The companies said xStocks will be issued as ERC20 tokens on Ethereum, each backed 1:1 with the corresponding equity listed on Kraken’s platform. Eligible clients will be able to deposit and withdraw the assets directly through Ethereum in the coming weeks.

The move follows earlier expansions to Solana, BNB Chain, and Tron, with the latter added at the end of August 2025. Kraken’s co-CEO Arjun Sethi described Ethereum as a logical addition due to its position as one of the largest smart contract ecosystems. He said the company’s approach aims to keep tokenized equities accessible across networks and compatible with existing applications.

Backed, which issues the tokens, noted that Ethereum’s liquidity and established decentralized finance (DeFi) protocols make it an effective environment for further integration. Backed co-founder Roberto Klein said the ERC20 design allows the assets to be used within a wide range of DeFi platforms and decentralized applications.

According to the firms, xStocks provide exposure to U.S. equities and exchange-traded funds, serving Kraken clients in more than 140 countries. According to Kraken, the product has generated more than $3.5 billion in combined centralized and decentralized exchange trading volume since launching in late June.

Kraken and Backed said they intend to continue extending xStocks to other blockchains, citing a strategy designed to increase portability, interoperability, and access to tokenized equities worldwide.

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