Backed xStocks

Last Updated Jul 15, 2026

Proof-of-reservesSecurities lendingRedemption minimum

Quick answers

On spot order books at Kraken, Bybit, Gate, OKX, and other exchanges, and on Solana DEXs (e.g. Jupiter, Raydium), 24/7. The token settles natively on Solana, Ethereum, TON, Ink, X Layer, and other EVM chains.

A Swiss-law tracker certificate: a bearer debt instrument, collateralized 1:1 by the underlying share and represented by an on-chain token. You are a creditor of the issuer (Backed Assets (JE) Limited), not an owner of the share. You only have economic exposure. You have no shareholder voting rights and no information rights.

No cash dividend reaches you. The custodian receives the cash, reinvests it into more of the same share net of withholding tax, and your token balance rises through an on-chain multiplier (rebasing).

The real shares are held at Maerki Baumann, InCore Bank, and Alpaca Securities. The issuer is Backed Assets (JE) Limited, a Jersey SPV owned through Backed Finance AG (Zug) by Payward (Kraken's parent). Security Agent Services AG (Zug) controls the collateral and can liquidate it for holders on issuer default.

Sell on a CEX or DEX, withdraw the token to your own wallet, or redeem with the issuer for cash or stablecoin after KYC. Redemption minimum is 5,000 USD.

⚠ Issuer affiliated with Kraken's parent. Payward, Inc. owns the issuer, Backed Assets (JE) Limited. On Kraken, the distributor that lists xStocks and the issuer share the same parent. Neither Payward Europe nor Payward, Inc. guarantees the issuer's obligations.

⚠ Claim shape: debt instrument. The token is a tracker certificate. You hold a debt claim on the issuer (Backed Assets (JE) Limited) and bear its credit risk. The underlying share serves as collateral; if the issuer defaults, the security agent can liquidate the collateral and distribute proceeds to holders. You do not hold the share directly.

Where it trades

Live market data for every listing carrying the xStocks brand, read from the registry at request time.

24h Volume by Exchange

Ownership structure

You

Hold an xStock token

Backed Assets (JE) Ltd

Issuer · SPV · Jersey

Maerki Baumann & Co. AG

Zurich · Bank custodian

InCore Bank AG

Schlieren · Bank custodian

Alpaca Securities LLC

USA · Broker-dealer · FINRA/SIPC

The real share

US-listed stock or ETF

Other companies involved

Security Agent Services AG

Security agent · Zug, Switzerland

Backed Finance AG

Operator / tokenizer · Zug, Switzerland

Alpaca Securities LLC

Prime Borrower · USA

Trust profile

Verification

Proof-of-reserves

Chainlink Proof of Reserve runs for the program, with the reserve figures attested by an external audit firm, The Network Firm.

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Backing

Securities lending

1:1 real-share collateralized. Underlying lending is a program-wide default at Alpaca's discretion; lent shares leave the collateral account, replaced by cash.

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Custody isolation

Segregated custody

Each product is backed asset-by-asset in dedicated segregated sub-accounts at Swiss banks and a US broker, with no commingling, made bankruptcy-remote via a security agent.

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Conflict / independence

Affiliate issuer

Payward, Kraken's parent, owns the issuer, so on Kraken the distributor and issuer share a parent; on Bybit, Gate, and OKX the issuer is independent.

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Redemptions & transfers

Redemption minimum

Redeem with the issuer for cash or stablecoin after KYC, subject to a USD 5,000 minimum; physical share delivery is excluded, so no 1:1 conversion to the real share.

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What you own

You own a Swiss-law bearer tracker certificate, not the real share.

A ledger-based security under Swiss Code of Obligations Article 973d (Registerwertrecht). The token is the certificate, and holding the token constitutes holding the instrument.

You Get

1:1 economic exposure to the underlying

Dividend value through an on-chain balance multiplier

Bankruptcy-remote collateral, enforced by an independent security agent

You Don't Get

Ownership of the actual share

Shareholder voting rights

Information rights

Key Risks

You bear the issuer's credit risk: the certificate is a derivative debt claim, not equity, and full collateralization does not turn it into share ownership.

While shares are on loan they stop counting as your collateral, and cash takes their place; the product is then partly not backed or secured by the underlying shares.

Source: xStocks Product Legal Overview

Final Terms BACx (2025-11-17), pp. 4, 9 to 10

Key risks

The issuer (Backed Assets (JE) Limited) becomes insolvent. You are a creditor of the SPV, not an owner of the share; your recovery depends on the security agent taking control of and liquidating the collateral, and on the collateral being intact and sufficient. Neither Payward nor Payward Europe guarantees the issuer's obligations. Source: xStocks Product Legal Overview
The borrower of lent shares fails to return them. Lent shares leave the collateral account, and on the borrower's bankruptcy they may not be recovered. The loss is shared pro rata across all lending-enabled products. The issuer rates this risk high. Source: Base Prospectus (2026-05-08), risk factor 2.5.2.14

You hold below the USD 5,000 issuer-redemption minimum and secondary liquidity dries up, leaving you with only the order book to exit. The issuer may also reject any redemption with negative KYC/AML findings, with no liability, and may terminate a product on at least 30 business days' notice at an issuer-determined fair value. Source: xStocks Issuance and Redemption

US markets are closed while tokens keep trading. On-chain order books trade around the clock against a stale last price, so quotes outside US regular and extended sessions can drift to a premium or discount versus the underlying.

