Kraken Expands Global Reach with Tokenized US Stocks, SOL Jumps on Solana Partnership

Kraken is aggressively advancing its strategy to launch tokenized U.S. stocks for international investors. As part of its broader expansion plan, the exchange has formed several key partnerships, most notably with Solana. This collaboration has triggered a bullish rally in SOL, as investors anticipate increased utility and adoption through the integration.

Kraken to Launch Tokenized U.S. Stocks on Solana, Partners with BackedFi

Kraken, a leading U.S.-based cryptocurrency exchange, plans to debut tokenized U.S. equities in global markets, giving non-U.S. investors access to digital versions of prominent American stocks like Apple, Tesla, and Nvidia. This initiative, branded as xStocksFi, marks a pivotal step in merging traditional finance with blockchain innovation.

The exchange will initially anchor the rollout on the Solana blockchain, selected for its high speed, scalability, and composability. Kraken also signaled future plans to support other blockchains as the platform evolves.

To bring xStocksFi to market, Kraken has partnered with BackedFi, a firm known for its expertise in tokenized stocks and ETFs. Together, they aim to launch over 50 tokenized equities and ETFs at the start. While Kraken has yet to announce the commercial rollout date, the move positions the platform to redefine global stock trading.

Kraken co-CEO Arjun Sethi stated that the offering will go beyond just trading. Users will be able to transfer tokenized stocks, use them as collateral, and interact across CeFi and DeFi platforms, expanding their financial utility.

The announcement comes just days after Kraken secured a crypto derivatives license in Europe, signaling the exchange’s broader regulatory and product ambitions. Meanwhile, rumors of a token launch and IPO continue to gain traction in the crypto community.

SOL Surges as Kraken’s Tokenized Equity Plans Spark Market Momentum

Kraken’s announcement to tokenize U.S. equities on Solana has propelled SOL prices upward. The asset climbed to $178, posting an 8% gain in the past 24 hours amid soaring trading volumes and renewed investor optimism.

This sharp uptick has quelled fears of a correction to $140, as institutional interest in Solana intensifies. Investors now view the price movement as part of a sustained trend rather than a temporary spike.

Over the past week, SOL gained 4%, but its monthly performance stands out—a 23.1% rise over the last 30 days, far outpacing most major altcoins.

Solana’s upward momentum aligns with a broader institutional push. Earlier today, OKX launched xBTC on Solana, following Societe Generale’s introduction of a euro-pegged stablecoin on the network. These developments underscore Solana’s growing influence within both the crypto and traditional finance sectors.

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