Crypto exchange Kraken and tokenization platform Backed have partnered with BNB Chain to deploy xStocks—tokenized versions of U.S. equities—as BEP-20 tokens. The integration, announced on July 9, 2025, enables global users (excluding U.S. residents) to deposit and withdraw assets like AAPLx (Apple), TSLAx (Tesla), SPYx (S&P 500 ETF), and NVDAx (Nvidia) via BNB Chain.
BNB Chain was selected for its $10 billion total value locked (TVL), low $0.04 average transaction fees, and recent Maxwell upgrade reducing block times to 0.75 seconds. This positions BNB Smart Chain as the fastest major blockchain with sub-second finality. Kraken co-CEO Arjun Sethi emphasized the multichain future of finance, stating tokenized equities enable "real-time transfers, atomic settlement, and DeFi integration."
The expansion follows xStocks' initial Solana launch in June and targets emerging markets in Southeast Asia and Latin America. Backed co-founder Adam Levi highlighted BNB Chain's alignment with xStocks' vision as a "neutral, public-good asset class" for DeFi composability. Despite modest adoption ($32.8 million trading volume to date), the move aims to leverage BNB Chain's 140-country reach and EVM compatibility to democratize access to U.S. equities.