Kraken will open its US IPO subscription to global retail investors through xStocks.

CoinFeed reported on June 3rd that, according to The Block, Payward, the parent company of Kraken, will launch its xStocks framework, allowing Kraken and partner platform users to participate in US stock IPOs at the offering price and receive on-chain tokenized shares of the underlying stock held 1:1 by a regulated custodian. Users can submit non-binding subscription intentions through partner platforms several weeks before the IPO. Payward will then aggregate the requests and collaborate with the underwriting syndicate to allocate shares. Pricing, allocation, and token issuance will be completed on the listing day. xStocks tokens can circulate on multiple chains such as Ethereum, Solana, and TON and can be used in combination with DeFi protocols.