Backed Finance (xStocks)

What is Backed Finance?

Backed Finance is a Swiss-regulated issuer that brings traditional financial instruments on-chain as fully-backed, tokenized securities. It began by tokenizing bonds and ETFs as bTokens such as bIB01 (iShares $ Treasury Bond 0-1yr ETF), giving on-chain access to some of the world's most liquid fixed income products.

Backed's flagship today is xStocks, a line of tokenized US equities launched in mid-2025. xStocks helped push the broader tokenized-stock category past $1 billion in market cap, and it has accumulated over $10 billion in cumulative trading volume across more than 60 equities and ETFs. In December 2025 Kraken agreed to acquire Backed, underscoring how central tokenized equities have become to the company's direction.

For Fensory, xStocks is one of the two tokenized-equity issuers we aggregate alongside Ondo, so we treat it as a partner in mapping the tokenized-stock market rather than a rival. The sections below cover how Backed's products work and where they stand today.

How Backed Finance Works

Swiss Structured Product Framework

Backed tokens are issued as Swiss structured products:

• Issued by a Swiss-regulated Backed entity
• Backed 1:1 by underlying securities
• Segregated custody arrangements
• Regular third-party audits

Each Backed token represents exposure to an underlying asset:

• xStocks: tokenized US equities and ETFs (the flagship line)
• bIB01: tracks the iShares $ Treasury Bond 0-1yr ETF
• Other bTokens track additional bonds and indices

Token prices track the value of the underlying:

• On-chain price feeds via Chainlink
• Minimal tracking error
• Corporate actions such as dividends reflected in value

Minting and Redemption

• Institutional minting and redemption at NAV
• Requires onboarding and verification
• Settlement via traditional banking rails

• Trade on DEXs and integrated venues
• No minimum amounts
• KYC may be required depending on jurisdiction
• Subject to market liquidity

Key Statistics

• Flagship Product: xStocks (tokenized US equities)
• xStocks Coverage: 60+ equities and ETFs
• xStocks Cumulative Volume: Over $10B
• Category Impact: Helped push tokenized stocks past $1B in market cap
• Corporate Status: Kraken agreed to acquire Backed in December 2025
• Regulation: Swiss regulatory framework
• Chains: Multi-chain, including Ethereum and Solana

Products and Opportunities

xStocks - Tokenized US Equities (Flagship)

xStocks brings US stocks and ETFs on-chain as tradable tokens:

• Tokenized exposure to 60+ equities and ETFs
• Over $10B in cumulative trading volume
• On-chain settlement and transferability
• A core piece of the tokenized-stock category's growth

• On-chain access to US equity exposure
• Building tokenized-equity portfolios
• One of the issuers Fensory aggregates alongside Ondo

bTokens - Tokenized Bonds and ETFs

Backed's original bToken line remains available:

• bIB01 tracks a short-term US Treasury ETF
• Additional bTokens track other bonds and indices
• On-chain price feeds and 1:1 backing

Getting Started with Backed Finance

Step 1: Understand Access Options

• Trade tokens on integrated DEXs and venues
• Check jurisdiction restrictions
• No minimum amounts

• Apply through Backed Finance
• Complete institutional onboarding
• Access NAV minting and redemption

Step 2: Acquire Tokens

1. Connect a wallet to a supported venue
2. Ensure sufficient stablecoin balance for the swap
3. Trade for the desired xStock or bToken
4. Hold in any compatible wallet

Step 3: Monitor and Manage

• Track value and underlying performance
• Compare tokenized-equity issuers, including xStocks and Ondo, using Fensory
• Redeem or sell when needed

Risk Considerations

The Swiss regulatory framework may change, and cross-border restrictions vary by jurisdiction.

Backed is being acquired by Kraken, and integration terms and product continuity will depend on how that acquisition is completed.

Tokens may not perfectly track the underlying due to fees, timing, and operational factors.

Secondary liquidity varies by token; large trades may face slippage.

Not all jurisdictions permit access, and some products may be restricted for US persons.

Backed (xStocks) vs Other Tokenized-Asset Issuers

Frequently Asked Questions

xStocks is Backed's flagship line of tokenized US equities, launched in mid-2025. It covers 60+ equities and ETFs and has surpassed $10B in cumulative trading volume.

Yes. In December 2025 Kraken agreed to acquire Backed Finance.

xStocks is one of the two tokenized-equity issuers Fensory aggregates alongside Ondo, so we treat it as a partner in covering the tokenized-stock market.

Yes. Backed's original bToken line, including bIB01, remains part of the product suite alongside xStocks.

Prices are set by market supply and demand and may trade at a premium or discount to NAV, with arbitrage keeping them close to the underlying value.