Kraken and Bybit Launch Tokenized US Stocks via xStocks

Crypto exchanges Kraken and Bybit have launched tokenized U.S. stocks and ETFs via Swiss-based Backed’s xStocks platform, enabling non-U.S. investors to access fractional shares of leading American companies such as Tesla, Nike, Walmart, and Exxon Mobil. These tokenized securities—issued on Solana—can be held and used alongside digital assets in crypto wallets.

“With xStocks, we’re not launching a novelty. We’re unlocking something foundational,” said Arjun Sethi, co-CEO of Kraken. “You can move it, hold it, spend it, or borrow against it—no intermediaries, no borders, no delays.”

Token holders don’t own the underlying shares directly, but receive dividends as additional token allocations. Shares are held 1:1 by Backed, which uses Chainlink’s Proof of Reserves and third-party attestations from The Network Firm to provide transparency.

While the service introduces flexibility and accessibility, it also carries risks—such as legal complexity, limited liquidity, and reliance on third-party custodians and validators. Investors are urged to consider these factors as the tokenized asset space matures, with this latest offering representing a more credible evolution from earlier experiments.

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