- Kraken’s contracts track assets like Apple, Tesla, S&P 500, and SPDR Gold Shares via xStocks tokens.
- Perpetual futures now extend beyond crypto, offering 24/7 trading with up to 20x leverage.
- Binance partnered with Ondo Finance as tokenized stock market cap nears $1B.
Kraken has launched regulated perpetual futures contracts tied to tokenized stocks for eligible non-U.S. users. The rollout covers more than 110 countries and began this month, according to the company. The products rely on tokenized assets acquired through xStocks and expand perpetual trading beyond cryptocurrencies.
Tokenized Stocks Enter Perpetual Futures Trading
Kraken said the new contracts track digital versions of major U.S. stocks, indices, and a gold ETF. Initial listings include the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR Gold Shares. The exchange built the products on the xStocks platform, which it acquired in December.
Notably, the underlying xStocks tokens are fully collateralized and backed one-to-one by referenced assets. This structure allows continuous pricing, even when U.S. equity markets close. The tokenized stocks trade around the clock and support leverage of up to 20x.
Perpetual Trading Growth Drives Product Expansion
Perpetual futures dominate crypto derivatives trading, driving Kraken’s expansion into equities. Decentralized exchanges processed over $600 billion in perpetuals volume during January. Hyperliquid led activity with roughly $200 billion in monthly volume.
Unlike traditional futures, perpetual contracts do not expire and trade continuously. As a result, investors use them for constant market access and flexible positioning. With Kraken’s launch, this structure now applies to equities, indices, and commodities.
Mark Greenberg, Kraken’s global head of consumer, said the products rebuild traditional markets for continuous trading. He added that tokenized equities as perpetual futures introduce a regulated framework for global participation.
Binance and Ondo Expand Tokenized Equity Access
Meanwhile, Binance has resumed tokenized stock offerings through a partnership with Ondo Finance. The exchange plans to list 10 tokenized U.S. stocks, ETFs, and commodity-linked products on Binance Alpha.
Earlier this month, Binance also announced plans for an institutional collateral program. The initiative will allow tokenized shares from a money market fund issued via Franklin Templeton’s Benji platform. Binance previously halted tokenized stocks in 2021 amid regulatory pressure.
According to Ondo Finance, tokenized stock market capitalization now approaches $1 billion. Ondo reported assets under management exceeding $550 million and trading volume of $11 billion since September 2025.
