Kraken Exchange launched xChange, an on-chain trading engine that will enhance the exchange for trading tokenized stocks across the Ethereum and Solana networks. xChange, which will be used in Kraken exchanges’ tokenized equities market, Xstocks, is believed to support more than 70 tokenized equities.
According to Kraken, “xChange bridges traditional market depth with on-chain flexibility through atomic settlement, meaning each trade either executes in full at the quoted price or not at all — eliminating partial fills and delivering execution consistency comparable to established market infrastructure.
By connecting tokenized equities trading to real-time traditional market liquidity, xChange supports tighter spreads and improved execution quality while preserving on-chain settlement and transferability.”
Meanwhile, since the launch of Xstocks, the platform has recorded about $3.5 billion in on-chain transaction volume and roughly $25 billion in total trading volume across exchanges. According to company data, around $225 million worth of tokenized assets are currently held across approximately 80,000 blockchain wallets
xStocks was launched in June 2025, introducing tokenized versions of publicly traded companies issued by Backed Assets. However, the products are not available to users in the United States, the United Kingdom, or other restricted jurisdictions.
The rollout came shortly after Kraken revealed that its banking arm, Kraken Financial, received a limited-purpose master account from the Federal Reserve Bank of Kansas City. The approval grants the institution direct access to the Fedwire payments network, which is typically used by banks and credit unions.
Kraken’s move reflects a broader trend as both crypto platforms and traditional financial institutions explore ways to bring securities onto blockchain-based trading infrastructure. In December, Coinbase revealed plans to launch **Coinbase Tokenize**, a platform aimed at institutions that will support the issuance and management of tokenized real-world assets such as equities.
Meanwhile, Intercontinental Exchange, the parent company of the New York Stock Exchange, said it is developing a platform to enable trading of tokenized securities, including stocks and exchange-traded funds. The system would combine the exchange’s existing matching engine with blockchain-based settlement infrastructure and could enable 24/7 trading with near-instant settlement, potentially using stablecoins instead of the current settlement cycle in US equity markets.
