Aug 25, 06:00 PM

Kraken, Backed Bring Tokenized US Stocks to TRON in Multi-Chain Push

Crypto exchange Kraken and Switzerland-based Backed Finance have extended their tokenized-equities service, xStocks, to the TRON blockchain, minting TRC-20 versions of Apple, Tesla and other U.S. shares. The integration allows the tokens, each backed one-for-one by the underlying securities held with a regulated custodian, to move across TRON’s low-cost network alongside the chain’s heavy U.S. dollar stable-coin traffic. TRON is the third network to host xStocks since the product’s June debut, following Solana and BNB Chain. Kraken says xStocks are now accessible in more than 140 countries, with combined centralized and decentralized trading volume topping $2.5 billion. The service remains unavailable to U.S. investors while regulatory reviews continue. TRON founder Justin Sun called the move a step toward “open, transparent and accessible” capital markets, while Kraken co-CEO Arjun Sethi said multi-chain support advances the goal of making equities trade "permissionless, borderless and interoperable." The choice of TRON leverages a chain that processes about $22 billion in USDT transfers each day and holds roughly $6.2 billion in total value locked. The launch comes amid heightened regulatory focus on real-world-asset tokenization. The U.S. Office of the Comptroller of the Currency plans a public discussion on digital assets in Washington on Sept. 10, and Kraken has disclosed a recent meeting with the Securities and Exchange Commission’s crypto task force to outline a legal framework for operating tokenized trading systems in the United States.