvidia, Apple, and the SPDR S&P 500 ETF, outside traditional market hours. The launch positions Kraken among the first exchanges to successfully list tokenized U.S. equities since Binance’s short-lived effort in 2021. Unlike earlier iterations, Kraken’s approach relies on real securities held in custody and tokenized on a fast, low-cost blockchain. Mark Greenberg, Kraken Global Head of Consumer said, “Access to traditional U.S. equities remains slow, costly, and restricted. With xStocks, we’re using blockchain technology to deliver something better, open, instant, accessible, and borderless exposure to some of America’s most iconic companies.” The xStocks tokens are reportedly issued as SPL tokens on Solana, meaning they are compatible with wallets and protocols on the network. This integration also allows users to leverage their tokenized stocks in decentralized finance environments, including as collateral.