Crypto exchange Kraken is planning to offer non-US customers the option of trading tokenized US stocks, part of the company’s push to offer more traditional assets via tokenization.

The products will be offered through Backed, a new Kraken partner, according to a statement shared with Cointelegraph. Tokens representing the stocks will be stored on the Solana blockchain due to its “unmatched performance, low latency and thriving global ecosystem,” the statement said.

“The whole point of crypto is that we’re able to see things very transparently,” Kraken co-CEO Arjun Sethi said during Solana’s Accelerate event on May 22. ”It’s decentralized. It is open-source. You can innovate as quickly as possible, and there’s no reason why companies like us can’t morph to do that.”

The decision to incorporate more traditional investment options may indicate a shift by Kraken to compete less with crypto-native exchanges like Coinbase and more with larger brokerages like Robinhood, which provide a wide range of investment options.

Arjun Sethi on screen at Solana’s Accelerate event in New York City. Source: Cointelegraph

On April 14, Kraken opened access to exchange-traded funds and stock trading to US clients based in New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama and the District of Columbia.

In 2021, cryptocurrency exchange Binance launched a similar initiative but ultimately canceled it due to issues with regulatory agencies in various countries worldwide.

According to Sethi, Kraken is building “a set of microservices” to scale out its products to customers.

Related: Crypto exchange Kraken exploring $1B raise ahead of IPO: Report 

Kraken’s tokenization move

Real-world assets (RWA) tokenization has been a central topic in crypto over the past few months. The sector’s market capitalization has climbed from $15.9 billion on Jan. 3 to $22.7 billion on May 20, representing a 42.8% jump in the period.

Tokenized private credit and US Treasurys are dominant assets in the market, while stocks account only for $373.4 million.

Robinhood is also moving to offer tokenized stocks. According to a recent announcement, the brokerage is working on a blockchain for tokenized securities that will offer European investors exposure to US-listed companies.

RWA tokenization is gaining traction among brokerages, exchanges, and firms due to several key advantages. It reduces upfront costs by minimizing reliance on traditional financial infrastructure. Additionally, tokenization helps democratize access to investment opportunities, enabling retail investors to participate in markets that were previously limited to accredited investors.

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs — Inside story

California Representative Maxine Waters, ranking member of the US House Financial Services Committee, has announced plans to introduce legislation “to block [Donald] Trump’s memecoin and stop his crypto corruption.”

In a May 22 notice, Rep. Waters said the Stop Trading, Retention, and Unfair Market Payoffs (TRUMP) in Crypto Act of 2025 bill would be aimed at blocking the US President, Vice President, members of Congress, and their families from engaging in “crypto crime.” The US lawmaker referred to Trump and his wife, Melania, issuing personal memecoins in January, his family launching a stablecoin, USD1, through the crypto platform World Liberty Financial, and the president attempting to establish a national Bitcoin (BTC) reserve as his sons back a BTC mining venture.

“Donald Trump is preparing to dine with the top donors of his memecoin who’ve made him, and his family, richer,” said Waters, adding:

“Trump’s crypto con is not just a scam to target investors. It’s also a dangerous backdoor for selling influence over American policies to the highest foreign bidder.”HR 3573, Stop TRUMP in Crypto Act of 2025, introduced by Rep. Maxine Waters. Source: House Financial Services Committee Democrats

Waters’ bill was one of many actions announced to oppose the president’s dinner to reward memecoin holders. Senators Chris Murphy and Elizabeth Warren are expected to attend a press event with representatives for the consumer advocacy group Public Citizen, and two Democratic organizations will protest at the Trump National Golf Club outside Washington, DC, where the memecoin dinner will be held.

This is a developing story, and further information will be added as it becomes available.

DeLorean launched an onchain reservation system and non-fungible token (NFT) marketplace for its upcoming electric vehicle launch, introducing a new blockchain-based approach for reserving and reselling cars.

According to DeLorean, its Build Slot NFT collection grants holders priority access to purchase DeLorean’s upcoming electric car, Alpha 5 EV. The model is the carmaker’s first vehicle in over 40 years, inspired by the iconic flux capacitor from the movie Back to the Future.

The company created an exclusive marketplace for its NFT holders, in which users can buy or trade the NFTs using the USDC (USDC) stablecoin on the Sui network and will be able to earn rewards.

DeLorean says that each vehicle’s history and performance data will be recorded onchain through the FLUX protocol, including key data such as battery health, maintenance records, accident history, and verified odometer readings. 

This detailed data makes it easier for auto enthusiasts to bid on or resell vehicles in the secondary market, the company said.

DeLorean NFT platform. Source: DeLorean

“Since DeLorean’s emergence in the 1980s, the brand has stood as a symbol of vision, rebellion, and futuristic innovation,” according to Cameron Wynne, the chief brand officer at DeLorean. “By using blockchain technology, we’re setting a new standard for the automotive industry,” Wynne said.

The NFT-based reservation system and the tokenization of an electric vehicle signal DeLorean’s interest in digital assets. The company is also the first carmaker to introduce a utility token, the DeLorean ($DMC) token.

DMC tokenomics. Source: Deloreanlabs 

Luxury brands exploring blockchain, NFTs

NFTs are becoming digital passports for luxury goods, linking to full lifecycle benefits such as reservation, maintenance, resale, and membership services.

By tokenizing luxury products using NFTs, brands can enhance their technological appeal while reinforcing a sense of scarcity and community value.

Global fashion brand Louis Vuitton ventured into NFTs in 2023, offering NFT holders exclusive access to certain products like a $6,400 digital mini trunk, a $9,000 bag and a varsity jacket worth around $8,400.

LVMH Group launched the blockchain-based AURA platform, where luxury items are represented as unique NFTs containing information such as the origin of raw materials, production date and maintenance history.

Magazine: Pranksy: Inside the anonymous life of an NFT legend — NFT Collector