Backing and attestation

Backing: each token is collateralized 1:1 by the real underlying, held asset-by-asset in dedicated segregated sub-accounts at Maerki Baumann (Zurich), InCore Bank (Schlieren), and Alpaca Securities (USA), with no commingling between products.
Attestation: the reserves are checked by an external audit firm, The Network Firm, and published on-chain by Chainlink Proof of Reserve. Live figures are on the xStocks DeFi portal.
Securities lending: lending of the underlyings is a lineup-wide default with per-product Final Terms flags, exercised at Alpaca's discretion. A survey of 13 lending-era Final Terms found 12 marked Allowed and only AAPLx marked Not applicable, so a per-product off-switch exists. Alpaca is simultaneously a program broker, a custodian, and the Prime Borrower that borrows the shares.
When shares are lent they leave the collateral account and stop counting as collateral, replaced by cash marked daily and shared pro rata across all lending-enabled products. The public Proof of Reserve figure does not state whether it subtracts lent shares. The live "Lent Underlyings" number is published only on a separate page.

Source: Base Prospectus (2026-05-08), §5 and risk factor 2.5.2.14

Backed Chainlink Proof of Reserve

lending-flag survey (2026-06-13)

Dividends and corporate actions

Dividends: the custodian receives the cash and reinvests it into additional shares of the same stock, net of applicable withholding taxes. Your token balance rises through an on-chain multiplier increase (rebasing), so no cash reaches the holder.
Splits: raise the multiplier proportionally; reverse splits lower it, with no holder action required.
Multiplier mechanics: your displayed balance is your raw balance times an on-chain multiplier that tracks the cumulative effect of every corporate event.
Voting and record ownership: you have no voting or information rights. When underlyings are lent under the securities-lending program, the issuer rather than the holder is the share owner of record.

Source: xStocks Dividends and Stock Splits

Final Terms BACx (2025-11-17), p. 8

Redemptions and transfers

Sell: on a spot order book or Solana DEX at any time.
Withdraw to self-custody: move the token to your own wallet.
Redeem with the issuer: open to any KYC-onboarded investor with a whitelisted wallet, settled in cash or stablecoin, subject to a USD 5,000 minimum and a timeline of up to T+5. Holders have a contractual redemption right with the issuer.
Physical share delivery: excluded from standard settlement. An in-kind rail exists for onboarded clients. There is no 1:1 conversion of the certificate into the real share.
Subscription routes: primary subscription directly with the issuer is restricted to Qualified Professional Investors. Non-professional purchase routes through an Authorized Participant.
Issuer discretion: the issuer may terminate a product on at least 30 business days' notice at a fair value it determines. Issuance and redemption are rejectable at the issuer's sole discretion with no liability.

Source: xStocks Issuance and Redemption

Final Terms BACx (2025-11-17), pp. 5, 10

Base Prospectus (2026-05-08), clause VI

Trading hours

Time	Tradable
Regular hours9:30am–4:00pm ET	Yes
Extended hours4:00am–9:30am & 4:00pm–8:00pm ET	Yes
Overnight8:00pm–4:00am ET	Yes
Weekend	Yes

The token trades 24/7 on secondary markets and on-chain. Issuance and redemption with the issuer follow US market business days, normally 24/5.

Source: xStocks FAQ

How xStocks Work

Fees

Item	Detail
Management fee	Up to 0.25% per year, accrued daily inside the certificate (calculated at 12:00 UTC)
Primary issuance with the issuer	Underlying market price plus investor fees of up to 0.5%, minimum USD 100
Redemption with the issuer	Market price minus up to 0.5%, minimum USD 100; any excess paid is kept by the issuer
Secondary-market trading	Set by each exchange, plus on-chain withdrawal gas
Taxes	Investor bears all taxes with no gross-up
Jersey probate stamp duty (self-custody holders, on death)	Up to 0.75%

Transferability and on-chain use. xStocks are freely transferable tokens (SPL Token-2022 on Solana, ERC-20 on EVM chains), fractional by design and composable on Solana DEXs (e.g. Jupiter, Raydium) and lending markets (e.g. Kamino), and bridge across chains through Chainlink CCIP.

Source: Final Terms BACx (2025-11-17), pp. 5 to 6

xStocks FAQ

Geographic eligibility

Availability depends on where you live and your investor status.

Region	Detail
Restrictedcannot use	United States & US Persons: xStocks are not marketed, offered, or solicited in the United States, to US Persons, or in any other prohibited jurisdiction, and are not registered under the Securities Act of 1933. United Kingdom: xStocks are unavailable in the UK.
Allowedcan use	EU and EEA retail distribution runs through licensed distributors under the FMA-passported base prospectus (passported to 29 EEA states). Eligibility outside the EEA depends on the specific exchange or distributor's terms.

Limited access: Switzerland: professional investors only; Swiss retail is excluded.

The binding restrictions are those in the prospectus and in each distributor's terms, which may be amended.

Source: xStocks Product Legal Overview

Final Terms BACx (2025-11-17), p. 4

Base Prospectus (2026-05-08)