Crypto exchange Kraken and Swiss tokenization firm Backed said on Tuesday they are bringing xStocks, a suite of tokenized equities, to the Ethereum network, aiming to integrate stcoks into decentralized finance (DeFi) infrastructure.

The initiative allows eligible Kraken clients to deposit and withdraw xStocks directly on Ethereum, where they will exist as ERC-20 tokens fully collateralized 1:1 by underlying equities. That means investors can move tokenized stocks and ETFs between the exchange and self-custodial wallets while accessing Ethereum-based decentralized finance (DeFi) protocols.

The rollout on Ethereum follows earlier xStocks launches on Solana, BNB Chain, and TRON. Since its debut in June, the product has generated over $3.5 billion in combined trading volume across centralized and decentralized exchanges.

Ethereum’s position as the largest smart contract network gives xStocks immediate reach across thousands of decentralized applications.

"Our multi-chain strategy is deliberate," Kraken co-CEO Arjun Sethi said in a statement. "It ensures tokenized equities are accessible across ecosystems, portable between wallets and protocols and composable within the applications users already trust. Ethereum is the next logical step.

The move comes as momentum grows for bringing traditional financial instruments including equities onto blockchain rails, also known as tokenization of real-world assets. Crypto exchanges like Gemini and Robinhood have already introduced tokenized U.S. stocks for EU users. However, tokenized equity offerings also drew concerns such as limited shareholder rights and fragmented regulations.

Read more: Tokenized Stocks Aren’t Working (Yet)

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