Kraken opens 7,000 U.S. stocks, 700+ tokenized xStocks and 600+ crypto assets to EEA customers under a single MiFID-regulated account with no commissions.
Alpha Score of 31 reflects weak overall profile with poor momentum, weak value, poor quality, weak sentiment.
Kraken has opened commission-free U.S. stock trading to eligible customers across the European Economic Area, the exchange said Aug. 18. The rollout combines more than 7,000 U.S.-listed equities with over 700 tokenized xStocks and more than 600 crypto assets within one regulated account.
Trading runs through Kraken Pro on desktop and mobile devices, plus the standard Kraken mobile app. Customers pay no commissions, though other charges may apply. Geographic, account and product restrictions remain in effect.
Mark Greenberg, chief commercial officer of Payward and head of Payward Services, said the launch "eliminates the artificial divide between traditional and tokenized formats of the same asset." Customers can choose between traditional shares and xStocks without shifting capital between platforms, he said.
The service runs through Payward Europe Digital Solutions (CY) Limited, a Cyprus investment firm regulated by the Cyprus Securities and Exchange Commission under MiFID license 342/17. That regulatory structure separates the equities service from Kraken's crypto operations under the Markets in Crypto-Assets Regulation. The European Securities and Markets Authority said unauthorized crypto-asset service providers had to begin orderly wind-downs after the MiCA transitional period ended July 1.
Traditional shares trade through regulated brokerage infrastructure with standard market hours, settlement processes and shareholder protections. xStocks are blockchain tokens backed 1:1 by underlying equities, allowing transfers to supported self-custody wallets and trading outside stock-market hours.
Kraken has extended the xStocks framework beyond established public companies, including plans to distribute tokenized allocations tied to new listings. Its U.S. IPO access model lets eligible customers submit nonbinding indications of interest, with allocated shares tokenized after the offering starts trading.
Platform competition is intensifying. Binance offers access to more than 7,000 U.S. stocks and ETFs for eligible non-U.S. customers, alongside plans for tokenized equities called bStocks. Coinbase has announced tokenized U.S. stocks for eligible customers outside the U.S., with plans for automatic dividends, onchain settlement and redemption features, though availability depends on final product terms. Coinbase also opened conventional U.S. stock and ETF trading to eligible American customers, offering more than 8,000 securities through a separate brokerage structure with 24/5 trading and fractional purchases.
Tokenized stocks reached roughly $1.4 billion in distributed value in May. The SEC was considering a rule framework for blockchain-based stock trading, while market participants examined custody rules, shareholder rights, liquidity and settlement.
Payward Inc., Kraken's parent company, and Franklin Templeton announced a separate strategic collaboration Tuesday to develop tokenized products.
The Kraken rollout gives European traders a single-account structure for stocks, tokenized equities and crypto. Whether that pulls meaningful volume from existing brokerages or crypto-exclusive platforms will depend on how MiFID compliance, custody and payout mechanics hold up under real trading volumes.
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