XStocks Expands to Ethereum with 60 Tokenized Stocks Like Nvidia, Tesla

Until now, tokenized U.S. stocks via XStocks were available on Solana, BNB Chain, and Tron. Now, XStocks launches on Ethereum, unlocking around 60 tokenized equities, including high-profile names like Nvidia and Tesla as well as Amazon, Meta, Apple, and Walmart. It’s a major leap in connecting traditional finance with the sprawling DeFi ecosystem.

A Strategic Home for Tokenized Equities

Backed Finance is the creator behind XStocks, and the token launch on Ethereum comes through a partnership with Kraken. It’s a move built for impact. Ethereum is already the largest smart contract network by total value locked (TVL), nearly $90.8 billion, or 60% of all DeFi capital. Listing XStocks here gives tokenized equities immediate exposure to deep liquidity and vibrant developer engagement. As one Kraken spokesperson remarked, “Ethereum is one of the world’s most widely adopted smart contract networks, and XStocks were built to meet users where they already are.”

Built for Real-World Asset Integration

Tokenized stocks are fully collateralized 1:1 with real equities held by partner institutions via secure structures. That establishes trust, enabling assets to be fungible and transferable while backed by tangible value. Users on Kraken, especially non-U.S. clients, will soon be able to deposit and withdraw XStocks directly on Ethereum, moving them seamlessly between exchange wallets and compatible DeFi protocols.

This fits within a broader multi-chain strategy. Kraken and Backed aim to make tokenized equities accessible across networks, portable between wallets, and composable within applications people already rely on. As Backed’s co-founder Roberto Klein put it, XStocks are "designed for composability.”

Momentum and Market Impact

Though still early days, XStocks has already crossed $3.5 billion in combined trading volume across all chains, an impressive foothold for tokenized equities. Volume is growing, signaling demand beyond speculative hype.

Platforms like Gemini and Robinhood are also eyeing tokenized equity offerings, particularly outside the U.S. The broader appetite for traditional asset tokenization is building rapidly.

Fragmented Legal Terrain

That said, tokenized equities exist in a murky regulatory zone. Holders don’t receive shareholder rights or control; they hold a derivative tied to value, not ownership. Securities regulators like the SEC have raised red flags, emphasizing that tokenized instruments are still subject to securities law.

Notably, Coinbase is seeking SEC approval for its own tokenized stock products in the U.S. a major signal that regulatory clarity may be emerging.
Reuters

Why This Expansion Matters

• 24/7 Global Access: Tokenized stocks on Ethereum allow worldwide investors to trade equities anytime, an advantage over traditional markets.
• DeFi Integration: On-chain equities open use cases like collateralized loans, liquidity provision, yield strategies, and decentralized derivatives.
• Enhanced Liquidity: Ethereum’s deep liquidity makes it easier for markets to absorb price discovery, reducing slippage and improving stability.
• Lower Entry Barriers: Self-custody, blockchain-native access, and composability make equities easier to use as building blocks for the next financial leg.

What to Watch Going Forward

• Will more major stocks or ETFs join the XStocks suite?
• How quickly will DeFi protocols integrate tokenized equities for yield or liquidity services?
• Will on-chain price stability improve, reducing volatility from thin order books?
• What new regulations or standards will define safe, compliant tokenized equity delivery?