xStocks
On-chain AUM$812.28m
Platform totals
Live assets811
Chains12
DeFi TVL$75.73m
DeFi TVL / AUM9.32%
Confirmed attestations810 / 811
Primary accessPermissionless (811)
Totals for filtered assets
810
$812.28m
$812.28m
$75.73m
1
Assets Rankings
| Name | Marketcap | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|
| xStocks810 assets | $812.28m | $812.28m | -0.16% | $75.73m | 9.32% | +6.23% | ||
About xStocks
xStocks is the consumer brand of Backed Finance for tokenized US equities and ETFs, designed for non-US users with permissionless transferability. Each xStock token (e.g., AAPLx, NVDAx, TSLAx, SPYx) is 1:1 backed by real shares held in custody by Backed Assets (JE) Limited (Jersey SPV), with a Swiss FinSA-compliant base prospectus. Unlike whitelisted tokenized stocks, xStocks are free-float ERC-20/SPL tokens that can move freely across DeFi venues. Launched on Solana then expanded to Ethereum, BNB, Gnosis, Base, Arbitrum, and Ink. Combined exchange and on-chain trading volume crossed $10B+ within 6 months of debut. Acquired by Kraken in 2025 to accelerate global tokenized-equity expansion.
Profile
- Founded
- 2021
- Headquarters
- Zug, Switzerland
- Primary chain
- Solana
- Parent platform
- xStock
- Issuer
- Backed Assets (JE) Limited
Economics & revenue
Mint fee0 bps
Redemption fee0 bps
Revenue confidenceIssuer-Disclosed
Fees last verified2026-07-09
Attestations & milestones
- 2026-04xStocks live on BNB Chain with 50 plus tokenized stocks
- 2025-12Kraken announced agreement to acquire Backed Finance AG after 10 billion dollars combined volume
- 2025-06xStocks launched on Kraken, Bybit, and Solana DeFi
- 2025-05Liechtenstein FMA approved the base prospectus
- 2021-05Backed Finance AG incorporated in Zug
Revenue methodology & documents
Revenue model: Mint/Redeem Spread
Currently no issuance, redemption, or management fees per the official FAQ, though the prospectus reserves the right to charge per product. KYC verified primary clients mint and redeem directly at NAV subject to minimums. Dividend handling economics are not disclosed.
Issuer registry, regulation & leadership
Founders and leadership
Adam Levi — Co-Founder Yehonatan Goldman — Co-Founder Roberto Klein — Co-Founder
Issuer registry
xStocks is the consumer-facing brand of Backed Finance AG (Zug, Switzerland). Tokens are issued via Backed Assets (JE) Limited, a Jersey-domiciled SPV that holds the underlying shares. Each xStock is a free-float (non-whitelisted) ERC-20/SPL token tracking 1:1 the underlying share. The structure is tracker-certificate-based under Swiss FinSA prospectus and DLT-Act regulation, allowing transferability without on-chain whitelist enforcement. Acquired by Kraken (announced 2025) — Kraken is the primary distribution partner.
Regulatory status
xStocks are tracker certificates securitized as ledger based securities under Article 973d of the Swiss Code of Obligations. They are issued by Backed Assets (JE) Limited, a Jersey company registered with the Jersey Financial Services Commission holding COBO and CGPO consents, under a base prospectus approved by the Liechtenstein FMA in May 2025 and renewed May 2026 with EEA passporting. Products are not offered to US persons and confer economic exposure only with no voting rights.
Entity structure
Backed Finance AG in Zug is the parent tokenization company and the subject of the December 2025 Kraken acquisition agreement. xStocks are issued by Backed Assets (JE) Limited, a Jersey special purpose issuer, with each product collateralized 1 to 1 by the underlying security held with custodians.