What are xStocks? Tokenized stocks, explained

A share's price, on a blockchain

An xStock is a token that follows the price of one listed stock or ETF. TSLAx tracks Tesla, SPYx tracks the SPDR S&P 500 ETF and NVDAx tracks NVIDIA. For every token in circulation the issuer holds one underlying share with a regulated broker or custodian, or cash of the same value while shares are lent out, so each token's value rests on real assets rather than on a bet between traders ^[1][2][3].

The tokens live on public blockchains. On 28 September 2026 the issuer's public API listed 1,124 of them, deployed across eleven networks from Solana and Ethereum to TON and BNB Chain ^[4]. You can keep one in your own wallet, send it across the world in seconds, and buy a fraction of one.

What you actually own

Legally, an xStock is not a share. It is a tracker certificate: a bearer debt instrument issued by Backed Assets (JE) Limited, a Jersey special-purpose company ^[5]. It gives you the stock's price exposure. It does not give you a vote, company information or any claim on the company itself ^[5][6].

Behind the certificate is the collateral. Shares are held product by product in dedicated accounts, under a three-party agreement that lets an independent security agent take over those accounts and pay token holders if the issuer defaults ^[5].

Two markets: primary and secondary

New xStocks are created, and old ones retired, in the primary market. Onboarded clients, such as exchanges and market makers, send stablecoins to the issuer; its broker buys the shares and new tokens are delivered. Redemption runs the other way, and any holder who passes KYC can use it. Both need whitelisted wallets, and the stablecoin flow has a $5,000 minimum ^[7][8][9]. Most U.S. xStocks can be created and redeemed around the clock on U.S. market days; London- and Hong Kong-listed ones follow their home exchange ^[4].

Everyone else uses the secondary market: exchanges such as Kraken, Bybit and OKX, and on-chain venues such as Jupiter and Hyperliquid. There, prices come from buyers and sellers, around the clock where the venue allows. Arbitrage between the two markets keeps a token near its stock while the issuer is open; at weekends and on market holidays the token trades on its own ^[2][9].

CustodiansHold the sharesAlpaca, InCore Bank, Maerki Baumann, GTN

The issuerBacked Assets (JE)Mints and burns tokens 1:1

BlockchainsxStocks11 networks, from Solana to TON

Primary market · market daysCreate and redeemApproved clients create, verified holders redeem, from $5,000

Secondary market · often 24/7Buy and sellExchanges, wallets and DeFi, at each venue's price

Dividends and splits, through a multiplier

An xStock never pays cash. When the company pays a dividend, the issuer reinvests it, after withholding tax, in more shares and raises a multiplier on the token, so your balance grows by the dividend's worth. A stock split raises the multiplier the same way; a reverse split lowers it ^[10].

The effect is small and steady. SPYx's multiplier on Solana went from 1.0 to about 1.0057 over four dividends between October 2025 and June 2026, and when Netflix split its stock ten for one in November 2025, NFLXx's multiplier jumped from 1 to 10 overnight ^[11][12]. The dividends tutorial shows how to read it.

Who can use them

xStocks are sold only outside the United States and never to U.S. persons. xStocks also lists the United Kingdom, Canada, Australia and sanctioned countries as unavailable, the issuer names further countries it does not serve, and each platform adds its own rules ^[5][13][14]. Start with the availability check.

Why people use them, and what it costs them

• Access: a U.S. stock from a crypto wallet or exchange account, in places where a U.S. brokerage account is hard to open.
• Time: trading at night and at weekends, on venues that never close.
• Size: fractions of a share, from $1 on Kraken ^[15].
• Use: the same token can be lent, posted as collateral, moved to another chain or paired in a liquidity pool.

Each comes with a trade-off. Weekend prices can drift from the stock, the issuer keeps admin keys on the tokens, and you rely on a chain of companies from custodian to exchange. The risk checklist goes through them one by one.