xStocks community guide independent
Tokenized stocks,
explained and checked.
xStocks are tokens that track stocks and ETFs one to one, from Tesla to the S&P 500, backed by shares held at regulated custodians. Eligible people outside the United States trade them on exchanges and, around the clock, on-chain. This guide shows what you actually own, how to check the backing yourself, and what can go wrong.
Independent: not affiliated with xStocks, Backed or Kraken. Education, not advice: nothing here offers or recommends any security, and xStocks are not available to U.S. persons.
Tesla xStock
TSLAx
- Tracks
- Tesla, Inc. (TSLA)
- Issuer
- Backed Assets (JE) Limited
- Shares held
- 189,621 TSLA
- Tokens in circulation
- 189,500.81
- Multiplier
- 1.000000
- Solana mint
- XsDoVf…HzoB
Illustration, not an issuer document
Issuer API · 28 Sep 2026, 12:36 UTC
Read on 28 Sep 2026, 12:00–12:45 UTC. Each figure links to where it comes from.
The basics
A share's price,
on a blockchain.
An xStock is a token that tracks one stock or ETF, such as TSLAx for Tesla or SPYx for the S&P 500. Here is what that means, and what it doesn't. The full explainer is What are xStocks?
A certificate, not a share
Legally, an xStock is a tracker certificate from a Jersey issuer. It follows a stock's price but carries no votes and no claim on the company.
Backed one to one
For every token in circulation the issuer holds one share, or cash while shares are lent out, with regulated brokers and custodians. You can check the counts yourself.
Traded 24/7, issued on market days
The issuer creates and redeems tokens while the stock's market is open, around the clock on weekdays for most U.S. xStocks. On-chain venues and some exchanges trade them around the clock, at their own prices.
Shares, the issuer and two markets
An xStock next to the share itself
Ten differences, explained →| xStock | The share at a broker | |
|---|---|---|
| What you hold | A tracker certificate from a Jersey issuer, recorded on a blockchain | A share in the company, usually held for you by the broker |
| Votes and company information | None | Yes, usually through the broker |
| Dividends | Reinvested for you through a multiplier, after withholding tax | Paid in cash, after withholding tax |
| Trading hours | 24/7 on-chain and on some venues; 24/5 on Kraken | Exchange sessions, plus extended hours at some brokers |
| Settlement | Seconds, on-chain | One business day in the U.S. |
| Smallest purchase | A fraction of a token; $1 on Kraken | One share, or a fraction at some brokers |
| Where it sits | Your own wallet or an exchange account | Your broker's account |
| Price | Set by each venue's buyers and sellers | Set on the stock exchange |
| If something fails | If the issuer defaults, a security agent can take over the collateral and pay holders; an exchange holding your xStocks follows its own terms | Broker segregation rules and, in some countries, a compensation scheme |
| Who can buy | Not U.S. persons or anyone in the U.S.; not the U.K., Canada, Australia or sanctioned countries; the issuer and each platform exclude more | Depends on the broker and your country |
Proof of reserves
The backing,
in numbers.
The issuer publishes, for every product, the shares its custodians hold and the tokens in public hands. Here are the ten largest xStocks by value, as the issuer reported them on 28 Sep 2026, 12:00–12:45 UTC. Check any xStock yourself
Shares held against tokens in circulation
Snapshot · 28 Sep 2026, 12:00–12:45 UTC| xStock | AUM | Shares held | Tokens in circulation | Backing |
|---|---|---|---|---|
| STRCxStrategy preferred stock (STRC) | $143.8M | 1,459,710.00 | 1,458,789.78 | 100.06% |
| MSTRxStrategy (MSTR) | $99.9M | 632,698.00 | 632,547.86 | 100.02% |
| CRCLxCircle (CRCL) | $78.0M | 891,133.00 | 890,514.96 | 100.07% |
| TSLAxTesla (TSLA) | $70.3M | 189,621.00 | 189,500.81 | 100.06% |
| SPYxS&P 500 ETF (SPY) | $64.5M | 85,316.00 | 84,211.22 | 101.31% |
| SPCXxSpaceX (SPCX) | $44.4M | 296,425.00 | 296,279.82 | 100.05% |
| NVDAxNVIDIA (NVDA) | $42.4M | 186,365.25 | 186,078.65 | 100.15% |
