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xStocks
Active AUM
$1.048bKey Metrics
Onchain AUM$1.048b
Change (24h)+4.60%
Active / Onchain100%
DeFi Active TVL$121.69m
Change (24h)+0.77%
Utilization11.6%
Largest ProtocolPendle V2$53.15m
Net Flows 30dN/A
Net Flows 7dN/A
Live Assets809
Issuers1
Asset rankings
| Name | Chains | Asset Type | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Stock Backed | $152.04m | $152.04m | -5.03% | $53.97m | 35.5% | +15.96% | $104.45 | |||
| Stock Backed | $122.72m | $122.72m | +0.35% | $5.86m | 4.78% | -0.88% | $141.78 | |||
| Stock Backed | $108.83m | $108.83m | -1.54% | $7.57m | 6.95% | +42.28% | $81.19 | |||
| Stock Backed | $74.08m | $74.08m | +2.93% | $6.4m | 8.64% | -5.36% | $407.31 | |||
| Stock Backed | $69.91m | $69.91m | +14.93% | $1.48m | 2.12% | +5.93% | $149.38 | |||
| Equity Basket | $65.64m | $65.64m | +1.49% | $17.24m | 26.26% | -3.40% | $773.88 | |||
| Stock Backed | $46.74m | $46.74m | +4.12% | $7.76m | 16.59% | -0.53% | $218.30 | |||
| Equity Basket | $45.47m | $45.47m | +5.87% | $6.36m | 13.99% | +4.99% | $724.17 | |||
| Stock Backed | $38.71m | $38.71m | +2.91% | $5.4m | 13.96% | -0.50% | $326.56 | |||
| Stock Backed | $24.71m | $24.71m | +3,073% | $92,985 | 0.38% | +17.18% | $268.11 | |||
| Stock Backed | $22.29m | $22.29m | +20.88% | $33,917 | 0.15% | +88.30% | $1,346 | |||
| Stock Backed | $20.54m | $20.54m | +13.10% | $2,096 | 0.01% | +5.38% | $933.32 | |||
| Stock Backed | $14.52m | $14.52m | +3.45% | $48,700 | 0.34% | -13.64% | $94.83 | |||
| Stock Backed | $12.76m | $12.76m | -5.00% | $1.49m | 11.65% | +9.40% | $159.46 | |||
| Equity Basket | $12m | $12m | +45.54% | $164 | 0.0014% | -1.20% | $102.30 | |||
| Stock Backed | $11.93m | $11.93m | -1.88% | $684,596 | 5.74% | -12.32% | $347.63 | |||
| Stock Backed | $11.13m | $11.13m | +30.66% | $1,812 | 0.016% | -70.22% | $154.50 | |||
| Equity Basket | $10.96m | $10.96m | -1.16% | $1.71m | 15.59% | +1.28% | $371.22 | |||
| Stock Backed | $9.95m | $9.95m | -5.10% | $1.12m | 11.28% | +41.58% | $621.61 | |||
| Stock Backed | $9.31m | $9.31m | +1.37% | $283,303 | 3.04% | +34.82% | $253.92 | |||
| Stock Backed | $8.98m | $8.98m | -12.69% | $1.72m | 19.19% | -9.30% | $87.62 | |||
| Stock Backed | $7.65m | $7.65m | +1.05% | $341,058 | 4.46% | -13.15% | $532.55 | |||
| Stock Backed | $7.47m | $7.47m | +2.62% | $155,349 | 2.08% | -17.78% | $344.55 | |||
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.
Entity
Legal entityBacked Assets (JE) Limited
HeadquartersZug, Switzerland
Founded2021
Primary chainSolana
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.
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.
Regulation
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.
Compliance
Of 809 assets
Attested809 of 809
KYC to mint or redeem712 of 712
Allowlisted to holdunknown
Transferable809 of 809
Self custody809 of 809
Redeemable809 of 809
Fees & revenue
Revenue modelMint/Redeem Spread
ConfidenceIssuer-Disclosed
Mint Fee0 bps
Redemption Fee0 bps
Fees Last Verified2026-07-09
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.
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