More than 60 tokenized stocks are now available on crypto exchanges Kraken and Bybit, as well as on Solana-based decentralized finance (DeFi) platforms.
In a Monday announcement from Backed Finance, the company said its tokenized stocks product, xStocks, had launched with over 60 stocks becoming available on Bybit, Kraken and several Solana DeFi protocols, offering users exposure to traditional stocks via blockchain infrastructure.
The stock selection is focused on blue-chip giants and crypto firms, emerging and established alike. Supported stocks include Netflix, Meta, Robinhood, Coinbase, Amazon, Nvidia, McDonald’s, Apple, Tesla and Microsoft, among others.
Related: Private credit powers $24B tokenization market, Ethereum still dominates — RedStone
24/7 trading of freely transferable stocks
The official xStocks website promises some differences in its tokenized stocks offering compared with traditional markets, including 24/7 trading, freely transferrable assets, a lack of commissions (promised on Kraken) and DeFi support.
Bybit — the second-largest crypto exchange by trading volume according to CoinMarketCap data — also announced that it supports xStocks. The exchange said onchain settlement will be near-instant, and the tokens will be backed one-to-one by real shares.
Bybit also claims that the offering is compliant with the European Union’s Markets in Financial Instruments Directive II (MiFID II). It added that future support for dividends is under consideration.
XStocks are also available on Bybit’s TradFi and Byreal platforms, which cater to hybrid and traditional asset trading.
Kraken — one of the oldest still active crypto exchanges — similarly announced support for xStocks. “Say goodbye to unfair delays, trading limits, time-zone issues, and complex signup,” it said.
Magazine: Tokenized US Treasurys increase market risk vectors
Stocks: now on DeFi
The Backed Finance announcement said xStocks are “DeFi-ready” and already integrated with leading Solana protocols. The team promised that starting today, it will be possible to access xStocks on DeFi protocols Kamino, Raydium and Jupyter.
Support for xStocks has also been added to Solana’s Phantom wallet, though full functionality is still being rolled out.
With this integration, stocks can now be used to provide liquidity on Raydium, be traded on Jupiter or swapped to and from Kamino. In other words, stocks are now being integrated into Solana’s DeFi ecosystem, which has a current total value locked of $8.56 billion, according to DefiLlama.
Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Read the full article here
