What happened?
Crypto exchange Kraken has announced the launch of US stock trading for eligible customers across the European Economic Area (EEA). The news was confirmed both by Kraken itself on its corporate blog and independently by The Block, which reports that the service is available in all EEA member states.
The EEA (European Economic Area) includes the member states of the European Union plus Iceland, Liechtenstein, and Norway.
What does Kraken offer?
According to the blog, Kraken has opened up access to more than 7,000 US stocks under MiFID II authorization. MiFID II is the European regulatory framework for trading in investment instruments, which sets out rules for providers of investment services.
The key points, as described by Kraken itself:
| Element | Description (per Kraken) |
|---|---|
| Scope | Over 7,000 US stocks |
| Regulation | Authorization under MiFID II |
| Account | Traditional stocks and xStocks in a single regulated account |
| Platforms | Kraken Pro (desktop and mobile) and the Kraken mobile app |
| Fees | No commission for eligible customers in the EEA (with an asterisk, i.e. subject to terms) |
What are xStocks?
Kraken describes xStocks as tokenized US stocks backed 1:1 by the underlying shares. According to the company, they can be transferred to a self-custody wallet and traded even when traditional stock markets are closed.
The difference from a classic stock is therefore that an xStock exists as a token on the blockchain. Kraken states that a customer can hold both forms side by side without needing to move capital between platforms or providers.
What don't we know yet?
The sources do not provide the exact fee structure beyond the wording "no commission" with an asterisk, nor what specific conditions define an "eligible customer." It is also not clear from the available sources which entity issues xStocks and manages the 1:1 backing, nor exactly how trade settlement works outside US exchange trading hours.
Likewise, we have no independent verification from confirmed sources of the 1:1 backing claim beyond what Kraken itself states. We therefore present these claims as company statements, not as independently proven fact.
What to watch out for with this type of product?
This is not a recommendation to buy or sell anything. It is a description of what has been announced. With tokenized stocks in general, three things are worth watching: who holds the underlying shares and how the backing is audited, what the legal standing of the token is versus the actual stock (entitlement to dividends, voting rights), and how liquidity and settlement work outside trading hours. These details do not yet fully emerge from the available announcements.