Kraken announced the expansion of its tokenized equities product, xStocks, to the Ethereum mainnet, following earlier rollouts on Solana, BNB Chain, and TRON. The launch adds over 60 tokenized assets, including Apple, Tesla, Nvidia, and SPYx, issued as ERC-20 tokens. Each is backed one-to-one by the underlying security through a partnership with Swiss firm Backed.
By bringing xStocks to Ethereum, Kraken aims to tap into one of the world’s largest blockchain ecosystems, with over $500 billion in secured assets and a thriving DeFi market worth $107 billion. Eligible non-U.S. users will soon be able to deposit and withdraw tokenized stocks directly to Ethereum wallets, enabling them to integrate with DeFi platforms for lending, staking, and yield farming.
Since launching in June, xStocks has generated over $3.5 billion in cumulative trading volume across chains, attracting 25,000 unique holders. Kraken said Ethereum integration expands liquidity and positions tokenized equities as composable assets within decentralized finance.
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