💰Kraken & Backed’s xStocks Invade Ethereum: A New Era of Trading 🚀

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In the quiet town of Internet, where the sun never sets and the coffee is always hot, two friends, Kraken and Backed, decided to shake things up. On a Tuesday, September 2, they announced a grand plan to bring tokenized U.S. stocks to the Ethereum blockchain, a place where digital dreams are built and sometimes shattered, through a magical product known as xStocks.

It was whispered among the tech-savvy that this would allow non-U.S. residents to trade stocks like Apple, Tesla, and Nvidia, but not in the usual way. Oh no, these stocks would transform into ERC-20 tokens, a sort of digital alchemy that turns the mundane into the extraordinary.

Hello, Ethereum.

xStocks are coming to Ethereum Mainnet, one of the world’s largest and most reputable blockchains with over $500b in assets secured, millions of users and thousands of apps.

The standard for tokenized equities, going everywhere.

– xStocks (@xStocksFi) September 2, 2025

For those who dare to tread into this new world, traders will be able to deposit and withdraw xStocks directly on Ethereum, the bustling metropolis of decentralized finance, currently holding an impressive $107 billion in assets, if you believe what DefiLlama tells us.

Each token, it seems, will be backed one-to-one by the real stock or ETF, ensuring that for every token floating around, there’s a real stock sitting quietly in a vault somewhere, like a sleeping giant. This makes Ethereum the fourth blockchain to host xStocks, joining the ranks of Solana, BNB Chain, and Tron, each with their own stories and legends.

Kraken, ever the visionary, explained that this move was to tap into a larger pool of liquidity, much like a fisherman casting a wider net, and to connect with the myriad of apps already thriving on the network. They emphasized the 24/7 trading availability, a perk that makes the traditional stock market hours seem quaint and outdated.

Kraken’s co-CEO, Arjun Sethi, with a twinkle in his eye, declared Ethereum the “next logical step” for the firm’s multi-chain strategy. “It ensures tokenized equities are accessible across ecosystems, portable between wallets and protocols, and composable within the applications users already trust,” he mused, as if reciting a poem about the future of finance.

Roberto Klein, co-founder of Backed, added that Ethereum’s deep connections to established DeFi protocols make it a natural home for xStocks. “Through 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,” he said, as if unveiling a treasure map to the next big thing.

Since its launch in June, xStocks has reportedly generated over $3.5 billion in combined trading volume across exchanges, a number that sounds impressive until you remember that in the world of crypto, even a mountain can be a molehill. Backed also boasted that the product surpassed $500 million in on-chain transaction volume just 49 days after its debut, a feat that some in the industry found underwhelming, but others saw as a sign of things to come.

Kraken, for its part, remains one of the largest U.S.-based exchanges, with a 2024 revenue of $1.5 billion and a trading volume of $664 billion, with recent daily activity hitting $1.3 billion, according to CoinGecko. Numbers that, in any other world, would be enough to make even the most stoic banker blush.

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2025-09-02 21:51