In a move that could shake up both crypto and traditional finance circles, Kraken is rolling out tokenized U.S. stocks for its non-U.S. clientele, leveraging the speed and efficiency of the Solana blockchain. The initiative marks a major push by the crypto exchange to bridge the gap between digital assets and legacy financial markets.
The offering, made possible through a strategic partnership with Swiss fintech firm Backed, will allow users outside the United States to gain blockchain-based exposure to shares of top American companies. The stocks won’t be traded directly, but rather through tokenized versions that mirror the value of the underlying equities — and they’ll all live on Solana’s high-performance network.
So why Solana? According to Kraken’s statement, the blockchain’s “unmatched performance, low latency and thriving ecosystem” made it a clear choice. Solana’s reputation for blazing-fast transaction speeds and minimal fees aligns well with Kraken’s ambitions to scale tokenized assets globally.
Arjun Sethi, Kraken’s co-CEO, made it clear during a keynote at Solana’s Accelerate event in New York that the company sees transparency and decentralization as the future of finance. “The whole point of crypto is that we’re able to see things very transparently,” he noted. “It’s decentralized. It is open-source. You can innovate as quickly as possible, and there’s no reason why companies like us can’t morph to do that.”
This step forward represents more than just an expansion of product offerings — it’s also a strategic pivot in Kraken’s positioning. Rather than battling solely in the crypto-native trenches with rivals like Coinbase, Kraken is now inching into territory traditionally dominated by brokerages like Robinhood, which cater to retail investors with a wide range of asset classes.
In fact, Robinhood is also exploring tokenized securities. The trading platform recently announced it’s developing its own blockchain to bring tokenized stocks to European investors, illustrating just how hot the real-world asset (RWA) tokenization trend has become.
Back in April, Kraken already began testing the waters in traditional finance by opening stock and ETF trading to clients in select U.S. states, including New Jersey, Connecticut, and Alabama. Now, it’s taking that vision global.
Of course, this isn’t the first time a crypto exchange has attempted such a leap. Binance made a similar move in 2021 with tokenized stock trading, only to shutter the service after regulators started circling. Kraken seems determined not to repeat that mistake, keeping regulatory boundaries in mind as it moves forward.
The broader landscape for tokenized assets is rapidly expanding. According to market data, the tokenization of real-world assets — from private credit to government bonds — has grown dramatically in 2024 and 2025. The total market cap jumped from $15.9 billion in January to $22.7 billion by mid-May, a leap of nearly 43%. However, tokenized stocks still represent a tiny portion of that pie, clocking in at just $373 million. Kraken clearly sees this as an opportunity to lead in an underdeveloped niche.
Beyond the promise of better accessibility, tokenization offers practical benefits: fewer intermediaries, faster settlements, and reduced barriers to entry for retail investors. It’s a vision of finance that’s leaner, more global, and more inclusive.
With Kraken leaning into tokenized equities and riding the momentum of the Solana ecosystem, it’s clear the lines between crypto and traditional investing are blurring fast — and the implications could be far-reaching.
