The race to put Wall Street on-chain has hit a new gear. Kraken, Bucked and the BNB chain are working together to push XStocks into the mainstream and bring tokenized inventory into one of Crypto’s most active ecosystems.
On July 9th, Crypto Exchange Kraken announced its strategic partnership with tokenization companies Backed and BNB Chain, expanding Xstocks, which daily users offer to one of the largest blockchain networks.
The integration allows non-US Kraken clients to deposit and withdraw tokenized US stocks such as Apple’s Aaplx and Tesla’s Tslax. This follows Xstocks’ first launch at Solana last month, and illustrates another step in the push for Kraken to redefine how public stocks circulate in the digital economy.
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Why BNB chains are turning points in tokenized inventory
The decision to bring XStocks into the BNB chain illustrates Kraken’s strategic expansion efforts. The two companies said they chose the network because of their size and efficiency.
With total values locked and one of Crypto’s most active user bases, BNB Chain offers a key mass of liquidity and accessibility.
Backed’s Xstocks circulate as BEP-20 tokens, allowing for seamless transfers between Kraken’s centralized platform and the decentralized ecosystem of BNB chains. For traders, the appeal is clear. Lower rates than Ethereum, faster settlements than traditional markets, and compatibility with debt protocols.
According to Kraken’s co-CEO Arjun Sethi, the goal is more than just distribution, it is complexity. “By expanding into the BNB chain, we reinforce our core belief that tokenized stocks are not just digital rappers of traditional assets. They are fundamental upgrades to the financial system itself,” he said.
Kraken’s bet on the BNB chain also reflects intentional plays for global reach. The exchange first launched more than 60 tokenized stocks in Solana last month, targeting users in 140 countries, but the presence of BNB chains in emerging markets such as Southeast Asia and Latin America has opened doors for retail investors with limited access to US stocks.
Sarah Song, Head of Business Development at BNB Chain, said: “Tokenizing real-world assets in BNB chains is a meaningful step to making global finance more accessible and transparent.” The chain’s infrastructure, including EVM compatibility and high throughput, reduces friction for users who might otherwise face barriers to legacy systems.
However, adoption remains an open issue. While on-chain data on the Dune Analytics dashboard tracked by Hashed is a modest figure at just $32.8 million in XStocks trading volume, Kraken’s internal exchange volume could significantly increase that number.
The actual test is whether these assets gain utility beyond speculative trading. Supported co-founder Adam Levi envisions XStocks becoming a “tokenized stock standard” by integrating with lending protocols, derivatives platforms and other Defi Primitives. If that happens, tokenized inventory could evolve from synthetic proxy to basic financial instruments.
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