Backed Launches xStocks with Over 60 Tokenized Equities Available
Backed has launched xStocks, offering over 60 tokenized equities on platforms like Bybit and Kraken, facilitating the intersection of traditional finance and decentralized finance (DeFi).
Key Highlights
- xStocks has achieved trading volume of $1.33 million with over 1,200 unique traders.
- Top traded tokens include NVDA, MSTR, TSLA, CRCL, SPY, and AAPL.
- Each token is backed 1:1 by underlying equity, with regulatory compliance ensured through minting and freezing permissions.
- Bybit directly integrates xStocks into its Spot platform, enhancing accessibility.
- Kraken's phased rollout targets eligible non-US users in over 185 countries, offering more than 55 tokenized assets.
- xStocks are built as SPL-based tokens on Solana, enabling integration with DeFi protocols like Raydium and Jupiter for lending and staking.
This strategic launch aims to provide users with advanced financial strategies beyond traditional stock trading.