Making Finance Invisible: Building the Killer App for the Tokenized Economy

Kraken is betting big on a future where everything becomes money—and they've got the numbers to back it up. At Breakpoint 2025 in Abu Dhabi, Mark Greenberg, Kraken's Global Head of Consumer, revealed that xStocks has already processed $12 billion in transactions and now represents 0.1% of all circulating stock in the world. His bold prediction? Tokenized equities will reach tens of billions by the end of 2026.

Summary

The conversation between Jacqueline Melanek, founder and CEO of Token Relations, and Greenberg centered on how to make finance "invisible"—stripping away the complexity that has long plagued traditional banking and investment. According to Greenberg, the key to mainstream adoption lies in building permissionless, 24/7 infrastructure that functions just like any other SPL token on Solana.

Kraken's acquisition of Backed at the beginning of December 2025 represents a strategic consolidation of forces. The two companies have worked together from day one on xStocks, and the acquisition allows them to expand into more markets, bring more developers onto the platform, and accelerate the rollout of tokenized equity infrastructure. The philosophy is clear: Kraken wants to be the boring infrastructure layer that enables creativity and innovation from thousands of builders worldwide.

Perhaps the most striking aspect of Greenberg's vision is the complete reimagining of what constitutes "money." He described his own financial life where he no longer holds significant Canadian dollars, instead maintaining value in stablecoins and ETF products accessible through xStocks. The newly launched Kraken Card enables spending directly from over 500 different assets—with plans to expand to thousands—eliminating the need to convert back to fiat currency.

The implications for global market access are profound. Greenberg highlighted how someone in Uzbekistan could, for the first time, buy $5 worth of US stocks through Telegram without navigating the usual maze of regulatory hoops. This democratization of access, combined with true 24/7 trading availability, addresses a fundamental problem for international investors who previously could only access US markets during their nighttime hours.

Key Points:

The Problem with Permissioned Tokens

Greenberg was notably critical of permissioned tokenization approaches. When Kraken began developing xStocks, they interviewed hundreds of organizations building in the space and consistently found overly complicated systems. These approaches required users to obtain special permissions, limited trading to specific counterparties, or restricted activity to certain times—essentially putting technology barriers front and center rather than making them invisible.

The xStocks solution takes the opposite approach: permissionless, 24/7, available everywhere. This means tokenized stocks can be traded exactly like any other crypto asset—whether that's Bitcoin, Solana, or meme coins. Users can send tokens to non-custodial wallets, integrate them into DeFi protocols, or access them through apps like Telegram without additional KYC requirements beyond what's already been completed. This permissionless design is what enables the true composability that makes crypto powerful.

Kraken's Acquisition of Backed

The acquisition of Backed, announced at the beginning of December 2025, marks a significant consolidation in the tokenized securities space. Greenberg emphasized that this wasn't a sudden move—Kraken and Backed had built xStocks together from the start, with both companies appearing on stage together at the Solana New York event months prior.

With 80,000 users and $12 billion in transaction volume already under their belt, the combined entity aims to be infrastructure for the entire ecosystem. Greenberg's favorite illustration of this vision was an xStocks billboard that appeared in Johannesburg—not from Kraken, but from an African company that independently recognized the opportunity to serve their South African client base with tokenized US equities. This is the model: permissionless infrastructure that enables organic, bottom-up adoption.

Multi-Chain Strategy and Centralized vs. Decentralized

Kraken operates across both centralized and decentralized environments, and xStocks is designed to work in both paradigms. For European users converting from fiat, centralized exchange infrastructure handles the regulatory complexity. Meanwhile, on-chain access through Solana and other chains enables the broader crypto ecosystem to integrate tokenized equities into their applications.

Greenberg noted that xStocks launched on Solana specifically because of the vibrant ecosystem of apps, experiences, teams, and DeFi protocols. While Kraken will build some products on its own Inc blockchain, the multi-chain philosophy means infrastructure should be "everywhere" and accessible to anyone regardless of their preferred approach.

The Future of Money and Market Access

The most radical element of Greenberg's vision involves fundamentally rethinking the concept of money itself. He argues that as long as an asset is liquid, available 24/7, and fractionable, it can serve as money. This means a Canadian doesn't need to hold Canadian dollars—they can store value in US stablecoins, the S&P 500, or any other liquid asset.

The new Kraken Card represents the first practical implementation of this philosophy, enabling spending from over 500 different assets. Greenberg mentioned his personal practice of holding ETFs through xStocks and spending directly from that position rather than maintaining fiat currency. The goal is to expand to 1,000, 10,000, and eventually 100,000 different assets that can all function as money.

Building for Non-Crypto Audiences

A key theme throughout the discussion was the need to move beyond crypto-native applications. Greenberg expressed excitement about apps that aren't "solely focused on a crypto audience" but instead aim to make banking and investment better for everyone. The creativity developed in the crypto ecosystem—the speed, the composability, the user experience innovations—should flow into traditionally boring financial services.

