Bybit and Kraken have partnered with Backed Finance to launch xStocks, a platform offering tokenized U.S. equities on-chain. These tokenized stocks, fully backed and freely transferable, are available on the Solana blockchain and allow users to trade major U.S. stocks and ETFs such as Apple (AAPLx), Tesla (TSLAX), Nvidia (NVDAx), Google (GOOGLx), MicroStrategy (MSTRx), and SPYx 24/7. The launch includes integration with several Solana DeFi applications, including Raydium, Kamino, Byreal, Phantom, and Jupiter Exchange, enabling users to hold and trade equities directly from their Solana wallets without KYC requirements. Initially live in over 190 countries, xStocks are not available to U.S. persons due to regulatory restrictions. Following the Solana launch, Kraken and Backed expanded xStocks to the BNB Chain, enabling non-U.S. users to trade tokenized U.S. stocks and ETFs as BEP-20 tokens, promising faster and cheaper transactions. BNB Chain also announced support for Ondo Finance's suite of over 100 tokenized U.S. equities, ETFs, and funds, further integrating real-world assets into the blockchain ecosystem. xStocks tokens are structured as debt instruments tracking the underlying assets and can be utilized within decentralized finance (DeFi) protocols for lending and peer-to-peer trading. This development marks a growing trend of crypto-native firms incorporating real-world asset offerings to democratize access to capital markets globally.