Kraken extends xStocks to BNB Chain, betting on DeFi as Wall Street’s successor
2025-07-09 14:39:16
Main Idea
Kraken, Backed, and BNB Chain are collaborating to introduce tokenized U.S. equities (xStocks) on BNB Chain, aiming to expand accessibility and integration with decentralized finance (DeFi).
Key Points
1. Kraken, Backed, and BNB Chain are partnering to offer tokenized U.S. stocks (e.g., Apple's AAPLx and Tesla's TSLAx) as BEP-20 tokens on BNB Chain.
2. BNB Chain was selected for its $10 billion in total value locked (TVL) and active user base, which could help drive adoption of tokenized equities.
3. The initiative aims to enhance composability with DeFi protocols, enabling broader use cases like lending and derivatives for tokenized stocks.
4. BNB Chain's infrastructure, including EVM compatibility and high throughput, is expected to reduce barriers for users in emerging markets accessing U.S. equities.
5. Despite the potential, adoption remains uncertain, with only $32.8 million in xStocks trading volume recorded so far.
Description
The race to put Wall Street on-chain just hit a new gear. Kraken, Backed, and BNB Chain are teaming up to bring tokenized stocks to one of crypto’s most active ecosystems, pushing xStocks into the mainstream. On July 9, crypto exchange Kraken announced a strategic partnership with tokenization firm Backed and BNB Chain, expanding its xStocks offering to one of the largest blockchain networks by daily users. The integration will enable Kraken clients outside the U.S. to deposit and withdraw token...
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