| QQQxInvesco QQQ Trust (QQQ) | $37.8M | 51,499.00 | 51,322.64 | 100.34% |
| GOOGLxAlphabet (GOOGL) | $36.4M | 106,734.00 | 106,646.96 | 100.08% |
| MUxMicron (MU) | $18.4M | 17,307.00 | 17,249.90 | 100.33% |
AUM (tokens in circulation × price) from the DeFi dashboard; shares and tokens from the issuer's public API, one proof-of-reserves reading per ticker, which named Alpaca as the holder for all ten. Backing is shares held ÷ tokens in circulation. The issuer's own report, not an audit. Sources: Proof of reserves ↗ API example (TSLAx) ↗ DeFi dashboard ↗
Their official Solana addresses
From the issuer's API- STRCx
Xs78JED6PFZxWc2wCEPspZW9kL3Se5J7L5TChKgsidHSolscan ↗ - MSTRx
XsP7xzNPvEHS1m6qfanPUGjNmdnmsLKEoNAnHjdxxyZSolscan ↗ - CRCLx
XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1Solscan ↗ - TSLAx
XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoBSolscan ↗ - SPYx
XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2WSolscan ↗ - SPCXx
Xs3oZwbHvqis4NYcf4YKWmEia2eC84wSiVrcYcTqpH8Solscan ↗ - NVDAx
Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEhSolscan ↗ - QQQx
Xs8S1uUs1zvS2p7iwtsG3b6fkhpvmwz4GYU3gWAmWHZSolscan ↗ - GOOGLx
XsCPL9dNWBMvFtTmwcCA5v3xWPSMEBCszbQdiLLq6aNSolscan ↗ - MUx
XsQLZycSZ7QnBBdBXQaTbQdiUcbRqjNJgyBGAMzhHavSolscan ↗
Every official Solana xStock starts with Xs, and so can a fake. Compare the whole address, or look it up at xstocks.fi/products ↗
On-chain controls
The keys every
token carries.
An xStock on Solana is a Token-2022 token with issuer controls built in. Here is what the TSLAx mint allowed on 28 Sep 2026, 12:00–12:45 UTC; the 63 other mints we sampled showed the same. What each setting does
| Setting | Lets the key holder | Key | Today |
|---|---|---|---|
| Mint authority | Create new tokens. The issuer pre-mints them into its own wallet and releases them as it issues against new shares. | 7pt9…taCj | Active |
| Freeze authority | Freeze any holder's token account. | JDq1…xJNs | Active |
| Pause | Stop every transfer of the token at once. | JDq1…xJNs | Not paused |
| Permanent delegate | Move or burn tokens from any account without the holder's signature. | 5aMN…FvEq | Active |
| Scaled UI multiplier | Set the multiplier that applies dividends and splits. | S7vY…uRaS | 1.0 for TSLAx |
| Transfer hook | Attach a program that runs on every transfer. | 5aMN…FvEq | No program attached |
| Confidential transfers | Approve accounts for encrypted balances. | 5aMN…FvEq | Configured, approval required |
| Metadata | Change the token's name, symbol and metadata link. | 5aMN…FvEq | Name: Tesla xStock |
Read from the chain with getAccountInfo. The issuer describes xStocks as free of technical transfer restrictions, which matched the token's state that day: not paused, with no transfer program attached. Keys like these are common for regulated securities, and they are real powers over balances. TSLAx on Solscan ↗
Tutorials
Step by step,
with the real screens.
12 short guides, each with a worked example, annotated screenshots where they help, and numbered sources. Every other xStocks link is in the xStocks link directory ↗
New to xStocks? Start here
- 1Check whether you can use xStocks3 min · Beginner
- 2Find and verify an xStock's contract address3 min · Beginner
- 3Check the backing yourself3 min · Beginner
New to crypto? StonkBuilder Learn ↗ explains wallets, recovery phrases and scams, and the Solana beginner's guide sets up a wallet step by step.
Get started
Check you can use xStocks, then buy one and make sure it is the real token.
- Check whether you can use xStocksxStocks are securities that are not sold in the United States or to U.S.
- Buy an xStock on Solana with JupiterOn Solana, xStocks are ordinary tokens you can swap for with USDC.
- Find and verify an xStock's contract addressAnyone can create a token called TSLAx.
- Buy on an exchange, then move xStocks to your own walletExchanges such as Kraken, Bybit and OKX sell xStocks in an app you may already use.
Hold with confidence
Dividends and splits, the backing, and trading when Wall Street is closed.
- Read the multiplier: dividends and stock splitsxStocks never pay cash.
