Backed Finance
On-chain AUM$6.97m
Platform totals
Live assets20
Chains10
DeFi TVL$5,307
DeFi TVL / AUM0.076%
Confirmed attestations20 / 20
Primary accessPermissionless (20)
Totals for filtered assets
20
$6.97m
$6.97m
$5,307
1
| Name | Asset Group | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Backed CSPX Core S&P 500bCSPX | Equity Indices | $825.68 | $4.24m | $4.24m | $629 | 0.015% | Backed Finance | Stocks & Equities | Equity Basket | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | ||||
 Backed Coinbase GlobalbCOIN | Public Equities | $184.98 | $1.95m | $1.95m | $43 | 0.0022% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Backed NIU TechnologiesbNIU | Public Equities | $3.17 | $507,504 | $507,504 | $0 | 0% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Backed HIGH € High Yield Corp BondbHIGH | Bonds | $7.37 | $196,451 | $196,451 | $0 | 0% | Backed Finance | Bond & MMF Funds | Corp Bond Fund | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Wrapped Backed Coinbase GlobalwbCOIN | Public Equities | $155.83 | $44,547 | $44,547 | $4,635 | 10.4% | Backed Finance | RWA Wrappers, Stocks & Equities | Single Asset Wrapper, Stock Backed | Permissionless | Wrapper | Programmable Finance | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | |||||
 Backed IBTA $ Treasury Bond 1-3yrbIBTA | Bonds | $5.98 | $9,190 | $9,190 | $0 | 0% | Backed Finance | Bond & MMF Funds | T-Bills | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Wrapped Backed TeslawbTSLA | Public Equities | $361.69 | $7,970 | $7,970 | $0 | 0% | Backed Finance | RWA Wrappers, Stocks & Equities | Single Asset Wrapper, Stock Backed | Permissionless | Wrapper | Programmable Finance | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | |||||
 Backed IB01 $ Treasury Bond 0-1yrbIB01 | Bonds | $121.62 | $7,601 | $7,601 | $0 | 0% | Backed Finance | Bond & MMF Funds | T-Bills | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | ||||
 Backed NVIDIA CorporationbNVDA | Public Equities | $214.88 | $5,099 | $5,099 | $0 | 0% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Backed TeslabTSLA | Public Equities | $362.7 | $218 | $218 | $0 | 0% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Backed GOVIES 0-6 Months Euro Investment GradebC3M | Bonds | $147.21 | $103 | $103 | $0 | 0% | Backed Finance | Bond & MMF Funds | Corp Bond Fund | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Backed GameStop Corp.bGME | Public Equities | $18.21 | $90 | $90 | $0 | 0% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Backed Microsoft CorporationbMSFT | Public Equities | $483.31 | $54 | $54 | $0 | 0% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Backed MicroStrategy Incorporated Class A Common StockbMSTR | Public Equities | $119.04 | $14 | $14 | $0 | 0% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Backed Alphabet Class A Common StockbGOOGL | Public Equities | $344.92 | $4 | $4 | $0 | 0% | Backed Finance | Stocks & Equities | Stock Backed | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | |||
| Wrapped Backed MicroStrategy Incorporated Class A Common StockwbMSTR | Public Equities | $118 | $2 | $2 | $0 | 0% | Backed Finance | RWA Wrappers, Stocks & Equities | Single Asset Wrapper, Stock Backed | Permissionless | Wrapper | Programmable Finance | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | |||||
| Wrapped Backed NVIDIA CorporationwbNVDA | Public Equities | $214.81 | $1 | $1 | $0 | 0% | Backed Finance | RWA Wrappers, Stocks & Equities | Single Asset Wrapper, Stock Backed | Permissionless | Wrapper | Programmable Finance | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | |||||
 Backed ERNA $ Ultrashort BondbERNA | Bonds | $6.33 | $0 | $0 | $0 | Backed Finance | Bond & MMF Funds | Corp Bond Fund | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | ||||
 Backed ZPR1 $ 1-3 Month T-BillbZPR1 | Bonds | $119.46 | $0 | $0 | $0 | Backed Finance | Bond & MMF Funds | T-Bills | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes | ||||
 Backed CSBGC3 CHF Swiss Domestic Government Bond 0-3 ETFbCSBGC3 | Bonds | $62.86 | $0 | $0 | $0 | Backed Finance | Bond & MMF Funds | Sovereign Bond Fund | Permissionless | Asset | RWA | Backed Assets (JE) Limited | Yes | Yes | Yes | Yes | Yes | Yes |
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.
Profile
- Primary chain
- Ethereum
- Parent platform
- Backed Finance
- Issuer
- Backed Finance AG
Economics & revenue
Revenue confidenceIssuer-Disclosed
Attestations & milestones
- Attestation frequency
- Daily
- Last attestation
- Daily on-chain proof of reserves
Revenue methodology & documents
Revenue model: Mint/Redeem Spread + Float Income
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.
Issuer registry, regulation & leadership
Issuer 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).