Crypto exchange Kraken, in partnership with tokenization startup Backed and Tron DAO, has announced the expansion of its tokenized equities product, xStocks, to the Tron blockchain. This marks the third blockchain integration for xStocks in under two months, following earlier launches on Solana and BNB Chain.
The integration will see Backed minting tokenized equities—including shares of Apple, Nvidia, and Tesla—as TRC-20 tokens on Tron. Deposits and withdrawals via Tron are expected to go live in the coming weeks. xStocks are structured as debt instruments for regulatory compliance and do not confer shareholder rights like voting, but they enable fractionalized, 24/7 trading and integration with DeFi platforms.
Tron's high transaction throughput, low fees, and massive user base in Asia and emerging economies make it a strategic choice. The network settles around $22 billion daily and hosts over $26 billion in total value locked, predominantly in USDT. Since its June launch, xStocks has already surpassed $2.5 billion in combined centralized and decentralized exchange volume, indicating strong demand for accessible, on-chain equity exposure.
Kraken co-CEO Arjun Sethi emphasized the speed of expansion, stating, "Expanding xStocks to three blockchains in under 60 days shows what’s possible when you design for openness from the start." Tron founder Justin Sun framed the move as a "natural evolution for crypto," bridging traditional markets with blockchain efficiency. The product is not available in the U.S. due to regulatory uncertainties, though Europe is advancing clarity under MiCA.