Kraken and Backed Expand xStocks to BNB Chain: A Game-Changer for Tokenized U.S. Equities

In a significant development for the cryptocurrency and blockchain space, Kraken, in collaboration with Backed, has announced the expansion of its tokenized U.S. equities, known as xStocks, to the BNB Chain. This strategic move is set to enhance global access to blockchain-based equities by leveraging BNB Chain's low transaction fees, high throughput, and extensive user base. Eligible Kraken users will soon be able to deposit and withdraw xStocks on BNB Chain, including popular U.S. stocks, marking a pivotal step in the integration of traditional finance with decentralized technologies. This expansion not only broadens the accessibility of tokenized assets but also underscores the growing adoption of blockchain solutions in the financial sector. As of July 2025, this initiative is poised to attract a wider audience, further solidifying Kraken's position as a leader in the crypto exchange landscape.

Kraken and Backed Expand xStocks to BNB Chain, Enhancing Access to Tokenized U.S. Equities

Kraken, in partnership with Backed, is broadening the accessibility of tokenized U.S. stocks, known as xStocks, by integrating them into BNB Chain. This strategic MOVE leverages BNB Chain's low fees, high throughput, and extensive user base to facilitate global access to blockchain-based equities.

Eligible Kraken users will soon be able to deposit and withdraw xStocks on BNB Chain, including popular tokenized assets such as AAPLx (Apple), TSLAx (Tesla), SPYx (S&P 500 ETF), and NVDAx (NVIDIA). These assets will be issued as BEP-20 tokens by Backed, combining traditional equity exposure with the efficiency of blockchain technology.

Arjun Sethi, Kraken's co-CEO, emphasized the multichain future of markets, where tokenized equities can seamlessly traverse different networks. He framed these digital assets not as mere replicas of traditional stocks but as foundational components of a new financial ecosystem—enabling instant, borderless trading and integration with DeFi applications like lending and derivatives.

Adam Levi, Backed's co-founder, underscored the vision of xStocks as public, neutral assets designed for universal utility. By deploying on BNB Chain, the collaboration aims to elevate tokenized equities to the functional stature of stablecoins, but with the added dimension of traditional market exposure.

SEC Warns Crypto Platforms on Tokenized Stock Compliance

The U.S. Securities and Exchange Commission (SEC) has issued a stark warning to cryptocurrency platforms offering tokenized versions of American stocks. Hester Peirce, a prominent SEC commissioner, underscored that these digital representations of equities must adhere to existing securities regulations—regardless of their blockchain-based format.

Platforms like Robinhood and Kraken have ventured into tokenized stocks, aiming to broaden access to traditional assets through crypto infrastructure. Yet the SEC maintains that innovation cannot bypass investor protection frameworks. Tokenized securities will be scrutinized under the same rigorous standards applied to conventional markets.

The regulatory stance reflects growing institutional attention on real-world asset tokenization. While blockchain promises efficiency gains, the SEC's intervention signals that compliance remains non-negotiable for crypto-native financial products.