Kraken brings crypto-style, 24/7 perpetuals trading for tokenized U.S. stocks

Crypto exchange Kraken has introduced what it claims are the first regulated perpetual futures contracts based on tokenized stocks, expanding crypto-style trading to traditional assets. These products, available to eligible non-U.S. users in over 110 countries, track digital versions of major U.S. stocks like Apple and Nvidia, indices such as the S&P 500, and the GLD gold ETF. Perpetual contracts, which dominate crypto derivatives, do not expire and trade continuously (24/7) with high leverage, features now applied to equities. The underlying xStocks tokens are fully collateralized and backed 1:1 by the referenced assets, ensuring stable pricing even when U.S. exchanges are closed, and supporting leverage up to 20x. Kraken views this as rebuilding traditional markets for an "always-on world," offering greater accessibility and flexibility. This move follows Kraken's acquisition of xStocks and coincides with rival Ondo Finance also planning tokenized stock perps trading.

(Source：CoinDesk)