Tokenized versions of Tesla, Nvidia, Apple, and other major stocks are now available for trading on the Tron network thanks to a collaboration between the Tron DAO, Kraken, and Backed—the firm behind xStocks, which offers global investors access to tokenized equities.
The feature’s expansion comes shortly after xStocks eclipsed more than $500 million in on-chain trading volume to date, according to data from its official Dune dashboard.
"Expanding xStocks to Tron, a network that settles over $20 billion daily, will significantly boost brand visibility and adoption," Kraken Global Head of Consumer Mark Greenberg told Decrypt. "More importantly, it brings us closer to a fully permissionless, borderless, and interoperable market where anyone can trade tokenized equities around the clock."
Backed’s xStocks feature allows users to gain exposure to American equities via on-chain tokens that are 1:1 backed with actual shares in each respective company. Previously available to users on Solana and BNB Chain, and offered via centralized exchanges like Kraken, these tokens will now be available via TRC-20 tokens on Tron.
“This collaboration highlights how Tron’s decentralized network can bring tokenized equities into a more open, transparent, and accessible environment,” said Tron founder Justin Sun, in a statement.
“Tokenized equities represent a natural evolution for crypto, bridging traditional markets with blockchain,” he added. “As demand for popular equities meets a global base of previously excluded users, we’ll see a more efficient, flexible, and accessible market.”
To date, the network is arguably best known for its substantial stablecoin usage, which has grown by about $23 billion in the last year according to data from DefiLlama. The network holds $82.8 billion in stablecoins—primarily Tether’s USDT—trailing only Ethereum, which maintains $143 billion in stablecoins at the time of writing.
xStocks have generated more than $2.9 billion in volume between centralized exchanges and their decentralized counterparts, though the split falls heavily in favor of centralized exchanges which have accounted for more than 95% of the volume according to the official xStocks Dune dashboard. Over $500 million of that trading has taken place on-chain, per the dashboard.
The tokenized equities currently account for around $46.4 million in assets under management, more than 20% of which can be attributed to tokenized shares in Elon Musk’s Tesla (TSLA).
As for bigger goals, Backed is focused on continuing to expand its xStocks product offering.
"Our priority is expanding the xStocks Alliance—bringing more partners, blockchains, and applications onboard as we deliver the gold standard in tokenized equities offerings," Greenberg said. "That's where the real growth happens."
More features, chain integrations, and new offerings are expected in the coming weeks, he added.
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