Key Takeaways
- Tokenized stock providers Ondo and xStocks are expanding across multiple blockchains.
- Each time stock tokens arrive on a new chain, new DEX pools emerge.
- Ondo and xStocks are increasingly integrated into a multichain DeFi ecosystem.
With tokenized stocks gaining traction, adoption is increasingly driven by decentralized platforms, while centralized exchanges risk falling behind.
As they compete for users, two of the most prominent platforms—Ondo Global Markets and xStocks—are expanding across the multichain ecosystem.
Tokenized Stocks Go Multichain
Throughout 2025, Ondo and xStocks have rolled out their respective stock tokens on a growing number of blockchains.
Backed Finance initially launched xStocks on the Solana blockchain. Deployments on BNB Chain, Tron, and Ethereum soon followed.
After Kraken reached a deal to acquire Backed earlier in December, xStocks’ multi-chain has continued.
On Thursday, Dec. 18, the company launched tokenized equities on TON, bringing the product to millions of Telegram users who can access xStocks via the messaging app’s wallet feature.
Ondo Global Markets isn’t far behind. The platform debuted on Ethereum in September, expanding to the BNB chain a month later.
Looking ahead, Ondo plans to bring over 100 tokenized equities spanning U.S. stocks and ETFs to Solana and its own proprietary blockchain.
The Role of Decentralized Platforms
When they list tokenized equities, centralized exchanges tend to select one chain and stick with it.
For instance, xStocks tokens traded on Kraken are all issued on the Solana blockchain.
However, there are a growing number of decentralized exchanges (DEXs) among platforms that list stock tokens from Ondo and xStocks.
Each time they launch on a new chain, it doesn’t take long for stock tokens to land on the respective ecosystem’s major DEXs—PancakeSwap for BNB, Jupiter for Solana, etc.
But just because a pool exists, that doesn’t guarantee trades will be fulfilled.
While centralized exchanges work with institutional market makers to ensure sufficient liquidity, automated market makers risk fragmenting tokenized stock liquidity.
That’s where DEX aggregators enter the picture.
For instance, on Dec. 11, Bitget Wallet integrated Ondo Global Markets on BNB Chain, providing a single venue for users to access tokenized stocks that plug into PancakeSwap, Uniswap, or any other source of DEX liquidity.
DEXs Gaining Ground
In comments to CCN, Bitget Wallet CMO Jamie Elkaleh observed that decentralized, non-custodial platforms “are gaining ground” as interest in tokenized stocks rises.
Unlike their centralized peers, DEXs “offer global users direct access to tokenized equities, without regional restrictions or custody requirements,” he added.
“Centralized exchanges still provide strong liquidity and fiat rails, but decentralized access points are increasingly where users choose to hold and interact with tokenized equities.”
For Ondo and Kraken, each new blockchain integration helps bridge the centralized and decentralized aspects of the crypto economy.
For instance, the launch of xStocks on TON doesn’t just plug tokenized stocks into the network’s DEXs.
It also allows users of Telegram’s custodial crypto exchange to manage assets within a unified interface, creating a seamless pathway from fiat on-ramp to DeFi opportunities.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
