TLDR
- Kraken gives eligible EEA customers access to more than 7,000 U.S.-listed stocks under MiFID II.
- Customers can hold traditional U.S. shares and tokenized xStocks together within one regulated trading account.
- Kraken offers commission-free U.S. stock trading to eligible EEA customers, although other fees may apply.
- xStocks are backed one-to-one by underlying shares and can move to supported self-custody wallets for users.
- Kraken says xStocks have generated more than $38 billion in transaction volume since their launch.
Kraken has launched commission-free trading for more than 7,000 U.S.-listed stocks across the European Economic Area, combining traditional equities, tokenized xStocks and crypto assets within one regulated account.
Kraken Expands U.S. Stock Trading Across Europe
Eligible customers across the European Economic Area can now trade U.S.-listed equities through Kraken Pro on desktop and mobile, as well as the Kraken mobile app. The broader launch follows a recent rollout in Germany, France and the Netherlands.
The service operates under a MiFID II authorization through Payward Europe Digital Solutions (CY) Limited, a Cyprus investment firm. Customers must meet eligibility requirements and accept additional terms before gaining access to stock trading.
Kraken is offering more than 7,000 U.S. stocks alongside over 600 crypto assets and more than 700 xStocks. The company said eligible EEA customers can trade traditional U.S. shares without commissions, subject to applicable terms.
The launch extends Kraken’s equities business beyond the United States. The company also plans to introduce its combined traditional and tokenized stock offering in additional markets over the coming months.
Traditional U.S. Stocks and xStocks Share One Account
Kraken’s European service allows customers to hold traditional U.S. shares and xStocks in the same regulated account. Users can choose between the two formats without transferring capital to another investment platform.
“This launch eliminates the artificial divide between traditional and tokenized formats of the same asset,” said Mark Greenberg, chief commercial officer at Kraken parent Payward. He said customers can choose either traditional shares or tokenized representations while keeping their assets on one platform.
The two products operate differently. Traditional shares provide conventional equity exposure through regulated brokerage infrastructure and follow established market trading hours.
xStocks are tokenized representations of U.S.-listed equities backed 1:1 by underlying shares. Kraken said users can transfer the tokens to supported self-custody wallets and trade them during periods when traditional public markets are closed.
Kraken Expands Tokenized Stock Offering
Kraken launched xStocks in June 2025 as part of its move into tokenized equities. The company said the products have since generated more than $38 billion in total transaction volume.
Tokenized stocks have also gained a larger share of the real-world asset market. Their total market capitalization has reached about $2.8 billion, while tokenized equities account for roughly 15% of the broader RWA sector.
Kraken’s parent company, Payward, recently reported second-quarter adjusted revenue of $508 million, representing 17% year-over-year growth. Adjusted EBITDA reached $23 million for the quarter ending June 30.
Total platform transaction volume declined 13% from the previous year to $310 billion. Payward reported a changing product mix as equities and tokenized equities became a larger part of activity across its platforms.
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