Kraken and Backed have announced the expansion of their tokenized stock offering, now supported on BNB Chain and Solana. This move aims to enhance the accessibility of U.S. stocks for users worldwide.
Kraken and BNB Chain Alliance
BNB Chain has joined the xStocks Alliance, which facilitates the transfer of real assets, such as stocks, to the blockchain. Non-U.S. Kraken clients can now deposit and withdraw tokenized stocks using BNB Chain alongside Solana. BNB Chain was selected for its speed and low transaction costs, as well as its large user base.
Tokenization of Stocks as BEP-20 Tokens
Backed will issue tokenized stocks as BEP-20 tokens on the BNB Chain. These tokens will mirror U.S.-listed stocks and will function as standard digital assets on the blockchain. Users will be able to trade these tokens 24/7, which also paves the way for the creation of innovative financial tools.
Global Momentum for Tokenized Stocks
The launch of Kraken's tokenized fund is not an isolated case. Exchanges like Bybit, Gemini, and Bitget have started offering tokenized stocks as well. Robinhood has launched its tokenized equities platform in the European Union. Currently, the on-chain trading volume for xStocks is less than $33 million, but growth is anticipated as more users gain access to these tokens.
The expansion of tokenized stocks by Kraken and Backed on the BNB Chain contributes to the global accessibility of U.S. stocks and the development of new financial tools.
