In an ongoing industry-wide effort to blend traditional finance with blockchain technology, cryptocurrency exchange Kraken has introduced its xStocks product on 360X, a regulated marketplace for secondary trading operated by the Deutsche Börse Group.This development enables qualified users to engage in transactions involving tokenized versions of popular equities and exchange-traded funds (ETFs), paired against stablecoins, fostering greater integration between conventional markets and digital assets.The xS ...

据 The Information 报道，规模尚小但增长迅速的代币化股票行业，在很大程度上依赖一家并不广为人 知的券商。总部位于加州的券商经纪商 Alpaca 正在该领域占据主导地位，原因在于愿意向代币化项目 出售股票的其他券商数量有限。目前，包括 Ondo Finance、Kraken 推出的 xStocks 以及 Dinari 在内的多 家代币化股票项目，均将用户订单发送至 Alpaca，由其负责购买作为股票代币底层支撑的现货股票。 （来源：吴说） ...

Core Viewpoint - Major cryptocurrency exchanges are advancing or have launched "tokenized US stocks" products to provide global users with exposure to US stock prices through cryptocurrency [1] Group 1: Companies Involved - Binance and OKX are evaluating the re-launch or initial launch of tokenized stock products [1] - Kraken and Bitget have gained market attention in the tokenized stock sector [1] - Decentralized platforms like Jupiter are also participating in this market [1] Group 2: Market Infrastructure - Key players in the tokenized stock issuance and infrastructure include Ondo Finance and Kraken's xStocks [1]

Core Insights - The demand for on-chain assets with auditability, risk grading, and accountability is expected to rise by 2026, with sensitive information disclosed only to authorized parties [1] - Real-world asset (RWA) tokenization is transforming physical assets into digital tokens, enhancing accessibility and liquidity, with a current market of $19.4 billion in RWAs on-chain, down 20% over six months [2][3] - By 2026, RWAs are anticipated to evolve into standardized financial products with embedded risk classification and insurance, driven by the inefficiencies in traditional finance [3] RWA Tokenization and Market Dynamics - The market is seeing significant volumes of tokenized assets, including U.S. stocks like Apple and Tesla, with total trading volume exceeding $457 million since June [2] - The integration of RWAs into traditional finance is expected to enhance efficiency, transparency, and liquidity, making them a core part of institutional portfolios [4] - Institutions are looking for RWAs that can be used as collateral, unlocking liquidity and fitting into risk frameworks, rather than merely tokenized assets sitting idle [5][6] Regulatory and Compliance Considerations - Institutions prefer clarity and predictability in regulations surrounding issuance, transfer, custody, and redemption of RWAs, with compliance built into the structure from the outset [7] - The focus is shifting from democratizing access to ensuring responsible ownership and governance as assets move on-chain, which may disrupt traditional ownership models [7] - Challenges remain in market infrastructure, interoperability, and legal enforceability of on-chain contracts, but major institutions are expected to transition from pilot projects to large-scale implementations by 2026 [8]

Core Insights - The total market capitalization of on-chain stocks has risen to approximately $1.2 billion, indicating a shift from early trials to large-scale expansion of tokenized equity [1] Group 1: Market Growth - Significant growth was observed in September and December, marking two distinct waves of increase in the market [1] - The September growth was primarily driven by Backed Finance launching xStocks on Ethereum and distributing around 60 stocks through platforms like Kraken and Bybit [1] - The December growth was attributed to more companies pushing for on-chain stocks in a clearer regulatory environment [1]

Core Insights - xStocks has launched on the TON blockchain, allowing Telegram users outside the US to trade tokenized versions of US stocks and ETFs directly within the app, adding to the competitive landscape of tokenized stocks [1][4] - The trend towards tokenization of real-world assets (RWAs) is expected to grow by 2025, with various financial instruments appearing on blockchains to enhance liquidity [2][8] - Kraken's involvement lends credibility to xStocks, which previously faced competition from smaller, less recognized projects, and follows earlier initiatives in tokenized stocks on Telegram [5] Group 1: xStocks and TON - xStocks provides tokenized equities that mirror real stocks or ETFs, functioning like a "claim ticket" that tracks the price of actual shares [3] - By integrating with TON, xStocks allows users to trade on-chain stocks in a user-friendly chat interface, simplifying the trading process for beginners [4][6] - The platform has already accumulated around $180 million in assets across nearly 50,000 wallets on Solana and Ethereum, indicating significant interest in tokenized stocks [1] Group 2: Market Dynamics and User Access - The launch of xStocks represents a shift in access to US stocks, as users no longer need traditional brokerage accounts, allowing for self-custody of tokens [6] - Tokenized stocks on TON are part of a broader trend of RWA tokenization, which includes initiatives like JPMorgan's tokenized money-market fund, highlighting the intersection of traditional finance and crypto [8] - Users must understand the legal implications of holding xStocks tokens, as they represent creditor rights to collateral held by custodians, emphasizing the importance of the underlying legal framework [7]

Kraken exchange announced that xStocks, the gold standard for tokenized equities, has launched on TON , the open network linked to Telegram. This means that users of the social media platform will have access to tokenized versions of US stocks and Exchange Traded Funds (ETFs) through the app’s wallet. No Broker Account, No Complex Onboarding With xStocks With xStocks now live on the TON network, users have exposure to permissionless, onchain U.S. equity. As a result of this integration, users can buy, ...

Kraken-backed xStocks have gone live on the TON blockchain, allowing users to access tokenized versions of US stocks and exchange-traded funds directly inside Telegram through its built-in TON Wallet. Key Takeaways: xStocks bring tokenized US stocks and ETFs directly into Telegram via TON Wallet. The tokens offer onchain price exposure without share ownership and are restricted by jurisdiction. The launch tests whether mass distribution can drive adoption of tokenized equities. The move brings to ...

⚡️ JUST IN: Kraken is bringing its xStocks product to the TON blockchain, with integration into Telegram’s TON Wallet. https://t.co/gli1Ym68pW ...

Kraken-Backed xStocks Brings Tokenized US Equities to Telegram► https://t.co/DE3gR6zl74 https://t.co/DE3gR6zl74 ...