COINOTAG News reported on September 2, citing CoinDesk, that Kraken has partnered with Swiss institution Backed to launch its xStocks tokenized stock product on the Ethereum mainnet. The deployment issues xStocks in ERC-20 format, enabling direct interaction and composability with existing DeFi protocols on Ethereum.
Previously available on Solana, BNB Chain and TRON, xStocks has recorded a cumulative trading volume of roughly $3.5 billion, reflecting adoption across multiple chains. Converting xStocks to ERC-20 tokens provides standardized token mechanics for on-chain settlement and broader interoperability within Ethereum’s market infrastructure.