Kraken’s tokenized equities arm xStocks has launched xChange, an onchain trading engine that lets users trade tokenized stocks on the Ethereum and Solana networks. The platform supports more than 70 tokenized equities, each purportedly backed 1:1 by the underlying shares held in custody, with prices designed to mirror their public-market counterparts.
xChange provides dedicated trading infrastructure for tokenized real-world assets (RWAs), aiming to bring traditional instruments such as equities onto blockchain settlement and matching rails. xStocks first appeared in June with tokenized versions of publicly traded companies issued by Backed Assets; those products are restricted in certain jurisdictions, including the United States and the United Kingdom.
Since its debut, Kraken says the platform has seen about $3.5 billion in onchain transaction volume and roughly $25 billion in total trading volume across exchanges, with approximately $225 million in tokenized assets held across some 80,000 blockchain wallets, per company data.
The rollout comes after another Kraken milestone: Kraken Financial received a limited-purpose master account from the Federal Reserve Bank of Kansas City, giving the firm direct access to the Fedwire payments network used by banks and credit unions.
Other traditional and crypto market operators are also building infrastructure for tokenized securities. In December, Coinbase announced plans for Coinbase Tokenize, an institutional platform to issue and manage tokenized RWAs including equities. Intercontinental Exchange (ICE), owner of the New York Stock Exchange, said it is developing a platform that would combine its matching engine with blockchain settlement to support tokenized securities like stocks and ETFs—potentially enabling 24/7 trading and near-instant settlement, possibly using stablecoins instead of the current one-day settlement cycle in U.S. equities markets.
The London Stock Exchange Group is working on blockchain-friendly digital settlement infrastructure for tokenized securities, and Nasdaq has proposed changes to integrate tokenized stocks and exchange-traded products into its existing trading systems. If regulators approve, these developments could increase liquidity for tokenized offerings.
This report follows the publisher’s editorial standards; readers are encouraged to verify details independently.