Tonight, @krakenfx officially announced the partnership with @xStocksFi and @Nasdaq~

1. Background of Cooperation

xStocks @xStocksFi_zh is the tokenized equities platform launched by Kraken (the Kraken Exchange).

It allows users to trade tokenized versions of real stocks through blockchain technology, with each token corresponding to a real share of stock, providing 1:1 backing and the same shareholder rights.

The platform is set to launch in mid-2025, initially introducing support for US securities through a strategic partnership with Alpaca.

Kraken @krakenfx_ZH, as a global leading cryptocurrency exchange, began exploring the integration of traditional finance and crypto as early as 2025, including payment cooperation with Mastercard and a strategic alliance with Deutsche Börse Group to bridge traditional markets and digital assets.

Nasdaq @Nasdaq (Nasdaq) as a traditional stock exchange has been pushing for asset tokenization innovation and proposed in 2025 to integrate tokenized stocks and ETFs into its trading infrastructure to enhance liquidity.

The origin of this collaboration lies in the demand for 24/7 trading in the crypto industry and the recognition of blockchain efficiency by traditional finance, aiming to address the limitations of traditional market trading hours and cross-border access.

II. Cooperation Process

The collaboration began with the development of Kraken @krakenfx_ZH's xStocks platform. In April 2025, Kraken partnered with Alpaca to launch xStocks, enabling 24/7 on-chain trading of tokenized U.S. stocks such as NVDA, TSLA, and AAPL.

In December of the same year, Kraken announced the acquisition of Backed Finance AG (the issuance-driving company of xStocks) to accelerate the global expansion of tokenized stocks and unify issuance, trading, and settlement.

Subsequently, Kraken deepened its collaboration with Alpaca, providing stock sourcing and custody.

In early 2026, Kraken-supported SPAC (Special Purpose Acquisition Company) KRAKacquisition went public on Nasdaq with a $345 million IPO, focusing on digital assets and fintech infrastructure.

In March 2026, Nasdaq officially announced a partnership with Kraken to develop tokenized stocks and ETFs, supporting 24-hour trading, expected to launch around 2027.

Meanwhile, Kraken launched the xChange engine, bridging liquidity on Ethereum and Solana chains, supporting non-custodial trading of over 70 tokenized stocks.

This process involves regulatory coordination, such as the CFTC's innovation council, which includes executives from Kraken and Nasdaq, discussing tokenization, perpetual markets, and 24/7 trading.

III. Results

This collaboration has significantly increased the adoption rate of xStocks, with trading volume exceeding $10 billion since its launch in mid-2025.

The launch of xChange reduces slippage, offers more competitive rates, and expands liquidity pools on Ethereum and Solana.

For investors, this means global users (except for U.S. restrictions) can trade real stock tokens 24/5 without traditional brokers, achieving instant settlement and cross-border access.

Kraken's xStocks has integrated DEX aggregators like 1inch, enhancing the fusion of DeFi and TradFi.

Overall, this marks the maturation of crypto infrastructure, driving the growth of the RWA (Real World Assets) market and injecting new sources of liquidity into Nasdaq.

IV. Future Trends

Tokenized assets are expected to become a mainstream trend, with the RWA market potentially reaching trillions of dollars by 2030.

24/7 trading will expand to more asset classes, such as ETFs and bonds, surpassing the traditional trading hours of the NYSE or Nasdaq.

The regulatory environment is becoming friendlier, such as Nasdaq's proposal approval, which will increase the liquidity of tokenized securities.

Cross-chain interoperability (such as bridging between Ethereum and Solana) will further reduce friction, driving the opening and borderless nature of global capital markets.

More traditional institutions like Deutsche Börse will join, accelerating the fusion of DeFi and TradFi, but regulatory risks and market volatility must be monitored.

V. Relevant Investment Opportunities

This collaboration opens multiple investment channels:

- Kraken-related assets: The Kraken-supported SPAC KRAKacquisition (Nasdaq code: KRAQU) focuses on digital asset infrastructure and has completed a $345 million IPO, serving as an indirect exposure to Kraken's growth.

- Tokenized stock platform: Directly invest in tokenized stocks through Kraken's xStocks, such as on-chain versions of NVDA or TSLA, providing 24/7 access and potentially higher liquidity.

- Blockchain fundamentals: Ethereum (ETH) and Solana (SOL) will benefit from xChange's cross-chain trading, with expected increases in trading volume.

- RWA projects: Focus on RWA protocols like DFDV (tokenizing Nasdaq stocks in collaboration with Kraken) or other treasury accelerator projects, which may provide high SPS (SOL Per Share) returns.

- Traditional stocks: Stocks of Nasdaq-listed companies like Kraken partners (such as potential fintech or crypto infrastructure companies) may benefit from the tokenization wave.

Overall, early participation in the RWA ecosystem may capture high growth but needs to monitor regulatory changes.

(All investments carry risks, this is only personal opinion and not investment advice, dyor~)