Kraken Expands U.S. Stock Trading Across Europe With 7,000 Shares

Summary

• Kraken expanded U.S. stock trading across EEA markets, giving eligible customers access to more than 7,000 traditional shares directly online.
• xStocks have generated more than $38 billion in transaction volume as tokenized equities gain a larger share of RWA markets.
• Payward reported 17% annual revenue growth while Kraken plans to expand its combined equity service into additional international markets worldwide.

Crypto exchange Kraken has opened U.S. stock trading across the European Economic Area, giving eligible investors access to more than 7,000 U.S.-listed stocks. According to Kraken, the service combines traditional shares with tokenized equities in a single regulated account, with limited availability in Germany, France, and the Netherlands.

Kraken believes the combined structure distinguishes its European service from crypto-focused competitors, allowing customers to choose either traditional shares or tokenized representations. Moreover, Kraken offers more than 700 tokenized equities through xStocks alongside over 600 cryptocurrencies already available through its existing trading platform.

Mark Greenberg, Payward’s chief commercial officer, highlighted this flexibility, as investors can choose their preferred equity structure while keeping capital within one account.

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Kraken Combines 7,000 U.S. Stocks With Tokenized Equities

Kraken’s expansion gives eligible EEA customers access to more than 7,000 traditional U.S. stocks, alongside more than 700 xStocks and existing cryptocurrency products. Kraken introduced xStocks in June 2025 as blockchain-based representations of traditional equities, and the products have generated over $38 billion in transaction volume.

Customers can access U.S. stocks through Kraken Pro on desktop and mobile devices, while eligible users can also trade through the standard Kraken application. Furthermore, Kraken will not charge trading commissions under applicable terms, although access will not automatically become available to every existing EEA customer.

Eligible customers must accept additional terms before trading traditional stocks, meaning existing cryptocurrency access does not automatically provide eligibility for the equities service. Payward Europe Digital Solutions Limited will provide the regional service as a Cyprus investment firm authorized under the European Union’s MiFID II framework.

Tokenized Stocks Gain Ground Across the RWA Market

Kraken’s expansion comes as tokenized equities capture a larger RWA market share, reaching approximately 15%, compared with 5% earlier this year. Meanwhile, tokenized equities have reached a $2.8 billion market capitalization, with xStocks, Ondo Finance, and Binance’s bStocks controlling roughly 77%.

Payward reported second-quarter adjusted revenue of $508 million, up 17% annually, while adjusted EBITDA reached $23 million through June 30. However, total platform transaction volume declined 13% annually to $310 billion, as equities and tokenized equities gained a larger transaction share.

Kraken plans to expand its combined equity service into additional markets, strengthening its strategy of integrating crypto and traditional investments.

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