Kraken And Backed Deepen xStocks Reach With BNB Chain Integration
In Brief
Kraken, Backed, and BNB Chain have partnered to expand global access to tokenized US equities by integrating xStocks on BNB Chain, enabling eligible users to trade tokenized stocks like AAPLx and TSLAx with lower fees and around-the-clock availability.
Cryptocurrency exchange Kraken, in partnership with xStocks provider Backed, has established a strategic collaboration with the BNB Chain blockchain ecosystem. This partnership marks BNB Chain’s entry into the expanding xStocks Alliance, aiming to broaden global onchain access to tokenized US equities.
According to the announcement, in the near future, eligible users will be able to deposit and withdraw xStocks on Kraken’s platform via the BNB Chain network. As part of this integration, Backed will issue xStocks—recognized as a benchmark for tokenized equity offerings—on BNB Chain in the form of BEP-20 tokens. This will facilitate user access to tokenized versions of publicly traded US stocks and exchange-traded funds (ETFs).
Among the tokenized assets that will become available are representations such as AAPLx, TSLAx, SPYx, and NVDAx. By deploying these assets on BNB Chain, the xStocks initiative seeks to further its objective of bridging traditional financial instruments with blockchain technology, improving accessibility to tokenized equities in underserved and emerging markets.
BNB Chain To Support Global Access To Tokenized US Equities Through Scalable On-Chain Infrastructure
BNB Chain was chosen as a partner for the alliance based on its high transaction throughput, low network fees, and its status as one of the most active blockchain ecosystems in terms of on-chain engagement. With an estimated total value locked (TVL) of approximately $10 billion and a highly engaged Web3 user base, it presents a strong infrastructure for advancing the adoption of tokenized financial instruments.
The collaboration involving Backed and BNB Chain is aligned with broader efforts to expand access to US financial markets by facilitating around-the-clock exposure to tokenized US equities, irrespective of geographic location.
The integration of BNB Chain represents a key development in the growth of the xStocks initiative, adding one of the blockchain industry’s most established ecosystems to the alliance. This follows Kraken’s recent rollout of more than 60 tokenized US equities—issued by Backed as SPL tokens on the Solana blockchain—available to users in over 185 jurisdictions. The partnership highlights a continued effort to mainstream tokenized equities and further positions xStocks as a leading platform within the evolving digital asset sector.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
