xStocks
Active AUM
$348.61m-59.12%24h
Key Metrics
Onchain AUM$348.61m
Change (24h)-59.12%
100%
DeFi Active TVL$84.22m
Change (24h)+0.32%
24.2%
Largest protocolKamino Lend$23.06m
Net Flows 30dN/A
N/A
Live Assets807
1
Assets Rankings
| Name | AUM | DeFi | Flows | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
 Strategy PP Variable xStockSTRCx | Stock Backed | $144.31m | $144.31m | -6.63% | $17.27m | 11.97% | +14.54% | $105.62 | ||
 MicroStrategy xStockMSTRx | Stock Backed | $33.67m | $33.67m | -44.78% | $5.29m | 15.71% | +10.11% | $153.36 | ||
 Circle xStockCRCLx | Stock Backed | $23.86m | $23.86m | -67.87% | $6.25m | 26.2% | +19.85% | $89.62 | ||
 SpaceX xStockSPCXx | Stock Backed | $12.87m | $12.87m | -62.58% | $1.23m | 9.53% | +66.06% | $152 | ||
 Micron Technology xStockMUx | Stock Backed | $12.25m | $12.25m | +12.15% | $1,728 | 0.014% | +15.59% | $1,001.03 | ||
 Alphabet xStockGOOGLx | Stock Backed | $11.51m | $11.51m | -62.94% | $3.29m | 28.6% | +1.23% | $350.35 | ||
 SP500 xStockSPYx | Equity Basket | $11.16m | $11.16m | -80.41% | $25.43m | 227.94% | +16.48% | $766.26 | ||
 NVIDIA xStockNVDAx | Stock Backed | $9.86m | $9.86m | -72.88% | $5.94m | 60.18% | -0.13% | $221.12 | ||
 Tesla xStockTSLAx | Stock Backed | $8.86m | $8.86m | -86.80% | $6.48m | 73.11% | +0.33% | $363.13 | ||
 Sandisk Corporation xStockSNDKx | Stock Backed | $8.46m | $8.46m | +19.02% | $2,380 | 0.028% | +18.64% | $1,793.05 | ||
 Intel xStockINTCx | Stock Backed | $7.09m | $7.09m | -25.63% | $15,163 | 0.21% | -53.66% | $108.87 | ||
 Nasdaq xStockQQQx | Equity Basket | $6.8m | $6.8m | -76.51% | $5.74m | 84.43% | +1.65% | $721.9 | ||
 Direxion Semiconductor Bull 3X xStockSOXLx | Equity Basket | $4.91m | $4.91m | -9.36% | $55 | 0.0011% | +1.85% | $123.14 | ||
 Apple xStockAAPLx | Stock Backed | $3.33m | $3.33m | -72.25% | $816,383 | 24.53% | -4.06% | $334.97 | ||
 SK hynix xStockSKHYx | Stock Backed | $3.02m | $3.02m | -46.32% | $278 | 0.0092% | +16.32% | $186.33 | ||
 Meta xStockMETAx | Stock Backed | $2.82m | $2.82m | -66.59% | $274,818 | 9.73% | +71.51% | $669.97 | ||
 Coinbase xStockCOINx | Stock Backed | $2.45m | $2.45m | -75.44% | $710,923 | 29.08% | -28.78% | $193.85 | ||
 Marvell xStockMRVLx | Stock Backed | $2.41m | $2.41m | -59.67% | $1,522 | 0.063% | +23.04% | $244.77 | ||
 Microsoft xStockMSFTx | Stock Backed | $2.14m | $2.14m | -64.55% | $476,426 | 22.27% | +81.93% | $496.26 | ||
 Robinhood xStockHOODx | Stock Backed | $2.1m | $2.1m | -78.64% | $1.3m | 61.95% | -1.34% | $117.12 | ||
 Gold xStockGLDx | Equity Basket | $1.96m | $1.96m | -80.25% | $1.02m | 51.97% | +3.05% | $402.27 | ||
 Amazon.com xStockAMZNx | Stock Backed | $1.72m | $1.72m | -74.98% | $256,552 | 14.88% | +26.89% | $253.36 | ||
 Broadcom xStockAVGOx | Stock Backed | $1.68m | $1.68m | -56.99% | $91,767 | 5.45% | +1.59% | $357.44 | ||
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 807 assets
Attested807 of 807
KYC to mint or redeem710 of 710
Allowlisted to holdunknown
Transferable807 of 807
Self custody807 of 807
Redeemable807 of 807
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