US Stock Tokenization via xStocks Now Live on Ethereum

Jakarta, Pintu News – Kraken, one of the largest crypto exchanges in the United States, recently announced the launch of digitized stocks on Ethereum (ETH) through its xStocks product developed by Backed.

xStocks Launches on the Ethereum Network

On September 2, 2025, cryptocurrency exchange Kraken announced that it would launch a tokenized version of US stocks on the main Ethereum network through xStocks, a product developed by Backed.

Read also: Ethereum Price Stays at $4,300 Today (Sept 4): With ETH Supply Shrinking, What’s Next?

The expansion enables 24/7 trading of stocks such as Apple, Tesla, and Nvidia, as well as exchange-traded funds (ETFs) on Ethereum, the world’s largest blockchain by total value locked (TVL) in DeFi, with nearly $107 billion currently deposited on the Ethereum-based protocol, according to DefiLlama.

As part of the integration, eligible Kraken clients – non-US traders – will be able to deposit and withdraw xStocks directly on Ethereum. Backed will issue xStocks as ERC-20 tokens and ensure full 1:1 collateralization for each stock listed on the Kraken platform, according to a Kraken blog post published today.

Kraken currently offers xStocks to non-US users on Solana (SOL), Tron (TRX), and BNB Chain, making Ethereum the fourth blockchain network where these assets are deployed.

“Through xStocks’ expansion to the Ethereum Mainnet, xStocks leverages the largest on-chain liquidity pool and connects with the most established DeFi protocol in this space,” said Roberto Klein, co-founder of Backed, in the press release.

Klein continues: “xStocks is designed for composability. We look forward to working with these teams and developing xStocks to its full potential.”

xStocks Figures Still Lagging

According to The Defiant, this expansion comes after xStocks recently announced that it had surpassed $500 million in on-chain transaction volume just 49 days after the product’s public launch.

Read also: Dogecoin Sees Modest Price Increase Today: DOGE Launches $175 Million Treasury!

While this milestone shows a growing interest in tokenized stocks, some experts told The Defiant that this figure is largely symbolic.

Doug Colkitt, an early contributor to Fogo, explained that while half a billion dollars in less than two months is “not a trivial number,” it is incomparable to other trading platforms.

“Solana’s DEX can reach that volume in one afternoon,” he told The Defiant website last month.

Indeed, in the last 24 hours, Meteora recorded a trading volume of $932 million on decentralized exchanges (DEXs), followed by Raydium with $637 million, and Orca with $496 million, according to DefiLlama.

However, this number is still impressive for a tokenized stock market, Tom Bruni, editor and VP of Stocktwits, told The Defiant in August. He added that it also “serves as a good proof of concept and green light for those who are building in this space.”

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Analytics Insight. XStocks Launches Tokenized Stocks on Ethereum, Bitmine Holds 19M ETH, and Figure Technology Eyes $4B IPO. Accessed on September 4, 2025
• Cointelegraph. XStocks Launches Ethereum 60 Tokenized Stocks: Nvidia, Tesla. Accessed on September 4, 2025
• The Defiant. Kraken Launches Tokenized US Stocks on Ethereum via XStocks. Accessed on September 4, 2025