US customers lose Kraken's opportunity to trade on-chain for international users✅

The Kraken market for US stocks is now available on-chain, with access to 60 US stocks for international traders. The exchange has restricted American persons from trading tokenized securities.✅

The Kraken platform offers a new market for trading tokenized stocks by launching 60 US stocks on-chain. The exchange will make these new stocks available on-chain to buyers outside the United States only, with limited access to selected markets.✅

Premium stocks are not available in Canada, Australia, the EU, the UK, and all generally prohibited regions.✅

Premium XStocks are created by BackedFi and can be fully configured within the Web3 ecosystem, allowing for the use of bots, AI trading, and other forms of conversions, trades, or deposits.✅

This launch follows a previous partnership with BackedFi to launch premium stocks on Solana. Finally, XStocks has launched with its first trades, which will also be available through the Bybit exchange.✅

Breaking: Wall Street is officially on-chain.✅

xStocks are now available on Kraken ❎✅

60 tokenized US stocks available for trading 24/7. More coming soon.✅

We are not waiting for the future; we are building it.👇

Not available in the United States or for American citizens. Geo... #WalletConneect

— Kraken Exchange (@krakenfx) June 30, 2025

The XStocks platform will include some of the best US tech stocks, including GOOG, NVDA, MSFT, and others. Tokenized stocks will be fractional, allowing investment with any deposit amount, with a minimum of one dollar. Stock trading will be available through fiat, cryptocurrencies, or stablecoins.✅

The biggest achievement for tokenized stocks will be access to the entire Solana ecosystem, including decentralized finance (DeFi) lending. XStocks will be transferable and tradable, without restrictions on their use in DeFi protocols.✅

Kamino Lend, the growing Solana lending platform, has announced that it will accept XStocks as collateral.✅

Tokenized stocks are still awaiting regulatory approval in the United States✅

Both Kraken and Coinbase already offer different forms of tokenized stocks. Previously, smaller exchanges offered stock trading due to the ease of converting currencies into tokens.✅

However, these platforms still lack the necessary permission to become official stock brokers in the US market. The relatively small Dinari platform was the first to obtain a license to trade its already tokenized stocks on the base chain.✅

Gemini has also become a source of tokenized stocks, accessible to EU customers. However, Gemini retains a limited offering, with a tokenization strategy only (MSTR). Earlier this week, Ondo Finance also predicted that the rest of the year would see more instances of tokenized stocks, following the recent trend of primarily offering tokenized treasury bonds.✅

Kraken may expedite the process of converting stocks to tokens✅

Kraken's offering is currently among the broadest in the market. Platforms are usually cautious when tokenizing stocks, due to potential regulatory constraints.✅

Globally, only stocks worth approximately 651 million US dollars have been converted to tokens, which is less than the value of debts, bonds, and even commodities. There is no general standard for the tokenization of stocks, with offerings ranging from private tokens to common cryptocurrencies carrying only the name of the stock.✅

XStoks are backed 1:1 by the underlying asset and can be converted online. However, Solana-based tokens do not grant the same rights of official stock ownership.✅

XStocks owners do not have the right to vote or receive dividends, making the token issuer the official owner. However, for global trading and investment purposes, XStocks allow for trading multiple US stocks without additional regulatory burdens.✅

Kraken and other tokenized stock issuers are capitalizing on the demand for US stocks. The expansion of the technology and artificial intelligence sectors, along with the overall economic recovery, has driven international buyers to US stocks.✅

Foreign direct investments in US stocks have maintained their continuous expansion trend over the past three years, based on the demand for assets to hedge against inflation.✅

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