xStocks on Solana, under the hood

The token program

On Solana, xStocks are issued with the Token-2022 program rather than the original token program, which lets a token carry extensions: extra settings stored with the mint ^[1][2]. All 64 xStocks we read on 28 and 29 September 2026 used 8 decimals and stored their name and symbol on-chain, with a metadata file on the issuer's domain, xstocks-metadata.backed.fi ^[3].

Scaled UI Amount: dividends without transfers

The Scaled UI Amount extension stores a multiplier on the mint. Dividends and splits never change your raw balance; wallets and apps that support the extension multiply it to show what you really hold ^[2][4]. That is how a dividend reaches every holder at once without a single transfer.

The extension holds two values and a time: the current multiplier, the next one and the moment the next one takes effect. On 28 September 2026 SPYx's mint showed a multiplier of 1.003909, a new multiplier of 1.005715 and an effective time of 18 June 2026, 04:00 UTC, so apps were already applying 1.005715 ^[5][6].

Raw and scaled amounts, using SPYx's multiplier

	Raw on-chain amount	Multiplier	Wallet shows
Before any dividend	100	1.000000	100 SPYx
After four dividends	100	1.005715	100.57 SPYx

The keys on the mint

The mint also carries authorities: keys the issuer controls. Here is what the TSLAx mint showed on 28 September 2026 ^[3]:

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

Two deserve a closer look. The permanent delegate can move or burn tokens from any account of the mint without the holder's signature, and the pause switch stops every transfer at once ^[3]. When we checked, the token was not paused and no transfer program was attached; the permanent delegate is always set, and any use of it would show only in the transaction history. The issuer describes the tokens as free of technical transfer restrictions, which is true of their state, not of what the keys allow ^[8].

Other chains

On EVM chains, xStocks are ERC-20 contracts with their own rebasing logic: balanceOf returns the adjusted balance and getCurrentMultiplier returns the multiplier. On TON they are jettons under the TEP-526 Scaled UI standard, which works like Solana's extension ^[4][9].

Oracles and the bridge

Some xStocks have price oracles, which lending markets use as a price source: on 29 September 2026 the issuer listed Chainlink feeds for 14 of the largest on 14 networks, and Pyth feeds for 51 on four networks ^[10][11]. Moving tokens between chains runs on Chainlink CCIP, and the bridge translates between Solana's multiplier and the EVM contracts' rebasing so corporate actions stay in sync ^[12].