Tokenized Stocks Mania: Two Mega Crypto Exchanges Enter the Space Nearly 2 Hours Apart

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 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 today (Monday), 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.

BREAKING: Wall Street is officially onchain.xStocks are now live on Kraken ❎ 60 U.S. equities tokenized and tradable 24/5. More coming soon.We’re not waiting for the future. We’re building it.👇https://t.co/iKu44ZiwZNNot available in the U.S. or to U.S. persons. Geo… pic.twitter.com/FjOsxDJ9se

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.

Read more: Crypto Exchange Bybit Now Offers Full TradFi Access, Including FX, Stocks, and Gold

“For the first time, people all over the world can own and use a share of a tokenized stock like they would use money. You can move it, hold it, spend it, or borrow against it. All from your wallet, with no intermediaries, no borders, and no delays,” Arjun Sethi, Kraken’s co-CEO, commented.

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.

xStocks are going LIVEAvailable today on @krakenfx, @Bybit_Official and being rolled out on @solana, this is the next step for internet capital markets.Real assets, real value, for real people. pic.twitter.com/NQ1dKEfNjD

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.

"By listing tokenized equities and ETFs, we're not just adding new products, we're empowering our users with greater choice, deeper flexibility, and more control, all within the secure and seamless Bybit experience. xStocks was the clear choice to help us deliver this unparalleled access," commented Emily Bao, Head of Spot at Bybit.

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.

We’re giving away the first Private Company Stock Tokens of Open AI and Space X.If you’re a Robinhood EU customer and you qualify, you are now able to claim your tokens in-app until July 7th.#RobinhoodPresents https://t.co/oX97lRQ8Vc pic.twitter.com/rkK1JKxHiC

Meanwhile, Robinhood is expanding its presence in the crypto space with a series of new initiatives, including the development of its own blockchain network built on Arbitrum and the upcoming launch of tokenized stock trading, the company announced Monday.