Key Highlights
- Alchemy Pay upgraded its RWA platform, connecting xStocks to Kraken’s Pro API for institutional-level liquidity.
- Alchemy Pay, Backed, and Kraken together make global market access easier, especially in regions with limited brokerage options.
- The integration improves trading conditions for Backed’s tokenized equities and ETFs.
Alchemy Pay, a Singapore-based company that bridges fiat and crypto, has rolled out an upgraded version of its real-world asset (RWA) investment platform, now linked directly to institutional-level liquidity from Kraken’s Pro API.
According to the official announcement, the move is designed to improve trading conditions for Backed’s “xStocks,” a growing line of tokenized versions of publicly traded equities and ETFs.
The collaboration brings together Alchemy Pay’s payment network, Backed’s tokenized products, and Kraken’s liquidity infrastructure to make global market access more straightforward, especially for users in regions with limited brokerage options.
Alchemy Pay’s CMO, Ailona Tsik, called the improved liquidity a “pivotal moment” for scalability, saying the Kraken Pro integration provides the stability needed to broaden access to tokenized markets. She added that securing institutional-grade liquidity brings the xStocks vision closer to operating at full scale.
Backed co-founder Adam Levi echoed that liquidity remains essential for users who want to trade these assets reliably, not just gain entry to them. He said xStocks have grown steadily since launch and noted that users increasingly expect tokenized equities to match the liquidity and ease of traditional markets.
The RWA Growth and Strategy
The announcement says the integration aims to make global markets easier to reach by lowering the barriers that typically limit access to traditional finance. With Kraken supplying the liquidity layer, platforms like Alchemy Pay can plug in xStocks more smoothly and offer users reliable trading across a wide range of tokenized assets.
This update builds on Alchemy Pay’s earlier developments in 2025. In June, the company entered the xStocks Alliance and partnered with Backed to make tokenized U.S. equities available to users outside the U.S., including shares of Apple, Tesla, and NVIDIA.
In September, Alchemy Pay provided a platform for users in more than 170 countries to invest in these tokenized assets directly with local fiat currencies, supporting major payment methods such as Visa, Mastercard, Apple Pay, Google Pay, and over 50 local options.
The products, which are backed 1:1 by the underlying equities, have seen rapid uptick. According to Backed, the products crossed $10 billion in total transaction volume four months after going public, reflecting the quick rise of tokenized investment tools.
Alchemy Pay also aims to extend its RWA platform to tokenized bonds, real estate, and commodities, thereby increasing the variety of asset classes available to investors from all over the world.
Alchemy Pay’s regulatory Footprint
In addition to its platform developments, Alchemy Pay has been expanding its regulatory footprint. The company recently entered a strategic partnership with ZBX Group, one of the few firms licensed under the European Union’s Markets in Crypto-Assets (MiCA) framework, aiming to establish compliant on- and off-ramp infrastructure in Europe.
In the U.S., Alchemy Pay was granted a Money Transmitter License in Arizona, bringing the total number of states where it can operate to nine, including Arkansas, Iowa, Minnesota, New Hampshire, New Mexico, Oklahoma, Oregon, and Wyoming. The company is also seeking licenses in additional states.
Also Read: Alchemy Pay Debuts Fiat Rails with Brazil’s PIX System
