Kraken’s xStocks Expands to Tron Blockchain
Kraken, a leading crypto exchange, is bringing its xStocks service to the Tron network. This collaboration with Backed and the TRON DAO aims to tap into Tron’s bustling payment ecosystem.
In a recent announcement, Kraken revealed plans to launch xStocks on Tron. Users can soon deposit and withdraw tokenized stocks like Apple or tesla directly via Tron. This move follows successful integrations with Solana and BNB Chain.
Tron handles about $22 billion in daily transactions, mostly involving USDT stablecoins. By choosing Tron, Kraken aims to reach a wider user base. The network’s speed and efficiency make it ideal for products mimicking U.S. stock markets.
Launched in late June, xStocks has seen over $2.5 billion in trading volume. Yet, its user base is limited to supported blockchains. Expanding to Tron changes this, opening new markets globally.
- Tron processes $22 billion daily, with $26 billion in value locked.
- xStocks will now be available as TRC-20 tokens on Tron.
- This move offers global Tron users access to tokenized equities.
According to Backed co-founder Adam Levi,the Tron integration is a logical step. It combines the blockchain’s prowess in stablecoin transfers with tokenized equities. Levi believes this will attract millions of users who already use Tron’s infrastructure.
Tron founder Justin Sun views this as a milestone for crypto. It brings traditional markets closer to blockchain’s efficiency and accessibility,creating a more flexible financial landscape.
