Crypto exchange Kraken is deepening its push into tokenized markets by teaming up with Trust Wallet, one of the world’s largest self-custody wallets, to broaden access to Backed’s xStocks product. The move aims to make tokenized equities more accessible worldwide — though legal barriers mean availability is far from universal.
In an announcement on Friday, Kraken said the integration could put tokenized equities “in the hands of over 200 million users globally.” Through Trust Wallet, users will now be able to buy and hold more than 60 xStocks — tokenized representations of traditional equities — using various local fiat currencies. The offering also supports deposits and withdrawals across Ethereum, Solana, BNB Chain, and Tron, providing cross-chain functionality.
“This is more than integration — it’s a paradigm shift,” said Arjun Sethi, Kraken’s Co-CEO. “We’re accelerating the move to a future where global markets operate without borders, without barriers, and with the same openness and accessibility as the internet itself.”
Tokenized Stocks Still Bound by Regulation
Despite Kraken’s framing of a borderless financial future, tokenized securities remain tightly regulated. Industry experts warn that marketing claims of access to “200 million users” may be overly optimistic.
Ross Shem, COO of tokenization firm Stobox, explained that tokenized securities are still bound by securities laws, requiring KYC compliance and investor protection standards. “The only thing they share with crypto is the underlying technology,” he noted.
Kraken itself acknowledged these limitations, clarifying that xStocks are not available to U.S. persons and that other geographic restrictions apply. This means a large portion of Trust Wallet’s global user base may not be eligible to trade these products at launch.
Trust Wallet CEO Eowyn Chen said the collaboration marks “a bridge between Web3 and traditional markets,” while Adam Levi, co-founder of Backed, emphasized that cross-chain accessibility is designed to serve as a “public good.”
Growing Demand for Tokenized Markets
Since their launch, xStocks have already generated more than $4 billion in cumulative trading volume across centralized and decentralized platforms, Kraken reported. The strong uptake underscores growing demand for blockchain-based access to U.S. equities, particularly among investors outside the United States.
Kraken said the rollout currently covers most EU jurisdictions but excludes the U.S., U.K., Canada, and Australia due to regulatory restrictions.
The integration with Trust Wallet signals another step forward for tokenized capital markets, but for now, the vision of frictionless global access remains constrained by legal and regulatory realities.