Bitget Wallet integrated Kraken’s xStocks infrastructure on May 19, 2026, granting its 90 million users access to over 130 tokenized stocks and ETFs through a self-custodial platform. The expansion brings the wallet’s total tokenized real-world asset (RWA) offerings to 300+ products, positioning the platform as a direct competitor to Coinbase and Binance as major exchanges intensify their tokenized equities strategies.
Payward’s RWA Push Accelerates Wallet Competition
Kraken’s parent company Payward acquired Backed Finance in late 2025, gaining control of xStocks, a tokenized equities platform with $391.5 million in asset value. The integration with Bitget Wallet represents Payward’s first major push to distribute xStocks beyond exchange-native channels. Tokenized equities enable fractional ownership of real-world stocks via blockchain, removing traditional custody barriers. Bitget’s integration supports both RFQ (request-for-quote) and AMM (automated market maker) liquidity models with zero trading fees and gasless execution, allowing users to retain private key control over their holdings.
Market Share Battle Intensifies Among Exchanges
Coinbase launched stock perpetual futures in March 2026, while Binance has begun exploring a return to tokenized equities after shutting down its stock token business in 2021. The broader tokenized equities market reached $1.5 billion in value, with Ondo commanding the largest share at $883 million in assets. Bitget’s tokenized equity products have generated $30 billion in transaction volume since their 2025 launch, signaling strong user demand. The xStocks integration directly targets users seeking self-custodial alternatives to centralized exchange offerings, particularly outside the US, UK, and other restricted jurisdictions where these products remain unavailable.
RWA Infrastructure Consolidation Signals Market Maturity
Wallet-to-infrastructure integrations like Bitget’s xStocks deal reflect a shift toward modular RWA ecosystems where platforms no longer build independently. Payward’s acquisition of Backed Finance and subsequent distribution through third-party wallets mirrors Ethereum’s app-layer strategy. As major exchanges compete for tokenized equity market share, self-custodial wallets have become critical distribution channels. This structural realignment suggests institutional and retail demand for tokenized equities now justifies infrastructure investment, even as regulatory clarity remains fragmented across jurisdictions.
Next Milestones in Tokenized Equities Race
Bitget Wallet’s 300+ RWA products now position it alongside specialized platforms like Ondo. Unresolved questions remain around regulatory approval timelines in major markets and adoption velocity within the xStocks-integrated user base. Watch for announcements from Binance regarding its tokenized equities re-entry and whether other major wallets (MetaMask, Trust Wallet) pursue similar RWA infrastructure partnerships.
