Kraken and tokenization provider Backed have announced the expansion of their xStocks from Solana to BNB Chain, facilitating the development of digital assets and their trading on global markets.
Expansion of xStocks to BNB Chain
The expansion to BNB Chain signifies an effort to improve the availability of tokenized equities and increase liquidity in global markets. This may lead to increased trading volumes and attract institutional interests.
New Tokenization Opportunities
xStocks, representing over 60 US equities including Apple and Tesla, are now available as BEP-20 tokens. This change broadens access for new institutional and retail users.
Impact on DeFi and Financial Ecosystems
The expansion to BNB Chain significantly enhances DeFi applications, enriching aspects such as lending and derivatives. The increase in on-chain liquidity is expected to strengthen xStocks as integral financial primitives within the evolving digital marketplace.
The expansion of xStocks by Kraken and Backed to BNB Chain highlights the move towards multichain ecosystems and confirms the growing interest in tokenized assets within the context of DeFi growth.
