Kraken, Bybit Launch Tokenized Coinbase & Nvidia Stocks On Solana

Crypto exchanges Kraken and Bybit have made Backed Finance’s tokenized stock offering xStocks live on Monday. It is a milestone to bridge crypto and traditional finance, enabling on-chain trading of US stocks such as Coinbase, Nvidia, Google, and others.

XStocks Goes Live on Kraken Crypto Exchange

In an X post on June 30, Kraken announced that xStocks are now live on the crypto exchange. Speaking about the milestone, Kraken said,

“Wall Street is officially onchain. We’re not waiting for the future. We’re building it.”

In May, Kraken announced a plan to offer tokenized versions of more than 60 stocks and ETFs — including Apple, Tesla, Nvidia and SPDR S&P 500 ETF (SPY).

The exchange to use Backed’s new xStocks to offer tokenized stocks on the Solana blockchain in jurisdictions outside the United States.

Tokenized stocks are digital versions of regular company shares. Rather than holding ordinary stock, investors would hold virtual tokens representing company shares.

Kraken and Coinbase are also seeking a broker-dealer license from regulators to offer tokenized securities in the United States.

Bybit Enables XStocks-Powered Tokenized Stocks Offering

Crypto exchange Bybit also partnered with Backed Finance to launch xStocks on the exchange. It enabled early access to tokenized stocks for traders.

Initially, tech stocks like Apple (AAPL), Tesla (TSLA), Alphabet (GOOGL), Microsoft (MSFT), NVIDIA (NVDA), Meta (META), and Amazon (AMZN) were included in the offering. Crypto stocks like Strategy (MSTR), Robinhood (HOOD), and Circle (CRCL) are also included.

Users can start trading tokenized stocks on Bybit spot using USDT stablecoin from Jun 30, 2 PM UTC.

The exchange will start spot offering for COINX/USDT, NVDAX/USDTCOINX/USDT, NVDAX/USDT on Monday, followed by offering until July 7.

Coinbase stock was trading 1.15% higher at $357.50 in premarket hours on Monday. Whereas, Nvidia stock was trading 0.42% higher at $157.75.

Rising Trend of Real World Asset (RWA) Tokenization

The real-world asset (RWA) tokenization market has grown by 380% in just three years, reaching $24 billion this month.

Notably, the path toward regulatory acceptance has become less restrictive under the current U.S. administration. Under President Donald Trump, the SEC has taken a different stance toward the crypto industry compared to its previous administration.

Recently, tokenized stock trading platform Dinari became the first firm to secure a broker-dealer license from regulators to offer tokenized securities in the United States.

The firm is expected to start offering tokenized stocks during the next quarter, following completion of onboarding with the Securities and Exchange Commission (SEC).

Notably, Dinari’s tokenized stocks, dShares, are already available via decentralized finance platforms like Coinbase’s Base blockchain network. This has likely increased the odds for regulators to greenlight Coinbase and Kraken’s request to offer tokenized stocks in the United States.

Meanwhile, investment platform Republic plans to use blockchain technology to offer investors exposure to SpaceX and other private companies. It introduced Mirror Tokens tied to the performance of the world’s most valuable private companies.

These tokens on Solana are designed to “mirror” the performance of SpaceX shares, offering retail investors exposure to SpaceX’s valuation without owning actual shares.

Solana’s high-performance infrastructure is designed specifically for tokenizing real-world assets (RWA) at scale.

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