In a sign of growing momentum behind tokenized
finance, two major crypto exchanges, Kraken and Bybit, unveiled their listings
of tokenized U.S. stocks just two hours apart.
The coordinated launches mark a significant milestone
in efforts to bring traditional equities onto blockchain rails and offer global
investors access to Wall Street in crypto-native form.
Kraken was first to make its move, launching 60
tokenized equities under the xStocks brand powered by Swiss issuer Backed. The
offering includes prominent names like Apple, Tesla, and ETFs such as SPY. Two
hours later, Bybit, currently the second-largest exchange by crypto trading
volume, announced the same product integration on its Spot platform.
Both exchanges are targeting non-U.S. users and
promoting the 24/5 trading access and DeFi compatibility that tokenized stocks
can unlock.
Kraken Rolls Out Equities for On-Chain Use
Kraken’s launch signals a broader ambition to
decentralize access to traditional markets. Its xStocks are built on the Solana
blockchain and allow users not only to trade them on the exchange but also to
withdraw them to self-custody wallets.
From there, users can deploy them as collateral across
decentralized finance protocols—something conventional stocks can’t match. The exchange plans to expand access to xStocks across
more than 185 countries in the coming weeks, with support for additional
blockchains to follow.
Bybit Follows with TradFi-Crypto Bridge
Just hours after Kraken’s announcement, Bybit revealed
its own xStocks listing. The move fits into its broader TradFi expansion, which
includes gold, forex, and CFD trading via its app.
Bybit’s listing supports Ethereum (ERC-20) and Solana
(SPL) versions of xStocks, and includes the same basket of high-demand
equities. Emily Bao, Bybit’s Head of Spot, said the exchange aims to provide
users with more control and choice while remaining within the crypto ecosystem.
xStocks offer features such as traditional equities can’t, fractional
ownership, on-chain mobility, and round-the-clock trading. By listing them
nearly simultaneously, Kraken and Bybit are positioning themselves at the
frontier of financial infrastructure.
Expect ongoing updates as this story evolves
This article was written by Jared Kirui at www.financemagnates.com.
Source link
