what's Backed Finance?
Backed Finance is a Swiss-based cryptocurrency company specializing in the tokenization of real-world assets (RWAs), enabling the representation of traditional financial instruments like stocks, ETFs, and bonds on blockchain networks. By creating fully backed, ERC-20 compliant security tokens known as bTokens, the platform allows users to trade and utilize these assets in decentralized finance (DeFi) ecosystems without traditional intermediaries. Each bToken is collateralized 1:1 by the underlying asset held in custody, ensuring transparency and compliance with regulatory standards in supported jurisdictions. The project facilitates 24/7 on-chain trading of tokenized equities, such as those tracking companies like Apple (bAAPL), Tesla (bTSLA), or indices like the S&P 500 (bSPY), across multiple blockchains including Ethereum, Solana, BNB Chain, and Base. Integrations with exchanges like Kraken and Bybit, as well as DeFi protocols like Kamino and PancakeSwap, expand accessibility for lending, borrowing, and yield generation using these tokens. Backed Finance emphasizes interoperability and security, partnering with custodians and compliant entities to bridge traditional finance (TradFi) with Web3. Through initiatives like xStocks, Backed Finance aims to democratize access to global markets, allowing non-U.S. users to engage with tokenized U.S. securities while maintaining full transferability and on-chain usability. The platform's infrastructure supports seamless minting, redemption, and cross-chain operations, positioning it as a key player in the growing RWA sector.
Stock tokenization products (xStocks) are 100% of top growing tokenized assets in early Jan 2026.
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x.com/backedfiStock tokenization products (xStocks) account for 100% of the top growing tokenized assets over the past month as of early January 2026.
Tokenized stocks market cap reaches all-time high of ~$800 million (up ~30x since start of year), with BackedFi listed among the leading issuers alongside Robinhood, Ondo Finance, and Dinari Global.
Backed Finance partners with Chainlink to launch xBridge, which uses CCIP to enable transfers of 50+ tokenized stocks between Solana and Ethereum.
Kraken partners with Deutsche Börse, and together with its BackedFi acquisition, now owns the full issuance and trading stack for tokenized securities.
TSLAX has 16.3k unique holders on Solana, making it the most widely held tokenized stock on the chain.
Mark Greenberg states Kraken acquired Backed Finance to apply crypto trading advantages to equity markets.
Assets under management for xStocks on Solana grows 9x since launch to ~$186M, with increasing on-chain wallet and transaction activity according to Coin Metrics analysis.
Tesla tokenized stock is the largest asset on Solana, which ranks as the second-largest chain for tokenized stocks.
Backed Finance is scheduled to present about tokenized securities at Solana Breakpoint conference in Abu Dhabi on December 11 at 12:23pm.
Tokenized assets are now accessible on Solana blockchain.
Kraken Pro platform adds 24/7 trading for xStocks products as part of the post-acquisition integration.
Kraken and Deutsche Borse form strategic partnership spanning trading, custody, derivatives and tokenized assets, enabling xStocks distribution through Eurex and integrating 360T for bank-grade FX liquidity. Kraken files confidential US IPO following the acquisition.
The acquisition brings 84,000+ holders, $175M AUM, $30M daily transaction volume, $12B total volumes, and 23% market share (second-largest globally) to Kraken, which is valued at $20B and targets a 2026 IPO.
Kraken acquires Backed Finance as part of its tokenization strategy ahead of the exchange's planned IPO.
Tokenized equities launch on Mantle blockchain in partnership with Bybit, enabling millions of users to access xStocksFi products including NVDAx, AAPLx, and MSTRx with 24/7 trading.
Falcon integrates BackedFi's tokenized stocks (xStocks) including Tesla, Nvidia, and S&P500 alongside Tether Gold as collateral, enabling users to mint USDF and earn yield with these real-world assets.
xStocksFi reaches $82M in tokenized stocks in Q3, making it the third-largest platform behind Ondo Finance ($303M) and Securitize ($250M) in a sector that grew 115% during the quarter.
xStocks expands Chainlink CCIP and Proof of Reserve integration across BNB Chain, Ethereum, and HyperEVM, enabling cross-chain transfers and enhanced reserve transparency for tokenized equities.
bCSPX TVL fell 70% after liquidity concentrated in few wallets exited positions, according to DeFi liquidity sustainability research.
Partnership with Alpaca enables instant stock-to-token conversion with 24/7 trading using Solana as settlement layer, introducing institutional in-kind minting and redemption features.
Partnership with Telegram Wallet and Kraken brings tokenized stocks and ETFs to Telegram's wallet app, enabling 24/5 trading of major U.S. companies with rollout beginning end of October in selected regions.
Technology stack now powers tokenized stock trading on Kraken exchange, expanding institutional reach beyond existing decentralized platforms.
Trading volume for tokenized stocks surpasses $2 billion milestone, with Tesla tokens among traded assets.
On-chain trading volume surpasses $300M milestone, indicating strong market adoption.
Products structured as debt instruments through SPV to bypass custodial licensing requirements.
xStocks expands to BNB chain through Kraken partnership, enabling tokenized stock trading on new blockchain.
xStocks expands from Solana to BNB Chain, offering BEP-20 format tokenized stocks and ETFs for non-U.S. users.
New tokenized stocks including META now available through Kamino Finance, Titan Exchange, and Jupiter Exchange, powered by Pyth Network RFQ system.
xSPY TVL increases 11x within two weeks
Initial trading volume hits $2M+ in first hours post-launch.
Bybit and Kraken now support tokenized stocks, with only 6 out of 61 tokens (NVDA, MSTR, TSLA, CRCL, SPY, AAPL) showing active trading volume.
Trading volume hits $1.338M with 1,200 unique traders, while regulatory concerns emerge over unregistered securities offering of tokenized SPV shares.
Institutional partnerships established with BlackRock and Franklin Templeton, while offering 5-15% base APY with incentives up to 300% for liquidity providers.
Tokenized stocks launch on Definitive with advanced order capabilities for NVDAx, TSLAx, and SPYx trading pairs.
xStocks launches on Solana as first no-KYC tokenized stock trading protocol, offering major stocks like Nvidia and Google directly through Solana wallets.
Tokenized stocks now trade across five platforms including Raydium and Jupiter, with arbitrage enabled through KYC-restricted redemptions against underlying assets.
Tokenized stocks offering launches on Bybit, Kraken, and several Solana DeFi platforms.
Bybit launches tokenized stocks trading with COINX and NVDAX pairs, while Kamino enables xStocks integration for lending and trading on Solana.
bCOIN tokenized stock launches on Base with $382K total liquidity across Morpho and Aerodrome, enabling leveraged positions and borrowing.
Launches xStocks initiative with Kraken to bring tokenized stocks to Solana, with DEX and lending protocol integration capabilities.
Kraken partners to launch tokenized stocks and ETFs, expanding MiFID-regulated derivatives in EU.
APY has slightly decreased from 40% to 39% for LP on Base through AerodromeFi. Coinbase's upcoming S&P 500 inclusion mentioned as a coinciding event.
1.2M liquidity pool is active on AerodromeFi, supported by BackedFi partnership.
Active liquidity pool on Avalanche yields 485% APY through USDC pairing with $7.33k weekly incentives.
40% APY available for wbCOIN-USDC LP on Base through AerodromeFi DEX.
Tokenized S&P 500 exposure now available on Gnosis Chain with cross-chain support through Bungee platform.
SPX synthetic asset trades at 2% premium (550) versus reference price (539), creating potential arbitrage opportunity.
Mentioned regarding their products and potential competition from Coinbase's tokenized COIN with focus on spread rates on 50k.