Kraken’s xStocks Tokenizes Stocks on Tron in RWA Push
Kraken and Backed Finance have launched xStocks on the Tron blockchain, issuing tokenized stocks as TRC-20 tokens and expanding beyond Solana and BNB Chain. Since its June 2025 debut, xStocks has recorded over $2.5 billion in combined DEX and CEX trading volume.
Tokenized stocks enable 24/7 trading, fractional ownership and faster settlement. The expansion taps growing institutional demand for RWA tokenization, which Binance Research warns is nearing a major inflection point reminiscent of early DeFi adoption.
Tron’s total value locked (TVL) stands at $6.2 billion, down 15% from $7.3 billion at the start of 2025. By contrast, Ethereum leads DeFi with roughly $89 billion TVL, about 60% of the multi-chain total. Solana and BNB Chain remain key hosts in the tokenized stock sector.
The broader on-chain RWA tokenization market jumped from $15.6 billion in January to $26.4 billion by mid-August. eToro plans to issue US equities on Ethereum and Robinhood is rolling out layer-2 support in Europe.
Traders should track TVL trends, trading volumes, custody solutions and regulatory frameworks. Industry experts see private markets as the next frontier, where tokenized stocks can resolve liquidity bottlenecks.
Bullish
The expansion of xStocks to Tron and the broader surge in RWA tokenization supports increased network usage and liquidity on a non-Ethereum chain. In the short term, positive sentiment around Tron’s TVL and institutional adoption could drive modest price gains for TRX. Over the long term, continued RWA inflows, 24/7 trading and fractional ownership models may strengthen Tron’s market position and demand for its native token, underpinning sustained bullish momentum.