Kraken’s Tokenized Equities Platform Surpasses $5 Billion in Trading Volume

[Ben Graham]

Kraken has revealed that its tokenized equities platform has now passed a total of $5 billion in trading volume. Alongside that, the company said revenue from the product has doubled, showing real user activity rather than just occasional testing.

This milestone isn’t just a nice round number. It points to a genuine interest in tokenized stocks and signals that this part of Kraken’s business is starting to scale incredibly.

What Kraken’s Equity Tokens Actually Do

The platform lets users trade tokenized versions of U.S. equities and ETFs. These aren’t shares in the traditional sense, but digital representations that aim to mirror the performance of real stocks. The benefit is that people can trade them during extended hours, something not usually possible with traditional brokerages.

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For users, it means access to familiar companies, but through a blockchain layer that offers more flexibility and potentially fewer restrictions. With revenue doubling, it looks like traders are returning regularly, not just poking around once and leaving.

Backed Is Playing a Key Role in Making This Work

One of the main reasons Kraken has been able to offer this product is its partnership with Backed Finance, a tokenization infrastructure provider. Backed issues the tokens that represent shares and ETFs. These tokens are backed one-to-one with the underlying assets held with a regulated custodian in Europe.

This setup is designed to make the tokens fully redeemable and compliant with Swiss regulations. Kraken, through a partnership with Dawn Finance, gives users in the U.S. access to these tokens under its registered money services business.

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Why This Feels Like a Turning Point for the Industry

Crossing the $5 billion mark in volume would have sounded ambitious even a year ago. Today, it reflects how much appetite exists for investment products that blend traditional assets with crypto-style flexibility.

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Kraken is not just offering these products because they look good in a press release. The revenue numbers show they are bringing in real business. That could change how other crypto platforms think about diversifying what they offer. If tokenized assets become a standard feature, the line between stockbroker and crypto exchange may blur even more.

Looking Ahead: What’s Next for Kraken and Tokenized Assets

Now that the platform has hit this milestone, the big question is where it goes from here. Expanding the list of available equities is one possibility. Another is opening up international access beyond U.S. users. Liquidity programs, improved redemption paths, and smoother onboarding could all play a part.

There’s also competition to think about. If Kraken keeps its momentum, others are likely to follow with similar offerings. That could drive more innovation and possibly more clarity from regulators about how these products fit into existing frameworks. 

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Tokenized Stocks Might Be Gaining Real Ground

What’s happening at Kraken could point to a larger trend in financial markets. If tokenized equities continue to grow, they could lead to longer trading hours, easier access to global markets, and new ways to interact with traditional investments.

This $5 billion milestone and the doubling of revenue might not be the end goal, but rather the start of a much bigger change in how assets are traded. Kraken’s bet on tokenized equities seems to be paying off, and it might not be long before others rush to catch up. 

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Key Takeaways

• Kraken’s tokenized equities platform has crossed $5 billion in trading volume, showing real usage beyond testing or hype.
• The platform offers tokenized U.S. stocks and ETFs, letting users trade during extended hours with more flexibility.
• Tokens are backed one-to-one with real assets, issued by Backed Finance and held under European regulation.
• Kraken’s revenue from tokenized equities has doubled, pointing to returning users and strong market interest.
• This move could push other crypto platforms to explore tokenized stocks, blurring the line between exchanges and brokerages.

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