US-based digital assets exchange Kraken and tokenization firm Backed Finance have partnered with TRON DAO to integrate “xStocks” with the TRON blockchain.
The TRON network will join both Solana and BNB Chain to become the third such integration since the launch of Backed’s xStocks in June. According to an Aug. 20 press release, xStocks are currently available via Kraken in over 140 countries, with support coming for additional countries in the coming weeks.
While the tokenized xStocks asset offerings aren’t currently available in the US, they’re primarily designed as a transparent pathway to US capital markets and have reportedly surpassed $2.5 billion in combined CEX and DEX volume since inception.
xStocks are digital tokens that represent traditional real-world asset shares in companies or ETFs. They are backed 1:1 by the actual equities they’re associated with, which are held in custody by a regulated third party. Purchasers gain access to representative tokens for Wall Street stocks such as Apple, Nvidia, and Tesla while retaining tokenization features such as fractional ownership, increased liquidity, and global accessibility.
Related: VALR Becomes First African Crypto Exchange to Launch Tokenized US Stock Trading
Firms supporting the development and use of xStocks have formed “The xStock Alliance,” a group dedicated to supporting and raising engagement and awareness of the xStock ecosystem. According to a press release from Backed, Alliance membership currently includes Alchemy Pay, Backed, Bybit, Byreal, Jupiter, Kamino, Kraken, Raydium, and Solana.
Kraken’s involvement in the partnership with TRON DAO and Backed to bring xStocks to the TRC-20 network protocol follows a surge of activity from the US-based exchange in both the global and US cryptocurrency markets.
As Coinspeaker recently reported, Kraken was tapped by the state of Wyoming as the launch partner for the upcoming Frontier Stable Token (FRNT), the first government-supported stablecoin to launch in the US. The token’s mainnet went live on Aug. 20, with public trading expected to roll out for Kraken users in the coming weeks.
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