Kraken and Trust Wallet Partner to Expand Tokenized Equities Access

Crypto exchange Kraken, the primary distribution partner for Backed’s tokenized equities product xStocks, has announced a new integration with Trust Wallet, one of the largest self-custody wallets globally. The move aims to bring tokenized equities to Trust Wallet’s user base, which the companies claim exceeds 200 million worldwide.

Expanding xStocks Distribution

In its announcement, Kraken said the collaboration would allow Trust Wallet users to buy and hold 60 different xStocks using local fiat currencies. The integration also enables deposits and withdrawals across several blockchains, including Solana, BNB Chain, Tron, and Ethereum.

Kraken Co-CEO Arjun Sethi described the development as a paradigm shift, emphasizing that tokenized equities could eventually operate with the same openness as the internet itself. Trust Wallet CEO Eowyn Chen highlighted the bridge between Web3 and traditional markets, while Backed co-founder Adam Levi stressed that cross-chain accessibility should be considered a public good.

Regulatory Caveats and Eligibility

Despite the ambitious messaging, the offering will not be universally available. Kraken confirmed that xStocks are restricted in the United States and to U.S. persons, with additional geographic limitations in place. The exchange’s announcement therefore appears to overstate the number of immediately eligible users.

Industry experts have also pointed out that tokenized securities remain subject to traditional regulatory frameworks. Ross Shem, co-founder of tokenization firm Stobox, noted that while the technology underlying tokenized assets is shared with crypto, the regulatory obligations differ. He emphasized that products like xStocks are still bound by securities laws, requiring KYC compliance and investor protection standards.

Market Reception and Growth

Since their launch, xStocks have recorded more than $4 billion in trading volume across centralized and decentralized platforms, according to Kraken. The exchange has also rolled out support for eligible clients in the European Union, though the initial coverage excludes the United States, the United Kingdom, Canada, and Australia.

The integration with Trust Wallet is expected to broaden retail access to tokenized equities in compliant jurisdictions, reflecting growing demand for blockchain-based exposure to U.S. capital markets.