We are proud to announce the next step in the global expansion of Xstocks, the industry standard for tokenized stocks. In a partnership with Backed, Kraken will work with Tron Dao to integrate Xstocks with Tron blockchain, opening new opportunities for tokenized stock exposure into one of the world’s most active and scalable blockchain ecosystems.

Tron’s high throughput, low cost infrastructure and global footprint naturally fits into the next stage of Xstocks’ evolution. Over the coming weeks, eligible Kraken clients will be able to deposit and withdraw XStocks directly through the Tron network, enhancing accessibility and options for traders and investors around the world.

Collaboration with Backed and Tron Dao

As part of the integration, Backed will deploy Xstocks to Tron as a TRC-20 token, maintaining a full 1:1 backing for each tokenized asset listed on Kraken’s platform. Tron Dao also works closely with Ecosystem Partners to integrate XStocks more broadly, allowing tokenized stocks to reach a larger audience and ecosystem of builders and users.

Arjun Sethi, Kraken Co-Ceo: “By extending XStocks to three blockchains within 60 days, it shows what it is possible to design it to be unlocked from the start. Tron’s scale, low fees and global reach add to the multi-chain architecture for tokenized stocks. Interoperable across ecosystems.”

“This collaboration highlights how Tron’s distributed networks can bring tokenized stocks into a more open, transparent and accessible environment,” said Justin Sun, Tron founder. “Tokenized stocks represent the natural evolution of crypto, filling blockchains in traditional markets. The demand for popular stocks meets the global base of previously excluded users, so we see a more efficient, flexible and accessible market.”

Adam Levy supported co-founders“Extending XStocks to Tron is a natural step, aligning blockchain domination in Tokenized Execiates’ Stablecoin transfer, the next major use case for Crypto.

Promote global access to capital markets

Extending XStocks support to the Tron blockchain is a continuation of our mission to lead traditional stocks in a chain and expand access to capital markets for communities around the world. XStocks is currently available to Kraken clients in more than 140 countries, with additional countries support over the coming weeks.

Since its founding, Xstocks has been designed to meet users where they are, providing a transparent, open, boundary-free pathway in the US capital markets. Launched in late June, XStocks already combines $2.5 billion in CEX and DEX volume, highlighting the market’s desire for this new asset class and a strong indicator of its long-term growth.

Looking ahead

The integration with Tron marks another important milestone in XStocks’ growth, gaining momentum from recent announcements involving the BNB chain, marking its first launch with Solana, Kraken’s blockchain launch partner.

Our multi-chain strategy reflects core beliefs. Tokenized stocks must be open, permitted and interoperable across the ecosystem, providing users with the freedom to access the market in a trusted chain.

Over the next few weeks, we will work with Backed to bring Xstocks to additional high-performance blockchains, increasing access to Kraken clients around the world.

Solana‑based xStocks have cleared a new milestone one month after their June 30 debut, with cumulative trading volume reaching $1.66 billion as of July 30. 

According to the project’s official dashboard at Dune, the growth has been driven overwhelmingly by centralized exchange (CEX) activity. CEX volume stands at $1.57 billion, roughly 95% of the total, while decentralized venues amounted to $85.2 million. 

On‑chain transaction volume across the xStocks ecosystem totals $356.4 million, indicating significant token activity even as most turnover occurs off‑chain.

xStocks are tokenized versions of stocks issued by Backed Finance on the Solana blockchain.

AUM grows

Assets under management (AUM) are approaching the $40 million mark, with participation broadening to 24,528 unique holders. 

Within that set, Tesla xStock (TSLAx) dominates by both reach and balance sheet. TSLAx counts 10,742 holders, more than any other listing, and leads AUM at $8.88 million.

Rounding out the top tier are SPYx with $4.76 million AUM, NVDAx with $4.39 million AUM, CRCLx with $3.67 million AUM, MSTRx with $3.38 million AUM, and GOOGLx with $1.85 million AUM. 

