Kraken and Backed to expand xStocks support to BNB Chain alongside Solana

The Block

Jul 09, 2025 20:30:00

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Crypto exchange Kraken and tokenization infrastructure provider Backed are set to expand xStocks from Solana to BNB Chain following a strategic partnership with the blockchain project announced on Wednesday.

BNB Chain will join the rapidly growing xStocks Alliance, helping to expand global onchain access to tokenized U.S. equities. In the weeks ahead, eligible non-U.S. Kraken clients will be able to deposit and withdraw xStocks through BNB Chain as well as Solana on the CEX platform.

"The response to xStocks has made one thing increasingly clear — the future of capital markets will be chain-neutral, composable, and multichain by design," Kraken co-CEO Arjun Sethi said. "Expanding to BNB Chain reinforces our core belief that tokenized equities are not just digital wrappers for traditional assets — they are a foundational upgrade to the financial system itself. These instruments behave as programmable settlement primitives, unlocking atomic settlement, real-time global transferability, and composability with onchain lending, derivatives, and structured products."

Backed will deploy xStocks on BNB Chain as BEP-20 tokens, offering tokenized representations of U.S.-listed stocks and ETFs such as AAPLx, TSLAx, SPYx, and NVDAx. The expansion to BNB Chain enables onchain access to traditional equities for users on that network, including in markets with limited access to conventional trading, the firms said in a statement shared with The Block.

"xStocks are built as a neutral, public-good asset class, and expanding to BNB Chain is a key step toward making them the standard for tokenized equities," Backed co-founder Adam Levi added. "Our goal is to bring traditional finance onto blockchain rails — not just by improving access, but by enabling true composability. Integrated into DeFi, tokenized equities will surpass the scale and utility of stablecoins. With BNB Chain's global reach and deep liquidity, it's a natural partner for advancing that vision."

The tokenization wave

Kraken's xStocks plans were initially announced in May. On June 30, Kraken then rolled out more than 60 tokenized U.S. equities, issued by Backed as SPL tokens on Solana, available to users in 185 countries outside the U.S. Currently, xStocks are available for trading on Kraken 24 hours a day, five days a week, extending access beyond traditional market hours, while weekend trading is planned for the future. However, when withdrawn to a self-custodial wallet, xStocks can be traded onchain at any time.

Kraken isn't the only one ramping up tokenization activity, however. Bitget, Bybit and Gate also recently launched support for xStocks. Last week, Robinhood expanded into tokenized equities, offering more than 200 tokenized versions of U.S. stocks to EU users on Arbitrum. Coinbase is also seeking SEC approval to bring tokenized stocks stateside.

Why BNB Chain?

BNB Chain was chosen due to its transaction throughput, low fees, and large onchain user base, the firms said, arguing that with approximately $10 billion in total value locked and a highly active web3 community, it provides a suitable platform for expanding tokenized asset use.

"Tokenizing real-world assets on BNB Chain is a meaningful step in making global finance more accessible and transparent," BNB Chain Head of Business Development Sarah Song said. "Our collaboration with Kraken and Backed reflects BNB Chain's commitment to bringing high-quality financial instruments onchain and connecting traditional markets with decentralized finance for users around the world."

A Dune Analytics dashboard from crypto venture capital firm Hashed shows xStocks have generated just $32.8 million in onchain trading volume so far. However, this does not include internal volume on centralized exchanges, so total trading activity could be far higher.

On Tuesday, analysts at Bitwise said a basket of the top Layer 1 blockchains and infrastructure plays like Ethereum, Solana, XRP, and Chainlink are the "cleanest" tokenization investments alongside stocks likely to benefit from the trend, such as Robinhood, Coinbase, and Circle.

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