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Backed Finance
Active AUM
$3.48mKey Metrics
Onchain AUM$3.48m
Change (24h)-2.02%
Active / Onchain100%
DeFi Active TVL$5,412
Change (24h)-4.84%
Utilization0.2%
Largest ProtocolMorpho Blue$3,288
Net Flows 30dN/A
Net Flows 7dN/A
Live Assets20
Issuers1
Asset rankings
| Name | Chains | Asset Type | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Basket | $1.84m | $1.84m | -5.18% | $580 | 0.031% | -1.69% | $764.26 | |||
| Stock Backed | $889,746 | $889,746 | -9.90% | $21 | 0.0024% | -8.70% | $159.14 | |||
| Stock Backed | $507,504 | $507,504 | 0% | $0 | 0% | $3.17 | ||||
| Corp Bond Fund | $182,205 | $182,205 | -1.49% | $0 | 0% | $6.84 | ||||
| Single Asset Wrapper, Stock Backed | $38,200 | $38,200 | -10.22% | $4,490 | 11.75% | -10.72% | $145.72 | |||
| Single Asset Wrapper, Stock Backed | $8,916 | $8,916 | +14.37% | $321 | 3.6% | +14.64% | $406.11 | |||
| T-Bills | $7,739 | $7,739 | +1.30% | $0 | 0% | $122.36 | ||||
| Stock Backed | $5,285 | $5,285 | +0.36% | $0 | 0% | $218.23 | ||||
| Stock Backed | $402 | $402 | +11.05% | $0 | 0% | $408.27 | ||||
| T-Bills | $350 | $350 | +0.57% | $0 | 0% | $5.98 | ||||
| Stock Backed | $137 | $137 | -11.61% | $0 | 0% | $23.42 | ||||
| Corp Bond Fund | $98 | $98 | -2.00% | $0 | 0% | $140.43 | ||||
| Stock Backed | $84 | $84 | 0% | $0 | 0% | $139.23 | ||||
| Stock Backed | $60 | $60 | +1.69% | $0 | 0% | $532.97 | ||||
| Stock Backed | $3 | $3 | -25.00% | $0 | 0% | $320.94 | ||||
| Corp Bond Fund | $0 | $0 | $0 | $6.33 | ||||||
| T-Bills | $0 | $0 | $0 | $119.46 | ||||||
| Sovereign Bond Fund | $0 | $0 | $0 | $62.86 | ||||||
| Single Asset Wrapper, Stock Backed | $0 | $0 | $0 | $140.38 | ||||||
| Single Asset Wrapper, Stock Backed | $0 | $0 | $0 | $217.78 | ||||||
About Backed Finance
Backed Finance AG is the Zug, Switzerland-based issuer of bTokens and the consumer-facing xStocks brand, founded in 2021 by Adam Levi (CEO), Roberto Klein, and Yehonatan Goldman (all three previously at DAOstack). Its product line spans tokenized US equities (bTSLA, bNVDA, etc., and xStocks AAPLx/NVDAx/TSLAx), tokenized ETFs (bIB01, bCSPX), and tokenized bond funds (bHIGH, bC3M). Each bToken is 1:1-backed by real shares custodied at a regulated bank, structured as Swiss FinSA-compliant tracker certificates that allow transferability without an on-chain whitelist. Backed pioneered free-float tokenized stocks chosen specifically because Switzerland's DLT Act permits transferable digital securities without restrictive whitelisting. Acquired by Kraken in 2025; xStocks crossed $10B+ in combined exchange and on-chain trading volume within 6 months of debut.
Entity
Legal entityBacked Finance AG
Primary chainEthereum
Registry
Backed Finance AG — Swiss stock corporation (Aktiengesellschaft) headquartered in Zug, Switzerland. Operates issuing SPV Backed Assets (JE) Limited (Jersey, Channel Islands) for tokenized equity and ETF products. Founded 2021 by CEO Adam Levi, Roberto Klein (Legal Lead, Tel Aviv University BS/MS), and Yehonatan Goldman — all three co-founders previously worked at DAOstack. Operates under Swiss FinSA prospectus and DLT Act, enabling free-float (non-whitelisted) tokenized securities. Acquired by Kraken (announced 2025).
Compliance
Of 20 assets
Attested20 of 20
KYC to mint or redeem16 of 16
Allowlisted to holdunknown
Transferable20 of 20
Self custody20 of 20
Redeemable20 of 20
Attestation frequencyDaily
Last attestationDaily on-chain proof of reserves
Fees & revenue
Revenue modelMint/Redeem Spread + Float Income
ConfidenceIssuer-Disclosed
Backed Finance AG (Switzerland-based) operates under Liechtenstein FMA prospectus regime to issue bToken / xStock tokenized securities backed 1:1 by underlying shares/ETFs held in segregated custody. Revenue from mint/redeem spreads, float income on cash balances, and platform B2B distribution fees. Independent attestation by The Network Firm LLP. xStocks line launched June 2025 in partnership with Kraken.