xStocks is the product. Backed is the issuer, operating as Backed Assets (JE) Limited out of Jersey. As of 14 Aug 2026 we track 22 of its listings: 7 on Solana and 15 on Ethereum.
We are not connected to Backed. This reports what Backed publishes and what its mints show on chain.
The structure
Backed states that xStocks are bearer certificates, collateralized one to one by the share they track, held with a custodian, and that the certificate carries the price, not the share itself or a shareholder vote.
Three things in that sentence are worth separating.
Bearer means the holder of the instrument is the party entitled under it. No register of certificate holders has to be updated for a transfer to count. That maps unusually cleanly onto a blockchain token, where possession is the record.
Collateralized one to one is Backed's statement that a real share exists for each certificate in circulation, held by a custodian. That is a materially different position from a debt security, where what stands behind the token is the issuer's obligation rather than a specific held share.
Not the share itself or a shareholder vote is Backed drawing the line itself. We quote it rather than assert it, because it is the issuer's characterisation to make, and an issuer cannot object to its own disclosure.
The mechanic
Backed uses a rebasing multiplier: a number scales what each token counts as, so a corporate action avoids minting into every wallet. Where that number lives differs by chain. On Solana it is the Token-2022 Scaled UI Amount extension, read off the mint account. On Ethereum it is a view on the token contract itself. Both report the same kind of figure the ERC-8056 extension reports, which is why this site renders them the same way.
On the question of where dividends go, Backed sits with Robinhood and Ondo. Nothing is paid to your wallet, and a number moves.
Two shared chains, and what that means
On both of its chains Backed shares the neighbourhood with Ondo Global Markets: Solana carries Backed's 7 mints beside Ondo's 75, and Ethereum carries Backed's 15 tokens beside Ondo's 60. That is a clean illustration of why we count stocks and listings separately. Two issuers listing the same stock is two products and one page, per rule 7.
Solana is the only non-EVM chain we track, and Backed's mints there are Token-2022 accounts rather than contracts behind a proxy, which changes how a holder verifies one. There is no beacon or implementation contract to compare against, so verification falls back to matching the address against the issuer's own published list. On either chain the address is the thing to check, and it is on the stock page.
Who can hold them
Backed decides who may hold xStocks, and publishes its rule in its product and legal overview.
This site links to that rule rather than copying it, so you read Backed's current wording rather than a copy of it. Read the legal overview in full.
Where to look
The issuer page is at /issuers/backed-xstocks, with every mint address and the full eligibility statement. /chains/solana shows everything else on that chain. The glossary defines tracker certificate, custodian and UI multiplier.
Every claim about Backed above is Backed's own published description, linked at the top.