Kraken and Backed Expand xStocks Access Through BNB Chain

Crypto exchange Kraken and tokenization platform Backed have announced a new partnership with BNB Chain to expand the reach of xStocks — tokenized versions of U.S. equities.

xStocks are coming to @BNBCHAIN.

Tokenized equities, now multichain 👇https://t.co/mMmSItIPNq

— Kraken Exchange (@krakenfx) July 9, 2025

In a blog post, Kraken explains this latest move allows on-chain access to traditional financial instruments and brings real-world assets into the decentralized finance (DeFi) ecosystem.

BNB Chain Joins the xStocks Alliance

The integration will see BNB Chain become the latest member of the xStocks Alliance, a consortium aimed at making tokenized U.S. equities more widely accessible.

Through this latest partnership, xStocks will be deployed as BEP-20 tokens on BNB Chain, allowing users to access tokenized assets like AAPLx (Apple), TSLAx (Tesla), SPYx (S&P 500 ETF), and NVDAx (Nvidia).

Kraken said it will soon allow users to deposit and withdraw xStocks via BNB Chain. BNB Chain has been selected for its high performance, low fees, and onchain activity, including a $10 billion total value locked (TVL) and as one of the most active Web3 user bases.

BNB Chain Maxwell Upgrade Activated

In June, BNB Chain’s Maxwell upgrade has activated, dramatically reducing block times from 1.5 seconds to 0.75 seconds in the network’s most aggressive speed optimization yet.

The upgrade positions BNB Smart Chain as the fastest major blockchain, achieving sub-second finality while maintaining the $0.04 average transaction fees that helped capture the #1 ranking in daily DEX volume.

Building a Multichain Financial Infrastructure

Kraken’s co-CEO Arjun Sethi explains that the future of capital markets is inherently multichain. He describes tokenized equities as “programmable settlement primitives.” That allow for real-time transfers, atomic settlement, and integration with DeFi protocols.

“In a world that will inevitably be multichain, it is critical that assets like equities can move fluidly across ecosystems, protocols, and liquidity layers,” said Sethi.

“Expanding to BNB Chain reinforces our belief that tokenized equities are a foundational upgrade to the financial system.”

Backed co-founder Adam Levi adds that integrating with BNB Chain aligns with the vision of xStocks as a “neutral, public-good asset class,” built to allow composability with DeFi tools like lending and derivatives.

Kraken Launches Peer-to-Peer Crypto Payments App

In June, Kraken rolled out a new peer-to-peer payments app called Krak, marking its latest move to expand beyond crypto trading and into mainstream financial services.

The app allows users to send and receive money instantly across 160 countries and supports over 300 assets, including fiat currencies, stablecoins and cryptocurrencies.

With Krak, Kraken aims to tackle long-standing inefficiencies in the global payments system by offering faster, cheaper and more accessible transactions.

Unlike Kraken’s core trading platform, Krak is designed specifically for global payments. It sidesteps the high fees associated with trading by offering near-zero-cost peer-to-peer transfers.