Kraken, one of the leading cryptocurrency exchanges, is teaming up with tokenization platform Backed to bring xStocks—tokenized versions of popular U.S. equities—to the BNB Chain. This integration is expected to significantly broaden the reach of tokenized stocks, allowing global users to access familiar U.S. assets like Apple (AAPLx), Tesla (TSLAx), Nvidia (NVDAx), and the S&P 500 ETF (SPYx) as BEP-20 tokens.
According to the official announcement, Kraken users will soon be able to deposit and withdraw xStocks on BNB Chain in the coming weeks, enabling seamless cross-chain movement of tokenized equities.
The decision to expand to BNB Chain—a blockchain network with over $10 billion in total value locked (TVL) and a vibrant Web3 ecosystem—comes down to scalability, speed, and affordability. BNB Chain’s low gas fees and high throughput make it an ideal network for widespread adoption of digital assets.
“The future of markets is multichain,” said Kraken’s co-CEO Arjun Sethi. “Tokenized equities like xStocks aren’t just digital representations—they’re components of a new financial framework that enables borderless, real-time settlement and integration with decentralized finance (DeFi) applications.”
Adam Levi, co-founder of Backed, emphasized that xStocks are designed to be neutral, public goods accessible to everyone—not locked behind traditional brokerage systems.
“We want xStocks to become what stablecoins are to fiat: liquid, usable, programmable assets that bridge TradFi and DeFi,” Levi noted.
This move aligns with BNB Chain’s broader goal of connecting traditional financial markets with decentralized protocols. Sarah S, Head of Business Development at BNB Chain, said, “Our partnership with Kraken and Backed reinforces our mission to bring high-quality financial products on-chain and empower users with open access to markets.”
The BNB Chain launch comes on the heels of Kraken’s earlier success with tokenized equities on the Solana blockchain, where it listed over 60 U.S. stocks. Bybit also recently integrated xStocks, bringing 10 tokenized equities to its own trading platform.
With cross-chain compatibility, major partnerships, and institutional backing, xStocks are poised to transform how global users interact with traditional equities—making them as agile and accessible as crypto assets.
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