Kraken, Backed bring xStocks to Tron’s $22b daily network

Kraken is plugging its tokenized equities directly into one of the world’s busiest payment rails. By deploying xStocks on Tron, it’s aiming its Nasdaq-in-a-token product at a massive, global user base already moving billions in USDT daily.

In a blog post published on August 20, crypto exchange Kraken announced a strategic collaboration with tokenization specialist Backed and the TRON DAO to expand its xStocks product to the Tron blockchain.

The integration, slated to go live in the coming weeks, will see Backed mint the tokenized equities as TRC-20 tokens, enabling Kraken’s eligible clients to deposit and withdraw assets like tokenized Apple or Tesla stocks directly on the Tron network. This marks the third blockchain expansion for xStocks in under two months, following its launches on Solana and BNB Chain.

Pushing xStocks to the global mainstream

Kraken’s decision to integrate xStocks with Tron reflects a calculated strategy to leverage one of crypto’s most active and scalable blockchains. According to data from TRONSCAN, the network settles around $22 billion in value daily and hosts over $26 billion in total value locked, the vast majority of which is comprised of Tether’s USDT.

These numbers suggest Kraken and Backed are not just adding a blockchain; they are tapping into an existing economic zone with a more diverse audience of traders and developers while maintaining speed and efficiency, critical for a product built to mirror U.S. capital markets on-chain.

Since their launch in late June, the tokenized equities have already demonstrated significant product-market fit, racking up over $2.5 billion in combined exchange volume, according to the blog post.

Meeting a strong demand

This figure indicates a robust appetite for accessible, on-chain equity exposure, but one that has been largely confined to the users of the chains it already supports. The Tron integration fundamentally changes the scale of that addressable market.

“xStocks’ expansion to TRON is a natural step, aligning the blockchain’s dominance in stablecoin transfers with tokenized equities, crypto’s next major use case. Millions around the world already use TRON’s low-cost, high-throughput infrastructure for tokenized US dollars. Now, they’ll be able to do the same with tokenized equities,” Backed co-founder Adam Levi said.

Tron founder Justin Sun framed the move as a “natural evolution for crypto,” positioning tokenized equities as the critical bridge that finally merges traditional markets with the efficiency and accessibility of blockchain technology. He posited that meeting the deep demand for popular equities with Tron’s massive base of global users will forge a more efficient and flexible market.