AsianFin -- Cryptocurrency exchange Kraken is planning to offer non-U.S. customers the ability to trade popular U.S. stocks—such as Apple, Tesla, and Nvidia—in tokenized form via blockchain technology, the company announced.

The new product, dubbed “xStocks,” will allow international users to invest in U.S. equities more conveniently, enabling 24/7 trading even when U.S. stock markets are closed. Much like Bitcoin, xStocks will be tradable around the clock, seven days a week.

Kraken plans to roll out tokenized versions of more than 50 stocks and ETFs, including high-profile funds like the SPDR S&P 500 ETF and SPDR Gold Shares. The xStocks tokens will be issued on the Solana blockchain and backed 1:1 by the underlying assets. Kraken's partner, Backed Finance, will purchase and hold the actual stocks as needed to support the tokens, which can be redeemed for their cash equivalent based on the underlying security.

In theory, the price of each token will track the market value of its corresponding stock or ETF, ensuring parity between traditional and blockchain-based trading.