Kraken added BNB Chain to expand global access to tokenized stocks through its xStocks product offering.
Tokenized assets like AAPLx and TSLAx can now be traded onchain by Kraken users outside the United States.
BNB Chain was selected for its low fees, high speed and strong user base in decentralized finance markets.
Kraken has extended its xStocks offering to Binance-backed BNB Chain, expanding tokenized U.S. equities access to a broader audience. The expansion allows non-U.S. Kraken users can deposit and withdraw tokenized stocks such as AAPLx, TSLAx, SPYx, and NVDAx using BNB Chain.
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These tokenized assets are issued by Backed and will function as BEP-20 tokens. This integration will also enable compatibility with decentralized platforms like PancakeSwap, increasing accessibility for global users.
Kraken Targets Multichain Accessibility
Kraken’s expansion reflects its continued efforts to build a multichain, always-on capital market. The company launched xStocks on Solana in June and is now adding BNB Chain to the list of supported blockchains.
xStocks are currently available 24 hours a day, five days a week, with full weekend trading planned soon. When transferred to self-custody wallets, these tokenized assets can trade onchain without limitations.
BNB Chain was chosen for its high throughput, low fees, and large user base. With around $10 billion in total value locked, it offers deep liquidity and global reach.
Tokenization Gains Momentum Across Platforms
Kraken’s move aligns with the broader trend of financial tokenization across the industry. Other platforms such as Bybit, Gate, and Bitget have also integrated xStocks into their systems. Robinhood recently launched tokenized equities for EU users via Arbitrum. The company also acquired Bitstamp to expand crypto reach. Coinbase is pursuing regulatory approval to bring similar products to the U.S.
Tokenization converts traditional assets like stocks into blockchain-based tokens. These tokens can be transferred, traded, or used in decentralized applications without relying on traditional custodians.
According to Galaxy Digital, tokenized assets present new market opportunities. However, they also bring risks like heightened volatility outside regular market hours. The Security Token Market estimates tokenized assets could reach $30 trillion in value by 2030.
Pressure Builds on Traditional Exchanges
The rapid rise in tokenized trading is reshaping global markets. Exchanges like the NYSE may face challenges as traders shift to platforms offering real-time access and decentralized ownership.
Centralized exchanges must adapt to new settlement models or risk losing trading volume and revenue. Traditional fees and structured hours may no longer appeal to a digital-native investor base.
Kraken's partnership with BNB Chain adds to the growing xStocks Alliance. Backed aims to position xStocks as a neutral financial asset class, compatible with DeFi protocols and global markets. This expansion underscores a growing shift toward blockchain-based capital markets.