- Check the backing yourselfEach xStock should be backed one to one: at least as many shares as there are tokens in circulation, or cash in place of shares that are lent out.
- Trade when Wall Street is closedAn xStock can change hands at 3 a.m.
Put xStocks to work
Borrow against them, move them between chains and wrap them for DeFi.
- Borrow against xStocks on KaminoKamino runs a lending market on Solana built around xStocks: deposit SPYx or QQQx as collateral and borrow USDC without selling.
- Move xStocks between chains with the official bridgeThe xStocks bridge moves a token from one network to another, say Solana to Ethereum, without selling it.
- Wrap xStocks for DeFi on EVM chainsBecause xStocks' balances change with dividends, many DeFi apps can't hold them directly.
New kinds of access
Tokenized IPO access and the xPoints rewards program.
Articles
The long reads,
sourced line by line.
What an xStock is, how it differs from a share, who runs it, what it costs, what can go wrong and how it grew. Each claim links to the page it comes from.
- ExplainerWhat are xStocks? Tokenized stocks, explainedxStocks put the price of a share on a blockchain. What you actually hold, who stands behind it, and why a token that tracks Tesla can trade on a Sunday.
- ComparisonxStocks vs. owning the share: 10 differences that matterSame price exposure, different instrument. Rights, dividends, trading hours, custody, costs and what happens when something breaks, side by side.
- BackgroundWho is behind xStocks: Backed, Kraken and PaywardA Jersey issuer, its Swiss parent, an exchange group and the brokers and custodians in between. Who does what, and since when.
- ChecklistAre xStocks safe? A nine-point risk checklistBacked one to one is not the same as risk-free. What can go wrong with a tokenized stock, from the custodian to the admin keys on the token, and what you can check yourself.
- TimelinexStocks timeline: from over 60 tokens to more than 1,100The main milestones from the May 2025 announcement to the Ōura IPO in September 2026, with a source for each.
- Deep divexStocks on Solana, under the hoodToken-2022, the Scaled UI Amount extension, eight decimals and the keys on xStock mints. What a Solana explorer shows you, and what it means.
- CostsWhat holding an xStock really costsNo management fee today, but spreads, venue fees, network fees and withholding tax all come out somewhere. A line-by-line look.
Timeline
Fifteen months,
1,100+ listings.
From more than 60 tokens on launch day to more than 1,100, on eleven networks. The latest milestones are below; the full timeline has every one since May 2025, with sources.
- One year
Total volume passes $35 billion, $12.5 billion of it on-chain, with nearly 200,000 holders.
- OKX
OKX lists more than 40 tokenized stocks built on xStocks.
- Beyond U.S. stocks
The first non-U.S. listings start with Hong Kong; the U.K., EU and South Korea are to follow.
- Hyperliquid
NVDAx, SPYx, QQQx, SKHYx and MUx become spot markets on Hyperliquid's order books.
- Vaults on Kraken
Holders of SPYx, QQQx and NVDAx can earn a variable yield inside Kraken.
- 400,000 holders
xStocks reports 400,000 unique holders.
- Ledger
xStocks announces it is live in Ledger Wallet.
- The Ōura IPO
The interest window for Ōura's IPO opens on Kraken and other Alliance platforms.
Risks
Backed is not
the same as safe.
A fair look at xStocks weighs what can go wrong. The nine-point risk checklist goes deeper, with what you can check yourself.
- 01
You hold a certificate, not a share
An xStock is a debt instrument from Backed Assets (JE) Limited that tracks a stock. It carries no votes, no company information and no claim on the company itself.
- 02
A chain of companies
The issuer, its brokers and custodians, and the platform you use each have to keep working. The protections for an issuer default are contractual and have not been tested by one.
- 03
Admin keys on the tokens
On Solana, issuer keys can mint, freeze accounts and pause each token, and a permanent delegate can move or burn tokens in any account; EVM versions can be paused and block sanctioned addresses. The prospectus lets the issuer burn only its own tokens, and touch other holders' only when a court or regulator compels it. The technical powers are still real.
- 04
Price can leave the stock
At weekends and on market holidays no one can create or redeem xStocks, so prices come from traders alone and can drift, especially in thin markets.
- 05
Who can hold them
xStocks are not for U.S. persons or anyone in the U.S., and are unavailable in the U.K., Canada, Australia and sanctioned countries. The issuer serves no one in 24 further countries, and each platform adds its own list. Rules can change, and so can access.
