What are xStocks? A plain-English guide
What xStocks are, how they work, where they trade, who can use them and what to watch out for.
What xStocks are
xStocks are tokenized versions of US-listed stocks and ETFs. They are issued by Backed Finance, a company that has issued tokens backed by real-world assets since 2021. Each token follows one stock or fund, and its name ends in a lowercase x, so Tesla is TSLAx and Apple is AAPLx. According to the issuer’s model, every token is backed one to one by the underlying shares, which the issuer holds in custody.
How they work
Most xStocks live on Solana as ordinary SPL tokens, chosen for low fees and fast settlement, and more chains are being added over time. The token price follows the stock through arbitrage and through the issuer’s creation and redemption process. Redemption for the underlying value is open to qualified investors, not to everyone. Because the tokens are on a blockchain, they trade around the clock, including nights and weekends when the stock market is closed.
Where they trade
xStocks are sold through a group of distribution partners, which have included exchanges such as Kraken, Bybit and Gate, and they also trade on decentralized exchanges on Solana. Reports in late 2025 said Kraken agreed to acquire Backed Finance, so check current news for how that has developed. This site tracks the Solana side: liquidity, volume, market cap and the gap between each token and its stock.
Who can use them
Availability is the most important practical point. xStocks are offered to non-US retail investors in eligible countries, and they are described as not available in the United States, the United Kingdom, Canada or Australia. They are generally not registered with securities regulators the way ordinary shares are. Always check the rules that apply to you before you try to buy.
xStocks versus owning the stock
An xStock gives you exposure to the price of the stock, but it is not the same as holding the share through a broker. Voting rights are typically not included, and how dividends are treated depends on the issuer’s structure. Settlement is on-chain and continuous instead of following broker hours. It is also spot ownership, not leverage, so there is no funding rate or liquidation.
Risks to understand
You depend on the issuer to hold the shares and honor redemptions. The legal status of tokenized equities is still evolving. When the US market is closed, a token can drift away from where the stock will reopen, which is what our weekend page measures. Liquidity differs a lot between tokens: popular names trade actively, while smaller ones can be thin, so a large trade can move the price against you.
Using this site
Start with the rankings, then open a token page to see its price, liquidity, volume, pools and the gap to the stock price. The movers page shows the biggest 24-hour moves and gaps, and the weekend page checks how often the weekend gap pointed the right way once the market opened. This is information, not investment advice.
Source
Facts are paraphrased from the source above. Confirm current terms and availability with the issuer.