Crypto exchanges Kraken and Bybit have announced the launch of tokenized stocks xStocks, marking a significant step in bridging the crypto and traditional financial markets.
Launch of xStocks on Kraken
On June 30, Kraken announced that tokenized stocks xStocks are now available for trading. The exchange stated, "Wall Street is officially onchain. We’re not waiting for the future. We’re building it." Through this initiative, Kraken plans to offer tokenized versions of over 60 stocks and ETFs, including Apple, Tesla, and Nvidia.
Bybit and the Tokenized Stocks Offering
Crypto exchange Bybit has also partnered with Backed Finance to launch xStocks. Users can begin trading tokenized stocks on Bybit's spot market using the USDT stablecoin starting June 30. Initially, the offering includes stocks like Apple, Tesla, Alphabet, and Nvidia.
Trend of Real World Asset Tokenization
The real-world asset (RWA) tokenization market has grown by 380% over the past three years, reaching $24 billion. Regulatory acceptance is becoming less restrictive, paving the way for initiatives such as Dinari, which secured a broker-dealer license to offer tokenized securities in the U.S. The firm also plans to utilize blockchain technology for stock offerings tied to private companies like SpaceX.
The launch of tokenized stocks xStocks on Kraken and Bybit highlights the rapid development of real-world asset tokenization in the crypto industry, despite regulatory challenges.
