• Bybit and Kraken have launched xStocks, enabling 24/7 trading of over 60 tokenized stocks like Apple and Amazon via Solana.
  • The tokens are backed by physical shares held by Backed Finance under Swiss FINMA regulation and can be used with DeFi protocols.

Cryptocurrency exchanges Bybit and Kraken have launched a new service enabling 24/7 trading of tokenized stocks, marking a significant leap in merging traditional finance with digital assets. The offering, called xStocks, is built on the Solana blockchain and includes tokenized versions of more than 60 leading stocks like Apple, Amazon, Microsoft, and Coinbase.

Bybit, the world’s second-largest crypto exchange, announced on June 30 in partnership with Backed Finance. Kraken had announced its plans on May 22, and now both platforms have rolled out the service simultaneously, making it available in over 190 countries. However, access remains restricted in the United States.

xStocks allows users to access global stock markets without traditional brokerage firms. The tokens can be traded using the same tools as cryptocurrencies and offer around-the-clock availability, 365 days a year.

The service also includes tokenized ETFs and stocks of major crypto-related firms such as Coinbase (COINx) and MicroStrategy (MSTRx). Users can employ DeFi protocols to use the assets as collateral, borrow funds, or earn profits through lending platforms.

Regulated and Backed by Physical Shares

Each token is backed by physical shares held by Backed Finance under the oversight of the Swiss Financial Market Supervisory Authority (FINMA), ensuring regulatory compliance and asset security.

“Bybit is committed to bringing the best of traditional and digital finance to our global community,” said Emily Bao, head of spot markets at Bybit.

The launch of xStocks follows the recent debut of Bybit TradFi, further expanding the platform’s suite of trading tools.

Adam Levi, co-founder of Backed, called xStocks “a monumental leap forward in democratizing access to financial markets.”

Meanwhile, Robinhood also began offering tokenized U.S. stocks and ETFs to users in Europe on the same day.

Edited by Harshajit Sarmah