The ranking shows investor appetite spanning megacap techs, such as TSLAx, NVDAx, GOOGLx, broad‑market exposure with SPYx, and crypto‑linked equities with MSTRx. The presence of CRCLx in the top stocks by AUM signals interest in stablecoin‑adjacent plays.

Cooling activity

Despite the headline totals, activity has cooled into late July. On-chain transaction volumes have slid from early-month spikes around July 1–2 and mid-month bursts near July 15–21, registering lower highs.

DEX trading shows the same pattern, with firm peaks in the first half of the month, followed by lighter bars into July 29–30. The divergence suggests the market is moving from launch‑phase discovery into a more selective trading regime, with liquidity concentrating on larger listings and CEX rails.

The first‑month data paints a clear picture of how xStocks are being used. CEXs currently provide the deepest liquidity and tightest spreads, explaining their dominance of turnover.

Meanwhile, on‑chain flows and DEX volumes are meaningful but secondary, likely reflecting portfolio rebalancing, transfers, and a subset of users who prioritize self‑custody and permissionless execution.

Mentioned in this article

We are excited to work with our partners at XStocks to announce our strategic partnership with BNB Chain, one of the world’s leading blockchain ecosystems. Through this partnership, BNB Chain will join the rapidly growing Xstocks Alliance, further accelerating on-chain access to US stocks tokenized for users around the world.

Over the next few weeks, we will allow Xstocks to be deposited and withdrawn from the platform by eligible clients via the BNB chain.

As part of the collaboration, Backed will deploy XStocks (the industry standard for tokenized stocks) as BEP-20 tokens in the BNB chain, providing users with seamless access to the tokenized representation of US list stocks and ETFs.

This includes assets such as AAPLX, TSLAX, SPYX, NVDAX. By expanding to the BNB chain, Xstocks will continue its mission to meet users where they are.

The BNB chain was selected for the alliance because of its high performance, low transaction fees and status as one of the largest blockchain ecosystems due to its on-chain activity. With around $10 billion in TVL and one of the most active Web3 user communities, it provides a strong foundation for tokenized asset recruitment.

Along with the backed BNB chain, we remain committed to democratizing our investments by enabling exposure to the US market 24/7 at any time around the world.

Arjun Sethi, Kraken Co-Ceo“The response to XStocks has become increasingly clear. The future of capital markets is chain-neutral, configurable and designed by multi-chine.”

“By expanding into the BNB chain, we reinforce our core belief that tokenized stocks are not just a digital wrapper of traditional assets, but also a fundamental upgrade to the financial system itself. These devices act as programmable settlement primitives and act as a combination of atomic payments, real-time global transferability, on-chain lending, derivatives and structured products.”

“In a world that will inevitably become multichine, it is important that assets such as stocks can move fluidly across ecosystems, protocols and liquidity layers without being gated by jurisdictions or legacy custody rails. Capital has always been the beginning of the stock market, which is not permitted, transparent and built for the Internet.”

Backed co-founder Adam Levy“XStocks is built as a neutral, public asset class, and expansion into the BNB chain is an important step to make them the standard for tokenized stocks. Our goal is to bring traditional funds to the blockchain rail by not only improving access, but enabling true complexity. Liquidity, it is a natural partner to advance that vision.”

Sarah S, head of business development at BNB chain, said“Tokenization of real-world assets in the BNB chain is a meaningful step towards making global finance more accessible and transparent. Our collaboration with Kraken and Bucked reflects our commitment to chain BNB chain’s high quality financial products and linking traditional markets with distributed finance for users around the world.”

The addition of the BNB chain marks another important milestone for XStocks, expanding the alliance into one of the world’s largest and most active blockchain ecosystems. Recently, Kraken launched more than 60 tokenized US stocks for users in 185 countries, which were backed up as Solana’s SPL-Tokens. This strategic partnership marks the next stage in mainstream tokenized stocks that solidify the lead role of XStocks at the forefront of this rapidly evolving digital asset situation.