JUNE ARCHIVE

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 1. First-Ever Solana Staking ETF Launch: REX Shares and Osprey Funds are set to launch the REX-Osprey SOL + Staking ETF, the first U.S.-based Solana staking exchange-traded fund. This ETF, which tracks Solana's price and generates yield through on-chain staking, is reportedly nearing launch, with some analysts suggesting it could go live as early as this week. This marks a significant milestone for Solana's institutional adoption.

 2. Kraken's xStocks on Solana: Kraken has launched xStocks, a platform enabling 24/7 trading of over 60 tokenized stocks on the Solana blockchain, further bridging traditional finance and DeFi. This move highlights Solana's growing role in tokenizing real-world assets.

These developments underscore Solana's increasing traction in both institutional and decentralized finance, boosting its market presence and investor interest.

The Solana blockchain and Kraken, a prominent cryptocurrency exchange, made headlines with the launch of xStocks, a platform for trading tokenized U.S. stocks and ETFs. This development, powered by Backed, a real-world asset tokenization firm, represents a significant milestone in the integration of traditional finance (TradFi) with decentralized finance (DeFi). 

Kraken officially began the rollout of xStocks on June 30, 2025, as confirmed by multiple sources, including PYMNTS: Kraken Begins Rollout of Tokenized US Stocks and ETFs and AInvest: Kraken and Solana Launch Tokenized Stock Trading. The platform, built on Solana, offers tokenized versions of over 60 U.S. stocks and ETFs, including major equities like Apple, Tesla, and Nvidia, as reported by CCN: Kraken Launches Tokenized US Stocks on Solana Blockchain.

Key features include:

• 24/5 Trading: Unlike traditional stock markets, xStocks allows trading 24 hours a day, 5 days a week, enhancing flexibility for global investors.
• Fractional Ownership: Investors can purchase fractions of stocks, lowering the entry barrier for high-priced equities, as noted in [Coin World: Kraken and Solana Launch Tokenized Stock Trading]([invalid url, do not cite]).
• Global Access: Initially available to eligible non-U.S. clients, with plans to expand to over 185 countries, targeting regions like Europe, Latin America, Africa, and Asia, as per Kraken Blog: xStocks Tokenized Equities Now Available.
• Self-Custody Option: Tokens can be withdrawn to self-custodial wallets, enhancing security and user control, as mentioned in Ledger Insights: Kraken and Bybit launch tokenized stocks targeting global investors.

The platform is powered by Backed's xStocks, issued as SPL tokens on Solana, with a minimum investment of $1 and no purchase fees, as detailed in CCN: Kraken Launches Tokenized US Stocks on Solana Blockchain. Dividends are reinvested into additional tokens, though shareholder voting rights are not included.

Partnership and Technology

Kraken's collaboration with Backed and the Solana Foundation leverages Solana's high-speed, low-cost blockchain infrastructure. This partnership was announced on May 22, 2025, via a Backed press release, and has been widely discussed on X. For instance, an X post by krakenfx on May 22, 2025, highlighted the partnership, stating, "Today we’re announcing our new partnership with @BackedFi for the launch of xStocks on @Solana." Another X post by solana on the same day emphasized, "Tokenized U.S. equities are coming to Solana first on Kraken's xStocks platform, powered by Backed Internet capital markets."This technological foundation aims to facilitate DeFi integrations and cross-chain interoperability, potentially expanding the utility of tokenized assets in the future.

Market Impact and Benefits

The launch of xStocks is seen as a transformative step in democratizing investment opportunities. By tokenizing traditional assets, Kraken and Solana lower the entry barrier for high-priced equities, promote portfolio diversification, and eliminate the need for traditional brokerage accounts. This initiative could increase market liquidity and reduce transaction costs, benefiting global investors, particularly in regions with limited access to U.S. markets.

Broader Context and Future Outlook

The launch of xStocks aligns with Solana's growing role in traditional finance, as evidenced by recent developments like the upcoming launch of the first U.S. Solana staking ETF on July 2, 2025, and Robinhood's expansion of staking services for Solana, as mentioned in earlier discussions. This news further solidifies Solana's position as a leading platform for real-world asset tokenization, potentially fostering new financial products and services. Future enhancements may include integration with decentralized autonomous organizations (DAOs) and cross-chain interoperability. These developments could expand the utility and reach of tokenized stocks, reshaping global financial markets and promoting greater financial inclusion.

On June 30, 2025, Robinhood, a leading investment platform, announced the launch of Solana (SOL) staking for its U.S. customers, marking a significant expansion of its cryptocurrency offerings. 

Details of the Staking Service

The Solana staking service offers an APY of approximately 7.43%. This APY is competitive, especially compared to Coinbase, and includes instant unstaking, a feature that enhances user flexibility. However, a 25% commission on staking rewards starting in October, which could reduce effective returns. The staking process is user-friendly, mirroring the European model, where users can navigate to the SOL coin detail page in the Robinhood app, select “Get started with staking,” and follow prompts to stake their SOL.

Availability and Geographic Restrictions

While the service is available to most U.S. customers, it is restricted in California, New Jersey, and Wisconsin, as reported in a news article from CryptoNewsZ on June 30, 2025.
These state-level restrictions reflect the patchwork nature of crypto regulation, where federal clarity does not always align with state laws. This limitation is significant for users in these states, who cannot access the staking feature despite the federal SEC clarification.

Regulatory Context and Industry Implications

The launch follows a critical regulatory development on May 29, 2025, when the SEC’s corporate finance division clarified that most crypto staking does not qualify as securities offerings under U.S. federal law, as noted in the same CryptoNewsZ article. This clarification, while not an official rule, provides much-needed certainty for the crypto industry, enabling platforms like Robinhood to expand staking services. However, the ongoing debate is evident, with Coinbase CEO Brian Armstrong calling state restrictions a “flawed” view of staking, highlighting the tension between federal and state regulations.

Benefits and Risks for Users

Staking SOL on Robinhood offers several benefits, including the potential to earn passive income with a high APY and the flexibility of instant unstaking. However, risks include the upcoming 25% commission on rewards starting in October, which could impact profitability. Additionally, staking involves locking up assets, meaning users cannot sell or trade staked SOL until unstaked, and there is a rare risk of protocol penalties if validators misbehave, though Robinhood manages this risk.

Comparison with European Offerings

It’s worth noting that Robinhood launched Solana staking in Europe in May 2024, offering a 5% APY initially, as reported by Crypto Briefing on May 15, 2024 . The U.S. rollout, with a higher APY and instant unstaking, suggests Robinhood is tailoring its offerings to meet different market demands, while maintaining a consistent user experience across regions.

User Experience and Future Outlook

For users, the staking process is designed to be intuitive, aligning with Robinhood’s mission to democratize investing. The platform’s integration of staking services positions it as a hybrid between centralized finance (CeFi) and DeF. Looking ahead, this launch could signal further expansions, such as additional cryptocurrencies for staking or enhanced DeFi features, as Robinhood continues to build its crypto ecosystem.

Conclusion Robinhood’s launch of Solana staking on June 30, 2025, is a pivotal moment for both the platform and the Solana community. It offers U.S. users a new way to engage with their SOL holdings, earning passive income in a regulated environment.