The move brings 24\/7 trading of equities and ETFs to DeFi\u2019s largest blockchain.<\/p>\n
Cryptocurrency exchange Kraken<\/a> announced on Tuesday, Sept. 2, that it will launch tokenized versions of U.S. stocks on Ethereum mainnet via xStocks, a product developed by Backed.<\/p>\n The expansion allows 24\/7 trading of equities such as Apple, Tesla, and Nvidia and exchange-traded funds (ETFs) on Ethereum<\/a>, the world\u2019s largest blockchain by total value locked (TVL) in DeFi, with nearly $107 billion currently held across Ethereum-based protocols, according to DefiLlama<\/a>. <\/p>\n As part of the integration, eligible Kraken clients \u2014 namely non-U.S. traders \u2014 will be able to deposit and withdraw xStocks directly on Ethereum. Backed will issue xStocks as ERC-20 tokens and ensure full 1:1 collateralization for every equity listed on Kraken\u2019s platform, according to a Kraken blog post<\/a> published today.<\/p>\n Kraken currently offers xStocks to non-U.S. users on Solana<\/a>, Tron, and BNB Chain<\/a>, making Ethereum the fourth blockchain network where the assets are deployed.<\/p>\n \u201cThrough the expansion of xStocks to Ethereum Mainnet, xStocks tap into the largest pool of on-chain liquidity and connect to the most well-established DeFi protocols in the space,\u201d said Roberto Klein, Backed\u2019s co-founder, in the release. Klein continued: \u201cxStocks are designed for composability. We look forward to working with these teams and developing xStocks to their full potential.\u201d<\/p>\n Kraken is one of the largest U.S.-based centralized exchanges (CEXs) with a recorded $1.5 billion in revenue and $664 billion in trading volume in 2024, according to company documents<\/a>. In the past 24 hours, Kraken has seen about $1.3 billion in trading volume, behind Coinbase\u2019s $3.2 billion, per data from CoinGecko<\/a>. <\/p>\nxStocks Figures Are Still Lagging<\/h2>\n