Kraken and Backed Launch Tokenized Stocks (xStocks) on Ethereum Mainnet
Kraken’s xStocks platform now enables EU investors to trade tokenized U.S. stocks and ETFs on-chain, powered by Backed, with further expansion plans to include Ethereum and other blockchains.
The statement is directly and explicitly confirmed by primary sources. Kraken's official blog (Evidence 7 and 10) announced the launch of xStocks on the Ethereum blockchain in partnership with Backed. This is corroborated by multiple secondary sources, including The Defiant (Evidence 1).
Kraken has expanded its xStocks platform to the EU, allowing users to trade tokenized U.S. stocks and ETFs like Tesla and Apple through the blockchain, powered by Backed. The platform initially runs on Solana but plans to integrate BEP-20 and Ethereum networks. xStocks provides benefits such as 24/7 trading, fractional ownership, and DeFi integration. Since its launch in June 2025, xStocks has seen over $3.6 billion in cumulative trading volume, with Solana hosting a majority of the market share.
- Tokenized Stock: A digital representation of a traditional stock on a blockchain, enabling it to be traded and utilized within decentralized finance (DeFi) ecosystems.
- Solana: A high-performance blockchain known for fast transaction speeds and low fees, often used for decentralized applications and tokenized assets.
- BEP-20: A token standard on the Binance Smart Chain, similar to Ethereum’s ERC-20, allowing developers to create and manage tokens compatible with the BNB Chain ecosystem.