Tokenized stock trading is officially live on Kraken, Bybit, and across Solana’s DeFi protocols. This latest rollout, led by Backed Finance’s xStocks initiative, offers users the ability to trade equities like Apple, Tesla, and Nvidia directly on-chain. It marks a practical step forward in bridging traditional finance and decentralized infrastructure.

 

xStocks Launch Brings Over 60 Tokenized Equities to Crypto Platforms

Backed Finance has launched xStocks, a tokenized stock platform offering more than 60 equities and ETFs, now live on Bybit, Kraken, and Solana’s DeFi ecosystem. The move brings stocks like Amazon, Microsoft, Meta, and Coinbase into blockchain trading environments, with each token fully backed 1:1 by the underlying asset.

According to public statements and blockchain data, xStocks has already surpassed $1.3 million in trading volume, with over 1,200 unique traders engaging with the platform. While dozens of stock tokens are live, trading activity has initially concentrated around familiar names: NVDA, TSLA, AAPL, MSTR, CRCL, and SPY.

 

Where Can You Trade Tokenized Stocks?

Kraken and Bybit are the two centralized exchanges currently supporting xStocks, while decentralized options on Solana, such as Raydium, Kamino, and Jupiter, enable more advanced on-chain interactions like lending and liquidity provision.

• Kraken has made tokenized equities available in over 185 countries. However, its rollout is geared toward U.S. users, who are typically restricted from accessing U.S.-listed stocks on offshore exchanges. This makes Kraken one of the best exchanges with stock access for American traders.
• Bybit, on the other hand, caters primarily to non-U.S. users, offering spot and hybrid interfaces through its TradFi and Byreal platforms. The exchange promises near-instant settlement and MiFID II compliance. While U.S. residents can sign up on Bybit, access to xStocks is not available due to regional restrictions.

For non-U.S. users, decentralized options offer even more flexibility. Solana’s DeFi protocols now treat tokenized stocks as composable assets, which means users can lend, borrow, stake, and swap these equities just like crypto tokens.

 

Infrastructure and Compliance: How xStocks Works

xStocks tokens are issued by Backed Finance and built using SPL tokens on Solana. The underlying assets are purchased via Interactive Brokers’ Prime platform and held in segregated accounts under Clearstream, a trusted custody service under Deutsche Börse.

To maintain regulatory alignment, tokens come with minting and freezing permissions, ensuring compliance with local securities laws. Additionally, Chainlink oracles are used to provide on-chain price feeds, helping DeFi applications maintain accurate valuations for tokenized assets.

Support has also been added to the Phantom wallet, enabling users to view and potentially interact with their tokenized stocks natively within the Solana ecosystem. Full wallet functionality is still in progress, but integrations are live across several DeFi protocols.

 

The Solana Advantage: 24/7 On-Chain Stock Trading

Unlike traditional equity markets with limited trading windows and geographic restrictions, xStocks on Solana offers 24/7 trading across DeFi protocols. This opens the door for permissionless use of equities in:

• Liquidity pools (Raydium)
• Yield aggregators (Kamino)
• Token swaps (Jupiter)

For users outside the U.S., this creates an opportunity to access and utilize blue-chip stocks and ETFs in ways that traditional brokers simply don’t allow. With $8.56 billion in total value locked on Solana, the network’s DeFi activity gives tokenized equities a natural home for composable financial operations.

 

Final Thoughts

With xStocks now live on Kraken, Bybit, and Solana’s DeFi, tokenized stock trading is no longer a theoretical concept; it’s accessible, operational, and rapidly evolving. For U.S. users, Kraken remains the go-to option, while non-U.S. traders can explore broader functionality via Bybit and DeFi platforms like Raydium and Kamino. The collaboration between Backed Finance, Chainlink, and major exchanges signals a notable step in redefining how equities are accessed and used across blockchain ecosystems.

Whether you’re exploring centralized platforms or on-chain alternatives, this expansion highlights a growing list of best exchanges with stock capabilities, now extended into the world of tokenized finance.