Kraken Backed Launch xStocks on BNB Chain for Tokenized U.S. Stocks

Crypto exchange Kraken and tokenized stocks platform Backed have announced a strategic partnership to launch tokenized stock tokens on the BNB Chain. This collaboration will enable users to access tokenized versions of major U.S. stocks, such as Apple, Tesla, NVIDIA, and the SPDR S&P 500 ETF, as BEP-20 tokens. These tokenized stocks, known as xStocks, represent real-world assets and are issued by regulated providers in select jurisdictions. Users will hold virtual tokens representing company shares rather than ordinary stock, allowing for seamless trading on decentralized exchanges like PancakeSwap and integration into various DeFi products.

BNB Chain was selected for this partnership due to its low gas fees, high throughput, fast finality, and strong momentum in real-world asset (RWA) tokenization. With over $10 billion in total value locked (TVL) and the most active DeFi user base, BNB Chain is positioned as one of the largest blockchain ecosystems by on-chain activity. The integration of xStocks on BNB Chain marks the first time the platform has expanded to an Ethereum Virtual Machine (EVM) blockchain, further pushing the frontier of finance by integrating capital markets into the on-chain economy.

The xStocks Alliance, which now includes BNB Chain, supports over 60 tokenized equities, with a total RWA tokenization volume surpassing $25 billion. This development positions BNB Chain as a competitive hub for tokenized real-world assets, offering 24/7 access, no market hours, and low transaction fees. The collaboration with Kraken and Backed is expected to reinforce the belief that tokenized equities are a foundational upgrade to the financial system, enabling a more efficient and effective connection between traditional markets and the crypto ecosystem.

In addition to the xStocks expansion, the BNB Foundation completed its 32nd quarterly burn, permanently removing over 1.59 million BNB from circulation. This deflationary mechanism, part of BNB’s Auto-Burn program, aims to reduce the total supply to 100 million tokens over time. The burn reflects both network activity and price performance, contributing to long-term scarcity and potentially supporting upward price pressure. With over 139 million BNB remaining in circulation, these routine burns underscore BNB's deflationary appeal in contrast to inflationary fiat and many crypto assets.

Furthermore, YZi Labs has partnered with 10X Capital to launch the BNB Treasury Company, a U.S.-based digital asset treasury management firm focused exclusively on BNB Chain. The initiative aims to give American investors direct exposure to BNB and its ecosystem by going public on a major U.S. stock exchange. The effort is being spearheaded by a veteran leadership team with experience across top financial institutions and crypto firms, including Galaxy Digital and Kraken. Backed by capital markets partners, the BNB Treasury Company will initially focus on acquiring BNB and promoting its utility as a strategic treasury asset.

The bullish developments for BNB, including the expansion of xStocks support, the quarterly burn, and the launch of the BNB Treasury Company, signal increasing confidence in BNB’s long-term potential. These strategic moves position BNB as a key player in the tokenized finance sector, with a growing role in decentralized markets and institutional engagement. The positive outlook for BNB is further supported by its appreciation against the U.S. dollar over the past 90 days, reflecting resilience amid broader market fluctuations. However, the token still trades about 16% below its all-time high of $792, set in December 2024. According to the analyst's forecast, BNB is projected to peak at approximately $998 in November 2025, a potential 49% gain from its current price. With a market cap of $98.7 billion, BNB remains the fifth-largest crypto asset, and its growing role in tokenized finance, deflationary tokenomics, and institutional engagement could continue to drive interest in the coming months.