The example of credit card companies incorporating Solana technology illustrates this trend. For builders in the Solana ecosystem, Greenberg's message was simple: treat tokenized stocks exactly like any other token in your application. xStocks are 24/7 SPL-native tokens that can be integrated into algorithms, DeFi protocols, and consumer applications with minimal additional development work.

Facts + Figures

• xStocks has processed $12 billion in transactions since launch
• The platform has approximately 80,000 users
• xStocks already represents 0.1% of all circulating stock globally
• Kraken acquired Backed in early December 2025
• The new Kraken Card supports spending from over 500 different assets
• Greenberg projects xStocks will reach "tens of billions of dollars of value" by end of 2026
• xStocks are available 24/7, unlike traditional markets which operate approximately 24/5
• Users in markets like Uzbekistan can now buy as little as $5 in US stocks through Telegram
• The first xStocks billboard was put up independently by an African company in Johannesburg
• Greenberg predicts tokenized equities could reach 1% and then 10% of global stock circulation "a lot sooner than folks think"

Top Quotes

"Why would you go back to 24/5? I don't really get it."

"I look forward to a world where you don't need your local fiat currency anymore. Everything can be money."

"We're already 0.1% of all the circulating stock in the world is an xStock. When will we be 1%? When will we be 10%? That's coming a lot sooner than folks think."

"I've spent my whole career in banking, trying to make banks suck less."

"Creativity comes from decentralization and a lot of different types of folks being able to create what they want to create."

"I would just think about exactly the same thing, you now have 24/7 SPL-native tokens that represent stocks, think about how you can build that into all of your experiences."

"Actually, personally, I don't hold much Canadian dollar anymore, which is a fantastic spot to be in."

"Like crypto, it will take time and it will come slowly and then quickly."

"100% no brainer at some point. Why wouldn't you use a permissionless 24/7 version of a stock?"

"The more we can be infrastructure that anyone can use in any way they want, the happier I am."

Questions Answered

What makes tokenized stocks different from traditional equity markets?

Tokenized stocks through platforms like xStocks are permissionless, meaning anyone can trade them without special authorization or jumping through regulatory hoops. They're available 24/7 rather than being limited to traditional market hours, which is particularly valuable for international investors. They function as standard SPL tokens on Solana, meaning they can be sent to non-custodial wallets, integrated into DeFi protocols, and used in any application that supports Solana tokens. This represents a fundamental shift from the complex, permission-based systems that characterize traditional finance.

Why did Kraken acquire Backed?

Kraken and Backed had been collaborating on xStocks from day one, building the product together and even appearing on stage together at major events. The acquisition was a natural evolution of this partnership. With xStocks reaching $12 billion in transactions and 80,000 users, both companies recognized they could achieve more as a single organization. The combined entity can expand into more markets, attract more developers, and build out infrastructure more rapidly. The goal is to create infrastructure that enables anyone to build on top of tokenized equities.

How does xStocks benefit people in emerging markets?

For someone in a country like Uzbekistan who wants exposure to US equities, traditional financial infrastructure creates enormous barriers. They might face KYC requirements from multiple institutions, minimum investment thresholds, limited access to brokerages, and trading hours that correspond to their nighttime. With xStocks accessible through Telegram, that same person can buy as little as $5 worth of US stocks at any time of day or night. This democratizes access to global capital markets in a way that wasn't previously possible.

What is Kraken's vision for the future of money?

Greenberg envisions a world where any liquid, 24/7 available, fractionable asset can function as money. There's no fundamental reason why someone must hold their local fiat currency when they could instead hold value in US dollar stablecoins, the S&P 500, or any other liquid asset. The Kraken Card already enables spending from over 500 different assets, and the roadmap includes expanding to thousands more. This effectively eliminates the need to convert back to fiat for everyday transactions.

What should Solana builders do with tokenized stocks?

Greenberg's advice to builders is straightforward: treat xStocks exactly like any other token in your application. These are standard SPL tokens that happen to represent equities, so they can be integrated into existing infrastructure with minimal additional development. This includes DeFi protocols, trading algorithms, consumer applications, and any other use case. The 24/7 nature and permissionless design mean there are no special considerations compared to other crypto assets—they're just another token type to support.

Will traditional financial institutions adopt tokenized securities?

Greenberg acknowledges that traditional finance adoption will take time, comparing it to the crypto adoption curve: "slowly and then quickly." Some traditional financial institutions are already dipping their toes in the water, exploring what's possible with tokenized securities. However, he's confident that the fundamental value proposition—24/7 trading, permissionless access, and global availability—will eventually make adoption inevitable. His prediction is that xStocks could represent 10% of global equity circulation sooner than most people expect.

What role does Solana play in the xStocks ecosystem?

Kraken and Backed specifically chose Solana for xStocks because of its vibrant ecosystem of applications, developers, teams, and DeFi protocols. The chain's speed and low costs make it practical for the high-volume, small-transaction use cases that tokenized equities enable. While Kraken operates its own Inc blockchain and maintains a multi-chain philosophy, Solana's ecosystem provides the fertile ground for organic adoption and integration by third-party developers building consumer applications.