Issuer reference
xStocks by Backed: what the instrument is and how it works
xStocks are tokenized instruments from Backed that provide economic exposure to named US stocks and ETFs. They are collateralized by the corresponding assets held through the issuer structure, but the token is not the underlying share and does not provide voting rights.
The structure in one view
| Instrument | Tokenized economic exposure to US stocks and ETFs |
|---|---|
| Structure | Backed states that each xStock is collateralized one to one and that the backing assets are held in segregated custody. The issuer, not the app used to access the token, defines the instrument, collateral and holder terms. |
| What the holder has | A holder has the token under the issuer terms. The position is not a registered share in the underlying company and does not carry shareholder voting rights. |
| Chains | Ethereum, Solana, TON, Ink and other supported EVM-compatible networks. |
| Eligibility | Not offered in the United States or to US persons. Other geographic restrictions depend on the product and platform. |
| Fensory availability | Available in the Fensory app |
Hours, settlement and distributions
Access and trading hours
Kraken Pro lists TSLAx, QQQx, SPYx, NVDAx, CRCLx, AAPLx, HOODx, MSTRx, GLDx, GOOGLx for 24/7 trading and says its other xStocks trade 24/5 without weekend access. After withdrawal, secondary onchain trading can run around the clock where a venue supports it. Available liquidity and prices can differ while the underlying market is closed. Direct issuance and redemption run five days a week, aligned with underlying-market hours.
Settlement and redemption
The xChange RFQ transfers the token and stablecoin legs atomically. Either both settle in one transaction or neither does, with no partial fill after the quote is authorized. Direct issuer redemption requires KYC and carries a $5,000 minimum. Most users access secondary-market liquidity through a platform instead.
Dividends and corporate actions
The economic benefit is reflected through rebasing, net of applicable taxes, fees and product terms. Timing can vary by platform and operational process.
Why this issuer needs its own reference
The same xStock can appear on several exchanges and wallets. The venue changes the interface, liquidity and fees, while the issuer terms determine what the token is.
Trading hours and issuer-service hours are separate. A secondary venue may remain open while direct issuance and redemption are closed.
Where Fensory fits
Fensory surfaces xStocks in the app alongside Ondo Stocks. These tokenized equities are separate from the stock-named perpetual futures available through the current MCP trading route.
What to check before using this product
- 01
Confirm that your country and chosen platform are eligible before funding an order.
- 02
Check whether the platform permits withdrawal to a compatible wallet or keeps the token inside the venue.
- 03
Treat around-the-clock secondary trading and direct issuer redemption as two different services.
- 04
Review liquidity and the current spread when the underlying US market is closed.
Questions people ask
- Are xStocks actual company shares?
- No. xStocks provide tokenized economic exposure under Backed's product terms. They are not the underlying shares and do not provide shareholder voting rights.
- Can xStocks trade 24/7?
- Kraken Pro lists TSLAx, QQQx, SPYx, NVDAx, CRCLx, AAPLx, HOODx, MSTRx, GLDx, GOOGLx for 24/7 trading and says its other xStocks trade 24/5 without weekend access. After withdrawal, secondary onchain trading can run around the clock where a venue supports it. Available liquidity and prices can differ while the underlying market is closed.
- How do xStocks handle dividends?
- The economic benefit is reflected through rebasing, net of applicable taxes, fees and product terms. Timing can vary by platform and operational process.
- Can xStocks be redeemed directly?
- Direct issuer redemption requires KYC and carries a $5,000 minimum. Most users access secondary-market liquidity through a platform instead.
- Are xStocks available through Fensory?
- Yes, xStocks are available in the Fensory app. The current MCP stock route is a separate perpetual-futures market and does not settle as xStocks.