Kraken is preparing to list tokenized shares of Nvidia, Apple, Tesla, and over 50 other U.S. stocks and ETFs on the Solana blockchain, reports the Wall Street Journal.

Dubbed “xStocks,” these digital tokens represent ownership of real securities held by Kraken’s partner, Backed Finance, and will be available for 24/7 trading globally. Investors can expect access to major ETFs like the SPDR S&P 500 ETF (SPY) and SPDR Gold Shares (GLD) alongside the individual stocks.

Each token corresponds directly to an underlying share and can be redeemed at face value, ensuring transparency and trust in the tokenized assets.

Kraken first introduced tokenized U.S. stocks and ETFs to ten states in April through Kraken Securities, covering over 11,000 securities. The latest expansion opens up the service to international customers across Europe, Latin America, Africa, and Asia.

This initiative positions Kraken as a frontrunner in the tokenized stock space, challenging competitors such as Robinhood. Binance’s prior attempt at tokenized U.S. stocks in 2021 was halted due to regulatory hurdles, but Kraken is actively navigating regulatory landscapes worldwide to ensure compliance.

According to Kraken, ongoing discussions with regulators aim to facilitate the legal rollout of xStocks in various jurisdictions, adapting to differing regulatory standards.

Tokenization of traditional assets is rapidly gaining traction in crypto circles, with firms like BlackRock, Franklin Templeton, and Ondo Finance spearheading developments in this sector. The overall tokenization market has already reached a $65 billion valuation as of May.