Stock tokens representing U.S. equities available for trading on the Ethereum blockchain via xStocks platform now active.
In a significant move, Kraken, the renowned cryptocurrency exchange, has announced the expansion of its xStocks product to the Ethereum network. This decision will enable non-US traders to directly deposit and withdraw xStocks on Ethereum.
The xStocks product, developed by Backed, is designed for composability and the team is looking forward to developing it to its full potential. This expansion comes after xStocks recently surpassed $500 million in on-chain transaction volume.
xStocks offers tokenized US stocks and Exchange-Traded Funds (ETFs) on the Ethereum network as ERC-20 tokens, backed 1:1 by underlying shares. This move enables transfer and DeFi integration, opening up opportunities for a wider range of users. Currently, about 60 different stocks and ETFs are available, covering popular US equities.
The expansion enables 24/7 trading of stocks such as Apple, Tesla, and Nvidia, as well as ETFs on Ethereum. Backed ensures full 1:1 collateralization for each stock listed on the Kraken platform, ensuring the integrity of the trading process.
Doug Colkitt, an early contributor to Fogo, stated that while $500 million in less than two months for xStocks is "not a trivial number," it is incomparable to other trading platforms like Solana's DEX. However, Tom Bruni, editor and VP of Stocktwits, considers the volume impressive for a tokenized stock market and a good proof of concept for those building in this space.
It's important to note that the trading volume on xStocks is still impressive compared to other tokenized stock markets, but it is significantly lower than the trading volume on some decentralized exchanges like Solana's DEX.
Meanwhile, decentralized exchanges (DEXs) Meteora, Raydium, and Orca recorded trading volumes of $932 million, $637 million, and $496 million, respectively, in the last 24 hours. These DEXs are among the top by trading volume, according to DefiLlama, and their trading volumes were not related to xStocks.
xStocks will be issued as ERC-20 tokens on Ethereum, leveraging the largest on-chain liquidity pool and connecting with the most established DeFi protocol in this space. Kraken currently offers xStocks to non-US users on Solana, Tron, BNB Chain, and now Ethereum.
The launch of digitized stocks on the Ethereum network through Kraken's xStocks product was announced on September 2, 2025. This expansion is set to revolutionize the trading of US stocks and ETFs on the cryptocurrency market.
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