# What is xStocks, and who is Backed?

> Tracker certificates on Solana and Ethereum, collateralized one to one by the share they follow. The only issuer we track using a bearer certificate structure.

- **Kind:** Explainer
- **Checked:** 2026-08-14
- **Author:** Stocks On Chain

## Sources

- Backed: xStocks product and legal overview: https://docs.xstocks.fi/docs/product-legal-overview
- Backed: xStocks documentation: https://docs.xstocks.fi/

---

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](https://docs.xstocks.fi/docs/product-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](/issuers/backed-xstocks), with every mint address and the full
eligibility statement. [/chains/solana](/chains/solana) shows everything else on that
chain. The [glossary](/glossary) defines tracker certificate, custodian and UI
multiplier.

Every claim about Backed above is Backed's own published description, linked at the top.

---

Source: https://stocksonchain.io/wiki/what-is-xstocks-backed
Data read: 2026-08-14T00:00:00.000Z
Published by Gwei, Inc.
Licence: CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Attribute to Stocks On Chain, https://stocksonchain.io.

Not a broker-dealer, exchange, or investment adviser. We do not sell securities and we hold no customer funds. Not investment advice, and not an offer or recommendation of any
asset. Nothing on this site is ranked or rated, and every ordered list states its
own sort key. This site publishes no issuer's rule on who may buy; it links to the issuer instead.
**Stocks On Chain never asks a reader to sign in or use a wallet.**