Tokenized stock platform Kraken xStocks has launched xChange, an onchain trading engine designed to facilitate the trading of tokenized stocks on the Ethereum and Solana networks.
According to the company, the system supports trading of more than 70 tokenized shares, which are 1:1 ratio of the underlying shares held in custody, with prices designed to track the corresponding shares of the public market.
The launch adds a new trading infrastructure for tokenized stocks, part of a broader real-world asset market that aims to bring traditional financial instruments like stocks to blockchain trading systems.
Kraken launched xStocks in June this year, offering tokenized versions of publicly traded companies backed by Assets, although the product is not available to users in the United States, United Kingdom or other restricted territories.
According to the company, since then, the platform has recorded $3.5 billion in onchain transaction volume and about $25 billion in total trading volume on exchanges, with about $225 million in tokenized assets stored in about 80,000 blockchain wallets.
The move from Kraken comes days after the exchange said its banking unit, Kraken Financial, had been granted a limited principal account by the Federal Reserve Bank of Kansas City, giving it direct access to the Fedwire payments network used by banks and credit unions.
related to: Kraken is introducing fixed crypto credits for its Pro users
Traditional and crypto exchanges are building rails for tokenized stocks
Kraken is not alone in exploring the infrastructure of tokenized securities, as both crypto exchanges and traditional market operators are experimenting with ways to integrate stocks into blockchain trading systems.
In December, Coinbase announced plans to launch Coinbase Tokenize, an institutional platform designed to support and manage real-world tokenized assets, including stocks.
About a month later, the owner of the New York stock exchange Intercontinental Exchange said it was developing a platform to support the trading of securities, including stocks and exchange-traded funds.
The proposed system integrates the exchange’s existing compliance engine with a blockchain-based settlement infrastructure and can support intraday trading with instant settlement, potentially using stablecoins instead of the same-day settlement cycle in US stock markets.
The London Stock Exchange Group also said it is developing a blockchain infrastructure designed to support the trading and settlement of tokenized securities such as stocks and bonds.
Nasdaq, meanwhile, has proposed adding tokenized versions of stocks and exchange-traded products to its existing trading infrastructure, a change that could increase the liquidity of the securities if approved by regulators.
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