Kraken & Backed Bring Tokenized Stocks to Tron: RWA Market Heats Up in 2025
Tokenized stocks are quickly becoming one of the hottest narratives in crypto, and two major players — Kraken and Backed Finance — are taking the movement to the Tron blockchain. This expansion not only broadens access but also signals how real-world asset (RWA) tokenization is evolving into one of the biggest trends since the early DeFi boom.
- Kraken & Backed launch tokenized stocks (xStocks) on Tron as TRC-20 tokens
- xStocks has already processed $2.5B in trading volume since June 2025
- Tron currently holds $6.2B in DeFi TVL, ranking 5th overall despite a recent decline
- RWA tokenization market has ballooned to $26.4B in 2025, nearly doubling YTD
- Binance Research says tokenized stocks are nearing a “major inflection point”
- Industry leaders highlight private markets as the real opportunity for tokenization
On Wednesday, Kraken and Backed Finance confirmed the rollout of their tokenized stock product, xStocks, on the Tron blockchain. This marks the third major integration for xStocks, which already went live on Solana and BNB Chain earlier this summer. With over $2.5 billion in combined volume across centralized and decentralized exchanges since its June 2025 debut, xStocks is emerging as one of the strongest early movers in the tokenized equities space.
Backed Finance will deploy these tokenized equities as TRC-20 tokens, expanding Tron’s roster of real-world asset integrations. A TronDAO representative framed this as more than a technical rollout — it’s part of a growing institutional belief that Layer-1 blockchains like Tron can serve as durable infrastructure for tokenized financial products.
Tron already ranks as the 5th-largest blockchain by total value locked (TVL), sitting at $6.2 billion as of mid-August. While this figure represents a 15% decline from the $7.3 billion reported in January, Tron continues to demonstrate resilience and relevance, particularly in DeFi and stablecoin markets. Compared to Ethereum’s dominance at $89 billion TVL, Tron still has room to grow, but this tokenization move could carve out a stronger niche for the network in RWAs.
The expansion also comes during a broader wave of RWA momentum in 2025. According to data from RWA.xyz, the tokenization market has already reached $26.4 billion in assets this year, up from $15.6 billion at the start of January. This near-doubling reflects rapid institutional adoption, with tokenized U.S. Treasuries, private credit, and now stocks leading the charge.
A recent Binance Research report argues that tokenized stocks are approaching a “major inflection point”, mirroring the early explosive phase of decentralized finance (DeFi). Similarly, market leaders like Nansen CEO Alex Svanevik point out that while public equities attract attention, the real opportunity lies in private markets, where inefficiencies and barriers to access create fertile ground for blockchain-based disruption.
Meanwhile, competitors are also moving fast. eToro has announced plans to tokenize 100 of the most popular U.S. stocks on Ethereum, while Robinhood recently launched a Layer-2 blockchain in Europe specifically for trading U.S. assets. With multiple players pushing into tokenized securities, the sector is quickly transforming into one of the most competitive battlegrounds of 2025.
Final Thought:
Kraken and Backed’s expansion of xStocks to Tron isn’t just another integration — it’s a strong signal that tokenized equities are moving from theory to large-scale adoption. With institutions warming up, markets doubling in size, and multiple blockchains vying for dominance, tokenized stocks could well be the next billion-dollar frontier in Web3.
