Kraken has expanded its regulated brokerage offering by launching trading in more than 7,000 US-listed stocks for eligible customers in the European Economic Area (EEA). The move adds traditional equity exposure to the exchange’s existing focus on cryptocurrencies and its growing tokenized-assets lineup.
According to Kraken, the service is available to EEA users through Kraken Pro and its mobile app under the firm’s Markets in Financial Instruments Directive II (MiFID II) authorization. The company says customers can trade US-listed shares alongside crypto markets and tokenized equity products from a single platform.
Key takeaways
- Kraken now supports trading of 7,000+ US-listed stocks for eligible EEA customers under its MiFID II authorization.
- The offering is accessible via Kraken Pro and Kraken’s mobile app.
- US shares can be held alongside tokenized equity exposure (“xStocks”) within the same ecosystem.
- Kraken says eligible customers can trade commission-free, subject to applicable conditions.
- Kraken plans to expand its integrated equities offering to additional markets in the coming months.
How Kraken’s integrated equities push works
Kraken’s announcement positions the new US-stock access as part of a broader strategy to combine conventional market instruments with tokenized representations. The company says customers can trade directly through Kraken’s brokerage framework while also retaining the option to use its tokenized equity products.
Kraken also highlighted that its equities offering aligns with its existing product slate: more than 600 crypto assets plus over 700 xStocks. xStocks are tokenized versions of publicly listed equities and are designed to allow users to gain exposure to those underlying assets through tokens.
By pairing traditional share trading with tokenized equity offerings, Kraken is effectively reducing the need for users to switch between different platforms or infrastructures to pursue both “native” crypto exposure and conventional equity exposure. For traders and portfolio builders, that matters because it can simplify custody, account access, and execution pathways—at least within Kraken’s ecosystem—while offering a single interface for multiple asset types.
Regulation and operating structure
Kraken said the service is delivered by Payward Europe Digital Solutions, the company’s Cyprus-based investment firm. The regulatory framing is an important part of the story: Kraken’s ability to offer traditional stock trading in Europe hinges on its MiFID II authorization.
Kraken stated that eligible customers can trade US-listed stocks commission-free, while also noting that the offer remains subject to applicable conditions. The practical detail for users is that commission-free pricing may not be identical to “no costs”—spreads, fees tied to execution, and other terms can still apply depending on the product and account type. Kraken’s statement indicates the company is leaning into cost competitiveness as a way to attract liquidity and retail usage alongside its crypto business.
xStocks growth underscores Kraken’s tokenized-equity ambitions
While the headline is about US-listed stocks, Kraken’s tokenized-equities business provides context for why the exchange is making the integration step now. Kraken launched xStocks in 2025, offering tokenized exposure to US equities and exchange-traded funds, and it says xStocks has since generated more than $38 billion in total transaction volume.
Kraken further claims xStocks has become one of the largest tokenized stock issuers. Based on Token Terminal data shared in the announcement, xStocks is the second-largest tokenized stock issuer by market capitalization as of Monday, at roughly $609 million. Token Terminal places Ondo Finance ahead, at about $974 million, and notes that Binance’s bStocks is currently third-largest with around $544 million.
For investors watching the tokenized-assets sector, the ranking matters because tokenized equities are still in an evolving phase—liquidity, issuance, and market structure differ across products. Issuer scale can affect how easily users enter and exit positions and how closely token prices track their underlying reference assets. Kraken’s inclusion among the top issuers suggests its xStocks product has traction, but it also sets expectations: as Kraken expands into conventional equities, market participants will likely compare which portion of trading volumes remains token-focused and which portion shifts toward standard share execution.
What to watch next as Kraken expands beyond the EEA
Kraken said it plans to extend its integrated equities offering to additional markets in the coming months. That matters because access decisions often depend on regulatory clearances and operational readiness. It also raises a key question for users: whether Kraken will replicate the same stock universe size and commission structure as it expands, or tailor offerings by region.
Another practical item to monitor is how Kraken will position tokenized equities relative to conventional trading as product adoption grows. If Kraken’s platform increasingly captures both share trading and xStocks activity, investors may see tighter cross-asset workflows—while regulators and market observers will continue to scrutinize how tokenized products are marketed, priced, and risk-managed compared with their underlying markets.
For now, EEA customers get a broader “all-in-one” access point for US equities, crypto, and tokenized stocks via Kraken’s Pro platform and mobile app—setting the stage for what could be a more competitive next phase in regulated digital asset brokerage. The next developments to watch are Kraken’s rollout timeline to other regions and the ongoing balance between traditional share volumes and tokenized equity demand.
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