Nvidia and Tesla Shares Surge: xStocks Grow Following Trading Achievement

Tokenized versions of Tesla, Nvidia, Apple, and other major stocks can now be traded on the Tron network, thanks to a partnership among Tron DAO, Kraken, and Backed. This feature provides global investors with access to tokenized stocks.

The expansion follows xStocks surpassing $500 million in on-chain trading volume to date, according to its official Dune dashboard.

“Expanding xStocks to Tron, a network processing over $20 billion daily, will enhance brand visibility and adoption,” stated Kraken Global Head of Consumer Mark Greenberg in an interview with Decrypt. “More crucially, it moves us closer to a permissionless, borderless, and interoperable marketplace where anyone can trade tokenized equities 24/7.”

Backed’s xStocks feature enables users to invest in American stocks through on-chain tokens that are 1:1 supported by the actual shares of each company. Previously available on Solana and BNB Chain, as well as centralized exchanges like Kraken, these tokens will now be offered as TRC-20 tokens on Tron.

“This collaboration showcases how Tron’s decentralized network can facilitate tokenized equities in a more transparent and accessible framework,” Tron founder Justin Sun remarked.

“Tokenized equities are a natural progression for crypto, merging traditional markets with blockchain,” he continued. “As the demand for popular equities intersects with a global community of previously excluded users, we’ll observe a more efficient, flexible, and accessible marketplace.”

So far, the network is best recognized for its significant stablecoin usage, which has surged by approximately $23 billion over the past year according to DefiLlama’s data. The network holds $82.8 billion in stablecoins—primarily Tether’s USDT—ranking just behind Ethereum, which has $143 billion in stablecoins at the time of this writing.

xStocks have facilitated over $2.9 billion in volume across both centralized and decentralized exchanges, though a significant majority—over 95%—of this volume comes from centralized exchanges, as recorded on the official xStocks Dune dashboard. Over $500 million of this has occurred on-chain, according to the dashboard.

Currently, tokenized equities represent about $46.4 million in assets under management, with more than 20% attributed to tokenized shares in Tesla (TSLA).

Looking ahead, Backed aims to broaden its xStocks product range.

“Our focus is on expanding the xStocks Alliance—bringing in additional partners, blockchains, and applications as we set the standard for tokenized equity offerings,” Greenberg stated. “This is where the significant growth occurs.”

Expect more features, blockchain integrations, and new offerings in the upcoming weeks, he added.