Comparison
Kraken xStocks vs Binance bStocks
How two tokenized-stock products compare on issuer, backing, regulation, custody and availability.
Kraken xStocks and Binance bStocks are both tokenized stocks — you hold a token, not a registered share — but they differ on who issues them, how they are regulated, and where they settle. Here is the side-by-side.
| Kraken xStocks | Binance bStocks | |
|---|---|---|
| What you own | A tokenized stock | A tokenized stock certificate |
| Issuer | Backed Finance (Switzerland) | ADGM-regulated issuer |
| Token standard | On-chain (multi-chain) | BEP-20 (BNB Smart Chain) |
| Backing | 1:1 by the underlying share | 1:1 by the underlying equity |
| Also available on | Bybit | Binance only |
| Shareholder rights | Limited / none | Limited / none |
The verdict
Both give you a 1:1-backed token rather than a real share, so the choice comes down to ecosystem and issuer. Kraken xStocks (Backed Finance) is the volume leader and is also listed on Bybit, with broad on-chain availability. Binance bStocks keep you inside the Binance ecosystem with an ADGM-regulated BEP-20 certificate.
If you want actual share ownership with dividends from Binance, that is a different product — Binance Stocks — not bStocks.