- Kraken and Backed will integrate xStocks on Tron as TRC-20 tokens with deposits and withdrawals for eligible clients.
- The move follows Solana and BNB Chain support and comes as on-chain RWA value reaches over $26 billion.
Kraken and tokenization platform Backed said they are extending their xStocks product to the Tron blockchain, adding a third network alongside Solana and BNB Chain as the firms pursue a multi-chain route for tokenized equities.
Kraken and Backed to issue TRC-20 xStocks and enable Tron transfers
Backed will deploy the instruments on Tron as TRC-20 tokens that are designed to be fully backed on a one to one basis by underlying securities.
Kraken said eligible users will gain deposit and withdrawal support on Tron in the coming weeks, broadening access to its tokenized equities lineup across jurisdictions outside the United States. The exchange noted that xStocks are not available to U.S. persons.
The companies framed the integration as part of a plan to meet demand where on-chain activity is deep. Tron processes high volumes of stablecoin and payments transactions and currently shows about 9.37 million daily transactions and a stablecoin market capitalization above $82 billion, according to DefiLlama.
Those metrics are often used by token issuers to assess throughput and user reach for distribution.
Kraken launched xStocks in late June with Solana as the initial settlement rail and added BNB Chain in July. The firm said xStocks have surpassed $2.5 billion in combined centralized and decentralized venue volumes since launch, and that coverage spans more than 140 countries with further expansion planned.
RWA market growth and network selection inform rollout sequence
The expansion lands during a broader push to tokenize real-world assets on public chains. RWA.xyz data shows total on-chain RWA value of roughly $26.4 billion as of August 21, 2025, with tokenized stocks a growing segment among treasuries and commodities.
That context helps explain why issuers are prioritizing networks with large stablecoin flows and active retail user bases.
Kraken and Backed have said the multi-chain design aims to make instruments portable across ecosystems, with issuance and redemption handled to maintain price tracking to the referenced securities.
The firms indicated that more high-throughput chains are under consideration as they progress from initial listings to wider market coverage.
For Tron, the integration is supported by the Tron DAO, which is coordinating with ecosystem partners on tooling and listings. The parties argue that tapping low transaction costs and a broad wallet footprint can reduce friction for deposits and withdrawals, particularly in regions where conventional brokerage access is limited.
Investors will watch how liquidity fragments across the supported networks and how settlement pathways between centralized and decentralized venues evolve.
With Solana and BNB Chain already live and Tron next in line, flows may concentrate around chains with the most consistent fiat ramps and the tightest on-chain spreads for the tokens that reference widely held U.S. equities.
At present, Solana (SOL) is trading at $186.31, reflecting a $5.37 increase, which equates to approximately +2.97% from its previous close.
