Cryptocurrency exchange Kraken has announced a strategic collaboration with blockchain network BNB Chain and tokenization partner Backed, marking a new phase in the expansion of tokenized U.S. equities. This initiative, formed in conjunction with the xStocks Alliance, is set to enhance global access to onchain representations of American-listed stocks and ETFs through the BNB Chain infrastructure.
As part of this move, Kraken has outlined plans to support deposit and withdrawal functionalities for xStocks through BNB Chain for its eligible users. The effort forms a key component of Kraken’s broader strategy to make traditional equities accessible via decentralized networks. The initiative will see xStocks being issued as BEP-20 tokens on the BNB Chain, allowing users to interact seamlessly with tokenized versions of well-known U.S. financial assets, including companies like Apple (AAPLx), Tesla (TSLAx), Nvidia (NVDAx), and the SP500 index (SPYx).
Bringing Wall Street to the Blockchain
The tokenized assets are designed to reflect the underlying value of real-world equities, offering a blockchain-native alternative to traditional investment channels. By leveraging BNB Chain’s infrastructure, the partnership aims to lower the barriers that have historically prevented participation in U.S. markets, particularly in underserved regions with limited access to conventional financial instruments.
The choice of BNB Chain was reportedly based on its reputation for low transaction costs, network efficiency, and broad ecosystem compatibility. Kraken and its partners see this as an ideal foundation to scale tokenized equities while maintaining cost-effective and fast transactions for a global user base. The collaboration also reflects Kraken’s long-standing belief that tokenized financial instruments can play a transformative role in the evolution of the financial system.
Kraken views these digital equities not merely as representations of traditional stocks, but as programmable financial tools. By utilizing smart contract capabilities, these instruments allow for instant settlements, global transferability, and interoperability with decentralized lending platforms, derivatives, and structured financial products. This programmable nature aligns with the core ideals of decentralized finance, where transparency, accessibility, and automation take precedence.
xStocks are coming to @BNBCHAIN.
Tokenized equities, now multichain 👇https://t.co/mMmSItIPNq
— Kraken (@krakenfx) July 9, 2025
Building Broader Financial Access Through Strategic Alliances
In a parallel development, Kraken recently formed an alliance with Alpaca, a financial technology provider. The objective of that partnership was to enhance crypto trading access for financial institutions. Through the integration of Kraken Embed and its Crypto-as-a-Service (CaaS) product, Alpaca has been positioned to expand its regulated crypto spot offerings. The collaboration is designed to provide Alpaca’s institutional clients with access to secure, liquid, and efficient trading solutions, underpinned by Kraken’s established infrastructure and global liquidity.
Together, these recent partnerships highlight Kraken’s ambition to merge traditional finance with blockchain innovation. By enabling the tokenization of equities and strengthening infrastructure for institutional crypto trading, Kraken appears committed to redefining the accessibility and functionality of global financial systems.
As the financial sector continues to explore the intersection of decentralized infrastructure and traditional assets, Kraken’s initiatives could set a precedent for how tokenized instruments are used to bridge global markets with the efficiency and inclusivity offered by blockchain technology.