On Wednesday, cryptocurrency exchange Kraken and tokenization platform Backed Finance announced the expansion of their tokenized stock product xStocks to the Tron blockchain. This move by Kraken and Backed aligns with the gradual advancement of RWA tokenization in the stock sector.
The announcement indicated that Backed will deploy these stocks in the form of TRC-20 standard tokens. Previously, Kraken and Backed had launched xStocks on Solana and BNB Chain. Since its initial launch at the end of June 2025, xStocks has seen a total trading volume exceeding $2.5 billion on DEX and CEX platforms.
A representative from TronDAO stated in an interview with Cointelegraph that the growing interest in the RWA sector reflects institutional confidence in the practicality of Layer 1 blockchain networks like Tron. As institutional-grade blockchains continue to evolve, we will remain focused on building the infrastructure needed to support long-term applications and real financial use cases.
According to DefiLlama data, as of Tuesday, the total value locked (TVL) in the Tron blockchain was $6.2 billion, ranking fifth among all blockchains. TVL is an important indicator of the health of the decentralized finance ecosystem. However, on January 1, 2025, Tron’s TVL was $7.3 billion, indicating a 15% decline this year.
Ethereum continues to dominate DeFi activity, with a TVL of $89 billion, accounting for 60% of the total TVL across all blockchains. On July 29, investment and trading platform eToro announced plans to tokenize 100 of the most popular U.S. stocks on Ethereum. On June 30, Robinhood launched a Layer 2 blockchain for trading U.S. assets in Europe.
In 2025, as institutions gradually accept the on-chain representation of assets such as U.S. Treasury bonds, private credit, and stocks, RWA tokenization continues to gain momentum. According to RWA.xyz data, as of last Tuesday, the RWA tokenization market size had reached $26.4 billion, a significant increase from $15.6 billion on January 1, 2025.
A report shared by Binance Research and Cointelegraph indicates that tokenized stocks are approaching a "significant turning point," with growth rates similar to the early stages of decentralized finance.
Nansen CEO Alex Svanevik stated in a Cointelegraph column that the real opportunity for tokenized stocks lies not in the public market, but in the non-public market, where deeper inefficiencies exist.
Related: Bitcoin (BTC) drops nearly $112,000 as investors await Powell's speech
Original article: “Kraken and Backed Expand Tokenized Stocks to the Tron Ecosystem Amid RWA Push”
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