- 06
Bridges, wrappers and DeFi
Moving xStocks across chains or into lending markets adds smart-contract, oracle and liquidation risk on top of the token's own.
- 07
Corporate actions need care
Dividends and splits change a multiplier overnight. Apps that show raw balances, or trade through the activation, can confuse amounts.
- 08
Fees and taxes can change
The issuer charges no management fee on stock xStocks today but may add up to 0.25% a year; ETF xStocks pass on the fund's own costs. Dividends are reinvested after withholding tax, and your own tax treatment depends on where you live.
FAQ
Questions,
answered plainly.
Where the product or its rules can change, xStocks' own documentation is the source of truth.
Read xStocks' FAQ ↗Is this the official xStocks website?
No. This is an independent guide by StonkBuilder Community. xStocks' official site is xstocks.fi, its documentation is docs.xstocks.fi and the issuer's legal pages are at assets.backed.fi. None of them operates or endorses this page.
What is an xStock, in one sentence?
A token on a public blockchain that tracks one stock or ETF one to one, backed by the underlying shares held at regulated brokers and custodians, and legally a tracker certificate rather than a share.
If I hold TSLAx, do I own Tesla shares?
No. You hold a certificate issued by Backed Assets (JE) Limited that gives you Tesla's price exposure. The shares belong to the issuer's collateral accounts, which exist to back the tokens.
Who can buy xStocks?
Eligible people outside the United States. xStocks are never offered to U.S. persons or anyone in the U.S., and are unavailable in the U.K., Canada, Australia and sanctioned countries. The issuer lists further countries it does not serve, and each exchange or app adds its own rules.
Do xStocks pay dividends?
Not in cash. The issuer reinvests each dividend, after withholding tax, in more shares and raises the token's multiplier, so your balance grows instead.
Why did my balance change on its own?
Most likely a dividend or a stock split moved the multiplier. After Netflix's 10-for-1 split, for example, NFLXx balances grew ten times while their value stayed the same.
Can xStocks trade on weekends?
Yes, on venues that run 24/7, such as Solana apps and Hyperliquid. The issuer only creates and redeems them on market days, so weekend prices come from traders alone and can drift from the stock.
How do I know an xStock is backed?
Check the proof of reserves on defi.xstocks.fi or the issuer's API: it shows the shares held against the tokens in circulation for every product. On 28 Sep 2026 the ten largest were each backed at least 100%.
What happens if the issuer fails?
The collateral is held for the issuer at its custodians under a three-party agreement. An independent security agent can take control, sell the shares and pay token holders under the prospectus terms.
Is this investment advice?
No. This page explains how xStocks work and where to check the facts. It does not recommend, offer or solicit any security; decide for yourself or ask a licensed adviser.
Resources
Go to the
source.
The official pages, legal documents, public data and channels this guide is built on. The resources page adds the developer docs and a glossary; the link directory ↗ lists every exchange, wallet and app.
Official xStocks
The project's own site, documentation and tools.
- xstocks.fiOfficial website
- All products and addressesSearch 1,100+ xStocks; contract per chain
- DocumentationHow xStocks work, FAQ, legal overview
- DeFi dashboardAUM, holders and every product's contracts
- Proof of reservesShares held against tokens in circulation
- BridgeMove xStocks between chains (Chainlink CCIP)
- WrapNon-rebasing ERC-4626 wrappers for DeFi
- OraclesChainlink and Pyth feeds for the larger xStocks
- xPointsThe rewards program
- News and researchAnnouncements and weekly research
- EcosystemThe xStocks Alliance: 72 partners
Issuer and legal
Who issues xStocks and the documents that govern them.
- Issuer websiteBacked Assets (JE) Limited
- Legal documentationBase prospectus, supplements, restricted countries
- TSLAx product pageExample: fees, custodians, Final Terms, KID
- Product legal overviewIssuer, collateral, security agent
- Kraken's risk disclosureWhat you do and don't get
- Terms of service (PDF)xstocks.fi terms
Data you can check
Public figures anyone can read, no account needed.
- Public API: all assetsJSON: tickers, ISINs, contracts per chain
- Public API: TSLAx reservesJSON: shares held vs circulating
- Public API: SPYx multiplier historyJSON: every dividend since launch
- API referenceEvery public endpoint
- Dune dashboardVolumes and holders on-chain
- RWA.xyz: tokenized stocksCompare issuers
- CoinGecko: tokenized stocksMarket data by token
- DefiLlama: xStocksValue on-chain over time
Official channels
Where xStocks posts, and where to ask.