Kraken will open the subscription for the IPO issuance price of US stocks to retail investors worldwide through xStocks

According to The Block, Kraken's parent company Payward's xStocks framework will launch a service that allows Kraken and partner platform users to participate in U.S. stock IPOs at the offering price and receive on-chain tokenized shares corresponding 1:1 with the underlying stock, which is held by a regulated custodian.

Users can submit non-binding subscription intentions through partner platforms weeks before the IPO. Payward will aggregate demand and collaborate with the underwriting team to allocate shares, completing pricing, allocation, and token issuance on the listing day.

xStocks tokens can circulate across multiple chains such as Ethereum, Solana, and TON, and can be used in combination with DeFi protocols.