On Wednesday, Kraken and Backed Finance announced the launch of xStocks, a tokenized stocks product, on the Tron blockchain. The tokenized stocks will operate as TRC-20 tokens, expanding the product beyond earlier deployments on Solana and BNB Chain.
The xStocks product debuted in late June 2025 and has already reached more than $2.5 billion in combined trading volume across decentralized and centralized exchanges, according to a Kraken blog post.
A TronDAO representative said the move reflects institutional activity around blockchain adoption:
“The enthusiasm developing in the RWA sector is more indicative of a growing institutional confidence in the utility of layer 1 blockchain networks like Tron. As institutional blockchain continues to evolve, we plan to stay focused on building the infrastructure needed to support long-term adoption and real-world financial use cases․”
Tron Blockchain TVL and Market Position
According to DefiLlama, the Tron blockchain reported a total value locked (TVL) of $6.2 billion on Tuesday. This ranks Tron fifth among all blockchains. However, Tron’s TVL stood at $7.3 billion on January 1, 2025, marking a 15% drop since the beginning of the year.
In comparison, Ethereum leads the decentralized finance sector with a TVL of $89 billion, accounting for 60% of the global total. The contrast highlights Ethereum’s dominance but also shows Tron’s presence among the top five blockchains in terms of locked value.
Tokenized Stocks Expand Across Blockchains
The rise of tokenized stocks in 2025 has attracted multiple platforms. On July 29, eTororevealed plans to tokenize 100 U.S. stocks on Ethereum. On June 30, Robinhood launched a layer-2 blockchain designed to handle trading of U.S. assets in Europe.
A Binance Research report described tokenized stocks as nearing “a major inflection point,” with a growth rate similar to the early years of decentralized finance. This signals broader adoption across multiple blockchains, including Tron, Ethereum, and BNB Chain.
The real-world asset (RWA) tokenization market has expanded notably in 2025. Data from RWA.xyz shows the market grew to $26.4 billion as of last Tuesday, compared to $15.6 billion on January 1, 2025. Assets brought on-chain include U.S. Treasurys, private credit, and equities.
