On Wednesday, cryptocurrency exchange Kraken and tokenization platform Backed Finance announced the expansion of their tokenized stock products to the Tron blockchain. This initiative coincides with a significant growth in the tokenization of real-world assets (RWA), especially in the stock sector.
According to the announcement, Backed will issue stocks under the TRC-20 standard. Previously, Kraken and Backed had launched xStocks on the Solana and BNB chains. Since its launch at the end of June 2025, the decentralized and centralized trading volume of xStocks has exceeded $2.5 billion, according to a post on Kraken's blog.
A representative from TronDAO told Cointelegraph: 'The enthusiasm in the RWA space demonstrates institutions' confidence in the practicality of first-layer blockchain networks like Tron.'
According to DefiLlama, the total value locked (TVL) in the Tron blockchain is $6.2 billion, ranking fifth. Although Tron’s TVL was $7.3 billion at the beginning of 2025, showing a 15% decline this year.
Ethereum continues to dominate DeFi activity, with a TVL of $89 billion, accounting for 60% of all blockchains. On July 29, investment trading platform eToro announced plans to tokenize the 100 most popular U.S. stocks on Ethereum. On June 30, Robinhood launched a second-layer blockchain in Europe to trade U.S. assets.
In 2025, the momentum for RWA tokenization is strong
In 2025, RWA tokenization accelerated, with institutions gradually adapting to put assets like U.S. Treasury bonds, private credit, and stocks on-chain. According to RWA.xyz, the RWA tokenization market has increased to $26.4 billion, up from $15.6 billion at the beginning of 2025.
A Binance research report shared with Cointelegraph states that tokenized stocks are approaching a 'major turning point', with growth rates similar to those in the early days of DeFi.
