The cryptocurrency exchange Kraken and the tokenization specialist Backed Finance announced the expansion of the xStocks (tokenized stocks) product to include the Tron network, in a new step reflecting the accelerating wave of real-world asset (RWA) tokenization, especially in the stock sector.
According to the announcement, stocks will be offered in the form of TRC-20 tokens on the Tron network, after previously being available on the Solana and BNB Chain networks. Since its launch in June 2025, the trading volume of xStocks across centralized and decentralized platforms has exceeded $2.5 billion, according to a Kraken blog.
A representative from TronDAO told Cointelegraph:
"The growing enthusiasm in the real asset sector indicates increasing institutional confidence in the viability of first-layer blockchain networks like Tron. As institutional blockchain continues to evolve, we focus on building the infrastructure that supports long-term adoption and real financial use cases."
The position of Tron and Ethereum in the market
According to DefiLlama data, the total value locked (TVL) on the Tron network reached $6.2 billion as of Tuesday, making it the fifth among blockchain chains. However, compared to the beginning of 2025, when the TVL was at $7.3 billion, it shows a decline of 15%.
The Ethereum network continues to lead the decentralized finance (DeFi) scene with a total locked value of $89 billion, accounting for about 60% of the total market. In related developments, the eToro platform announced in July its intention to tokenize 100 of the most popular U.S. stocks on Ethereum, while Robinhood launched a layer two network for trading U.S. assets in Europe in June.
The accelerating wave of asset tokenization in 2025
The year 2025 witnessed significant growth in the real asset tokenization sector, as institutions began relying on blockchain to represent assets such as U.S. Treasury bonds, private credit, and stocks. According to RWA.xyz data, the market value of tokenized assets rose to $26.4 billion as of last week, compared to $15.6 billion at the beginning of the year.
A report from Binance Research stated that tokenized stocks are approaching a "major turning point," similar to the first wave of decentralized finance.
For his part, Alex Svanevik, CEO of Nansen, noted in an op-ed on Cointelegraph that the real opportunity in tokenizing stocks lies not in public markets, but in private markets, where the biggest efficiency gaps exist.
