TL;DR
- Wallet Integration: Trust Wallet’s 200 million users can now access 60 tokenized U.S. equities through xStocks, using local fiat and multiple blockchains, including Solana, Ethereum, TRON, and BNB Chain.
- Regulatory Limits: Despite the broad rollout, xStocks remain inaccessible to U.S. users due to securities laws, KYC requirements, and investor protections, limiting the product’s reach.
- Market Growth: Since launching in June, xStocks have surpassed $4 billion in trading volume across centralized and decentralized exchanges, with Kraken planning further blockchain expansion.
Kraken has unveiled a strategic partnership with Trust Wallet to expand the reach of xStocks, a tokenized equities product developed by Backed. This collaboration aims to bring seamless access to tokenized U.S. equities to over 200 million Trust Wallet users, marking a significant milestone in the evolution of decentralized finance and cross-chain asset accessibility.
Expanding Access Through Trust Wallet
Trust Wallet’s integration with xStocks will allow users to buy and hold 60 different tokenized equities using local fiat currencies. The wallet’s multi-chain support enables deposits and withdrawals across Solana, BNB Chain, TRON, and Ethereum. Backed will continue issuing xStocks as fully collateralized on-chain tokens, maintaining strict 1:1 equity backing. This move positions Trust Wallet as a gateway for retail investors and developers to engage with tokenized equities without needing traditional brokerage accounts.
Vision for Borderless Finance
Kraken co-CEO Arjun Sethi described the partnership as a “paradigm shift,” emphasizing the goal of creating borderless financial markets with the openness of the internet. Trust Wallet CEO Eowyn Chen echoed this sentiment, highlighting the wallet’s mission to unlock intuitive and user-first access to global finance. Backed co-founder Adam Levi reinforced the importance of cross-chain accessibility, framing tokenized equities as a public good that should be available across all blockchains.
Regulatory Caveats and Geographic Limits
Despite the bold reach of the announcement, Kraken clarified that xStocks are not available in the U.S. or to U.S. persons. Regulatory constraints mean that securities laws still apply, requiring Know Your Customer (KYC) compliance and investor protection standards. This limits immediate eligibility for many of Trust Wallet’s users, suggesting that the 200 million figure may overstate the accessible market for xStocks.
Momentum and Future Expansion
Since launching in June, xStocks have generated over $4 billion in combined trading volume across centralized and decentralized exchanges. Kraken has already rolled out support for EU-based clients and plans to expand xStocks to more blockchains and consumer applications. The company’s blockchain-agnostic approach reflects its commitment to making tokenized equities open, permissionless, and globally accessible.
