xStocks are a line of tokenized equities issued by Backed Finance, a tokenization firm that has issued backed real-world-asset tokens since 2021.
Each xStock token tracks a specific US-listed stock or ETF and is backed 1:1 by the underlying shares, which Backed holds through custody arrangements.
Tokens carry an "x" suffix, so Tesla is TSLAx, Apple is AAPLx, Nvidia is NVDAx, and the S&P 500 ETF trades as SPYx. Holding TSLAx gives you onchain exposure to Tesla's share price, settled continuously rather than on traditional market hours.
They are a specific, branded implementation of the broader tokenized stocks category.
How Do xStocks Work?
The model follows the standard backed-token structure:
Backing. Backed Finance holds the real shares 1:1 against the tokens it issues, with custody handled through its infrastructure.
Chains. xStocks are issued primarily as SPL tokens on Solana, chosen for low fees and fast settlement, with availability on other chains over time.
Price tracking. The token price tracks the underlying share through arbitrage and the issuer's creation and redemption process. Qualified investors can redeem tokens for the underlying value.
Trading. xStocks trade both on centralized exchanges through the xStocks Alliance of distribution partners, and on decentralized exchanges onchain.
The design intent is a single tokenized-equity standard that many venues can list, rather than a product locked to one exchange.
Where Can You Trade xStocks?
xStocks are distributed through an alliance of partners rather than a single venue. Major distributors have included Kraken, Bybit, and Gate.io, alongside decentralized exchanges on Solana.
In a significant consolidation move, Kraken agreed to acquire Backed Finance in late 2025, tightening the link between the largest xStocks distributor and the issuer itself.
Check current sources for how that has developed. For the onchain-trading workflow on Solana generally, see trade on Solana with Smart Money data.
How Big Are xStocks?
xStocks scaled quickly after launching in mid-2025.
By early 2026, they had surpassed roughly $25 billion in cumulative total transaction volume, making Backed the largest tokenized-equity issuer by that measure, with tens of thousands of holders and a dominant share of the most-held tokenized equities.
The lineup grew from an initial set of stocks and ETFs toward a target of several hundred listings, with tech names consistently leading activity. Note that tokenized stocks overall remain small next to tokenized treasuries and gold; xStocks lead a category that is still early.
Who Can Access xStocks? (Important Restrictions)
This is the single most important practical point: xStocks are not available everywhere.
They are offered to non-US retail investors in eligible jurisdictions and are explicitly not available in the United States, United Kingdom, Canada, or Australia. The offering structure sits under specific regulatory regimes, and xStocks are generally not registered with securities regulators in the way traditional shares are. Availability and terms depend entirely on where you are. Always confirm eligibility before assuming access.
xStocks vs Owning the Actual Stock
Holding TSLAx is not identical to holding Tesla through a broker:
Economic exposure, yes. The token tracks the share price and is backed 1:1.
Shareholder rights, limited. Tokenized equities typically do not carry the same voting rights, and dividend treatment depends on the issuer's structure.
Settlement, different. Onchain and continuous, versus a brokerage's hours and clearing.
Not leverage. xStocks are spot ownership, not stock perps. There is no funding or liquidation, but also no leverage.
For the concentration-versus-diversification angle, see tokenized stocks vs ETFs.
Risks to Understand
Issuer and custody dependence. You rely on Backed to hold the shares and honor redemptions.
Jurisdictional exclusion. Not available in several major markets, including the US and UK.
Regulatory uncertainty. Tokenized equities sit in an evolving legal landscape and are generally not registered like traditional securities.
Off-hours price gaps. When the underlying US market is closed, the token price can diverge from where the share will reopen.
Liquidity varies. Popular tickers trade actively; long-tail names can be thin.
Stress events. During oversubscribed listings, some tokenized offerings have faced allocation and settlement issues. Understand what you hold.
Reading xStocks Flows Onchain
Because xStocks settle onchain, their flows are visible in a way traditional equity order flow is not.
With Nansen, you can see whether Smart Money, wallets with verified track records across 500M+ labeled addresses, is accumulating or distributing a given xStock, and how holder activity is shifting. That is an information layer a traditional brokerage cannot offer.
On Nansen, filtering by Tokenized Stocks in the Tokens view (on Token Screener) allows you to view relevant xStocks and trade directly from the platform.
FAQ: xStocks
What is xStocks? A line of tokenized equities from Backed Finance: blockchain tokens tracking real US stocks and ETFs, backed 1:1 by shares in custody, traded onchain primarily on Solana.
Are xStocks backed by real shares? Yes. Backed Finance holds the underlying shares 1:1 against the tokens, with redemption available to qualified investors.
Where can I trade xStocks? Through distribution partners such as Kraken, Bybit, and Gate.io, and on decentralized exchanges on Solana. Availability depends on your jurisdiction.
Can I buy xStocks in the US or UK? No. xStocks are not available in the US, UK, Canada, or Australia. They are offered to non-US retail in eligible jurisdictions.
Do xStocks pay dividends or give voting rights? They provide economic exposure to the share price, but typically not full shareholder rights. Voting is generally not included and dividend treatment depends on the issuer.
What chain are xStocks on? Primarily Solana, as SPL tokens, chosen for low fees and fast settlement, with broader availability over time.
Conclusion
xStocks are Backed Finance's tokenized-equity line: real stocks and ETFs, backed 1:1, traded onchain around the clock, and the largest tokenized-equity brand by total volume.
They bring genuine equity exposure onchain, with two caveats that matter most: they are not available in several major markets including the US and UK, and they give economic exposure rather than the full rights of holding a share directly.
