The race to bring traditional equities on-chain is accelerating, and Kraken is taking another step forward. In partnership with Backed, the exchange has announced the integration of its tokenized equities product, xStocks, with the Tron blockchain, expanding access to global users and strengthening the bridge between traditional finance and decentralized networks.

From Solana to BNB to Tron: Multi-Chain Expansion
The move represents the third major blockchain expansion for xStocks in less than 60 days, following earlier launches on Solana and BNB Chain. Now, with Tron added to the roster, Kraken is creating a multi-chain architecture designed to be open, permissionless, and highly interoperable.

According to Kraken co-CEO Arjun Sethi, this has been part of the roadmap from day one:

“We designed xStocks with openness from the start. A multi-chain future is essential to make tokenized equities truly global and accessible.”

How xStocks on Tron Will Work
Through the partnership, Backed will deploy xStocks as TRC20 tokens on Tron. Each token will remain fully collateralized 1:1 by the underlying equity asset listed on Kraken’s platform. Eligible clients will soon gain the ability to deposit and withdraw xStocks directly on Tron, adding another fast and low-cost settlement layer.

For users, this means more flexibility. Instead of being confined to one blockchain ecosystem, investors will be able to trade, move, and integrate their tokenized equities across multiple environments, creating liquidity bridges between TradFi assets and DeFi protocols.

Justin Sun Weighs In: Equities Meet DeFi
Tron founder Justin Sun praised the collaboration, emphasizing its role in making global markets more inclusive:

“Tokenized equities represent a natural evolution for crypto, bridging traditional markets with blockchain. As demand for popular equities meets a global base of previously excluded users, we’ll see a more efficient, flexible, and accessible market.”

Sun has long championed Tron as a high-throughput, low-fee blockchain capable of hosting large-scale tokenized assets. By adding xStocks to the Tron ecosystem, he believes the network can drive greater adoption in emerging markets where access to U.S. equities has historically been limited.

Market Momentum: $2.5 Billion Volume Since June
Since launching in late June, xStocks has already gained strong traction, generating more than $2.5 billion in combined centralized and decentralized exchange (DEX) volume. With availability in over 140 countries, Kraken has positioned xStocks as one of the leading tokenized equity products in the crypto industry.

The ability to bring equities like Apple, Tesla, and Microsoft into tokenized formats resonates with both retail and institutional users, who can access familiar assets with the benefits of blockchain speed, transparency, and composability.

The Bigger Vision: Tokenization at Scale
The partnership with Tron underscores Kraken’s belief in tokenization as a core pillar of financial innovation. By working with Backed to launch across multiple blockchains, Kraken is building an infrastructure that can scale beyond equities into other asset classes in the future.

Kraken and Backed confirmed they plan to expand xStocks to additional high-performance blockchains, further broadening the product’s reach. For investors, this signals a growing future where equities are not siloed within traditional brokers but freely tradable across decentralized rails.

Final Take
Kraken’s xStocks expansion to Tron isn’t just another blockchain integration — it represents a shift in how global markets might function in the coming years. If tokenized equities can scale, they have the potential to reshape how capital flows, making U.S. equities accessible to anyone with a crypto wallet, anywhere in the world.

With Solana, BNB Chain, and now Tron live, Kraken’s tokenization strategy is rapidly unfolding — and the future of equities may well be multi-chain.