TRON Joins Kraken and Backed Finance to Expand xStocks Tokenization

Kraken partnered with Backed Finance and TRON DAO to expand its tokenized equities product, xStocks, onto the TRON blockchain. The integration will make tokenized shares of companies such as Apple, Nvidia, and Tesla available as TRC-20 tokens.

xStocks are 1:1 backed digital representations of real-world equities and exchange-traded funds (ETFs). Each token is fully collateralized and held in custody by a regulated third party. This model allows investors to gain exposure to traditional U.S. equities while using the infrastructure of public blockchains.

The addition of TRON marks the third blockchain to support xStocks since their launch in June, following Solana and BNB Chain. According to Kraken, xStocks are already live in over 140 countries and have surpassed $2.5 billion in combined centralized (CEX) and decentralized (DEX) trading volume.

Why TRON Was Chosen

TRON DAO’s network offers low-cost transactions, high throughput, and one of the most active global user bases in crypto. These characteristics made it a natural fit for hosting tokenized assets.

Justin Sun, founder of TRON, said the collaboration highlights TRON’s role as an accessible and transparent environment for tokenized assets:

“This collaboration highlights how TRON’s decentralized network can bring tokenized equities into a more open, transparent, and accessible environment.”

The TRON blockchain currently holds $6.2 billion in total value locked (TVL), ranking fifth among all chains according to DeFiLlama. While TVL is down from $7.3 billion at the start of the year, TRON remains a leader in stablecoin transfers, with more than $80 billion worth of USDT circulating on the network.

Kraken’s Multi-Chain Strategy

The decision to bring xStocks to TRON is part of Kraken’s wider multi-chain approach. Arjun Sethi, Kraken’s co-CEO, explained that expanding to three blockchains in under 60 days reflects the openness and flexibility of xStocks’ design:

“Every xStock is fully collateralized, on-chain, and verifiable in real time. This integration moves us closer to a world where equities trade like the internet works — permissionless, borderless, and interoperable.”

By offering support on multiple blockchains, Kraken aims to provide users the freedom to choose their preferred ecosystem while ensuring accessibility across different infrastructures.

Role of Backed Finance

Backed Finance will be responsible for deploying xStocks on TRON as TRC-20 tokens. Each tokenized equity will maintain a strict 1:1 collateralization ratio, ensuring that token holders have exposure to the underlying asset.

Adam Levi, co-founder of Backed, said aligning xStocks with TRON is a logical next step:

“Millions around the world already use TRON’s low-cost, high-throughput infrastructure for tokenized U.S. dollars. Now, they’ll be able to do the same with tokenized equities.”

This ensures that the model maintains transparency and full backing, a critical factor as regulators and institutions pay closer attention to real-world asset (RWA) tokenization.

Driving Global Access to Capital Markets

xStocks are designed to make traditional equities more accessible to users in markets where direct access to U.S. financial products is limited or unavailable.

Key points about xStocks:

• Available in over 140 countries.
• Over $2.5 billion in combined trading volume since launch in June.
• Fully collateralized, 1:1 backed by real equities and ETFs.
• Tokens represent major equities like Apple, Nvidia, and Tesla.

While xStocks are not currently available in the United States, they serve as a transparent and open pathway to U.S. capital markets for international investors.

Tokenization and Real-World Assets (RWA)

The integration comes as tokenization of real-world assets gains momentum in 2025. According to RWA.xyz, the RWA market reached $26.4 billion in August, up from $15.6 billion at the start of the year.

Projects such as Robinhood’s European layer-2 trading network and eToro’s plan to tokenize 100 U.S. stocks on Ethereum highlight how traditional finance is increasingly experimenting with blockchain-based equity access.

Kraken’s xStocks approach stands out for its rapid expansion and multi-chain support. Within just two months, Kraken has added Solana, BNB Chain, and now TRON to its supported ecosystems.

Market Context: TRON and DeFi

TRON’s integration of xStocks places tokenized equities alongside one of the busiest stablecoin ecosystems in the world. TRON processes seven times more daily USDT transactions than Ethereum, according to CryptoQuant.

Despite its TVL drop of 15% since January, TRON continues to rank among the top five blockchains for DeFi activity. Ethereum remains the leader with $89 billion in TVL, representing 60% of the entire DeFi market.

The addition of tokenized equities to TRON’s network broadens its scope beyond stablecoins, creating new use cases for its infrastructure and potentially increasing network activity.

Conclusion

Kraken, Backed Finance, and TRON DAO’s collaboration brings tokenized equities to the TRC-20 standard, extending access to global investors across one of the most active blockchain ecosystems. With full collateralization, regulatory oversight, and seamless integration, xStocks provide a practical on-chain pathway to traditional equities.

The move reinforces TRON’s role in real-world asset tokenization and supports Kraken’s strategy of making tokenized markets accessible across multiple blockchains. TRON has entered the tokenized equities race, standing alongside Solana and BNB Chain as leading networks driving this asset class forward.

Resources:

1. Kraken announcement about xStocks expansion to the TRON blockchain: https://blog.kraken.com/product/xstocks/tron-blockchain

2. RWA market data: RWA.xyz

3. Ethereum TVL data: https://defillama.com/chain/Ethereum