Crypto exchange Kraken is set to launch a new product line called ‘xStocks’ offering over 50 tokenized versions of major U.S. stocks and ETFs to international users. The initiative, informed by The Wall Street Journal, will allow clients outside the U.S. to trade these tokens around the clock using the ‘xStocks’ platform. These tokens, backed 1:1 by their underlying securities, will reside on the Solana blockchain. Kraken’s partner, Backed Finance, ensures the security of this process, guaranteeing token prices reflect market value. The tokens will also be redeemable for cash. This rollout targets international users in Europe, Latin America, Africa, and Asia, excluding U.S.-based clients due to regulatory restrictions. These tokens can eventually be moved to external wallets or utilized as collateral in decentralized finance (DeFi) applications. Kraken co-CEO Arjun Sethi highlighted the initiative’s focus on reducing friction for global investors facing high fees and lengthy settlement times when accessing U.S. equities via local brokerages.