Crypto exchange Kraken and its partner Backed are expanding the reach of xStocks, tokenized U.S. stocks, by integrating with BNB Chain, one of the largest blockchain networks in the world. This move will make it easier for people globally to access U.S. equities in a blockchain-based format.
As per the announcement, eligible Kraken users will be able to deposit and withdraw xStocks on the BNB Chain in the next few weeks. This will include popular tokenized assets like AAPLx (Apple), TSLAx (Tesla), SPYx (S&P 500 ETF), and NVDAx (NVIDIA), all issued as BEP-20 tokens by Backed.
BNB Chain was chosen because of its low fees, high speed, and large user base. With about $10 billion in total value locked (TVL) and a strong Web3 community, it provides a solid platform to grow adoption of tokenized assets.
Kraken’s co-CEO, Arjun Sethi, says the future of markets is multichain, where tokenized equities can move freely across different blockchains. He believes these digital stocks aren’t just copies of real stocks. They’re part of a new financial system that allows instant, borderless trading and integration with DeFi tools like lending and derivatives.
Adam Levi, co-founder of Backed, said xStocks are meant to be public and neutral assets, usable by anyone. By launching on BNB Chain, they aim to make tokenized stocks as powerful and useful as stablecoins, but for traditional equities.
“Our collaboration with Kraken and Backed reflects BNB Chain’s commitment to bringing high-quality financial instruments on-chain and connecting traditional markets with decentralized finance for users around the world, ” said Sarah S, Head of Business Development at BNB Chain.
This is another major step for xStocks, following Kraken’s recent launch of 60+ tokenized U.S. equities on Solana. Last month, Bybit also partnered with xStocks to launch 10 tokenized U.S. stocks on its platform.
Also Read: Gate.io Partners with xStocks for US-based Tokenized Stock Access: Follows Kraken & Bybit
