Kraken Acquires Backed to Supercharge Tokenized Equities as xStocks Enters Its Next Phase

Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing real-world asset products in crypto.

The move positions Kraken to push xStocks, its rapidly expanding tokenized equities product line, into a new era of global adoption, unified infrastructure, and deeper market integration.

The acquisition arrives during a breakout year for tokenized assets. With billions in volume and tens of thousands of holders piling in, xStocks is emerging as one of crypto’s strongest product-market wedges. Kraken’s decision signals a clear intention: consolidate issuance, trading, and settlement under one roof, and build an open capital markets stack that can scale worldwide.

Kraken announced the news on X, confirming BackedFi is officially joining the company to accelerate the expansion of xStocks.

A Unified Tokenization Engine

BackedFi described the acquisition as a natural next step for two teams that have been working side-by-side since the early days of xStocks.

Before the launch of xStocks, tokenized equities existed only in small pockets of the industry. The products were inaccessible, limited to narrow geographies, and held back by poor liquidity. Kraken and Backed changed that on June 30, delivering the first true large-scale tokenized equities lineup, over 60 equities and ETFs, all backed 1:1 by the real underlying assets.

The tokens run on Solana and Ethereum, with integrations for TON, Tron, Mantle, and BNB Chain already in progress. This multi-chain footprint is central to Kraken’s strategy: bring tokenized assets to users wherever they already are.

xStocksFi reaffirmed that mission, framing the acquisition as a new chapter in building open, neutral, widely accessible financial infrastructure.

A Breakout First Five Months

The numbers reveal just how fast tokenized equities have scaled.

One day after launch, nearly 9,000 users already held xStocks in their wallets. People were buying SPYx alongside SOL, storing MSTRx beside BTC, and swapping TSLAx on decentralized exchanges the same way they would any crypto asset.

Liquidity spread quickly across major Solana protocols:

•  trading on Jupiter
•  liquidity pools on Raydium
•  collateralization on Kamino
•  custody on Solflare

For the first time, users worldwide could access U.S. equities at internet speed, 24/7, permissionless, and settlement-final.

Five months later, the footprint is dramatically larger:

•  84,000 holders, up nearly 10×
•  $30M+ in daily trading volume
•  Over $12B in cumulative trading volume
•  $175M AUM and rising so fast the team jokes they “can’t even post milestones on time”

xStocks now power activity on Solana, Ethereum, and soon several additional chains. They also exist inside everyday apps like Telegram Wallet, allowing users in emerging markets to reach U.S. markets with a single tap.

Deep Exchange Integration

Kraken’s acquisition comes as xStocks expand across global exchanges.

The tokens are now listed by:

•  Kraken
•  Bybit
•  Gate
•  Regional exchanges including Luno, VALR, Pintu, Innodax, and LBank

This distribution network brings tokenized equities to countries previously cut off from U.S. financial products. The strategy is deliberate: xStocks are chain-agnostic, jurisdiction-agnostic, and designed to circulate freely across the internet the same way stablecoins do.

With Backed now absorbed into Kraken’s infrastructure, issuance and compliance can tighten further, removing fragmentation across markets and creating a unified, scalable framework.

Why Kraken Wants Tokenized Equities

Kraken sees tokenized equities as the next major frontier after stablecoins.

The vision is straightforward:

•  send SPYx as easily as sending USDC
•  borrow against TSLAx the way people borrow against ETH
•  build savings portfolios combining crypto, RWAs, and equities in a single wallet
•  make tokenized equities composable across DeFi, DEXs, lending protocols, and consumer apps

Kraken and Backed argue that the future of finance is one where tokenized assets blend seamlessly into daily financial activity, both for institutions and everyday users.

They point to the broader macro trend: digital bank money overtook cash. Stablecoins are now overtaking digital dollars. Tokenized equities, they say, will follow the same pattern.

A Global Open Capital Markets Layer

The acquisition also reveals Kraken’s long-term strategy. Tokenization is inevitable, but Kraken wants to define how it happens.

The winning model, according to BackedFi, must be:

•  open
•  permissionless
•  transparent
•  accessible
•  affordable

Closed systems won’t scale. Proprietary rails won’t become the world’s financial backbone. The market needs decentralized infrastructure that exchanges, banks, fintechs, and institutions can rely on.

Kraken believes xStocks can become that backbone.

With issuance, trading, custody, and settlement now consolidated, they can push tokenized assets deeper into both consumer finance and institutional rails.

Expanding Beyond Crypto

There’s also a strategic cultural shift. Kraken wants crypto to represent more than speculation. They want Ethereum, Solana, and TON to act as the hidden plumbing inside major financial institutions.

In their vision:

•  banks will settle transfers over blockchain
•  credit card networks will run on crypto rails
•  stablecoins will handle everyday payments
•  tokenized equities will become the primary form of ownership
• The acquisition of Backed accelerates that roadmap by giving Kraken tighter control over compliance, issuance, and global distribution.

With the acquisition complete, Kraken and Backed will now:

•  expand the number of tokenized equities
•  launch new chains for xStocks
•  deepen liquidity across exchanges
•  improve settlement infrastructure
•  build the regulatory and legal frameworks needed for trillions in tokenized assets

xStocks are already one of crypto’s fastest-growing real-world asset products. With Kraken now absorbing Backed, the next phase aims much higher.

The goal: make tokenized equities as normal, convenient, and widely used as stablecoins.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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