Backed set out to bring traditional assets onchain, borderless, permissionless, open to everyone. That vision is now a reality. With over 100 tokenized stocks and ETFs, xStocks have become the leading tokenized stocks product in the market, with billions in combined exchange and onchain volume since launch.
As part of Kraken, Backed is consolidating its product line. bTokens, the original product that started it all, are being upgraded to xStocks. The bTokens product line will be gradually wound down by the end of 2026.
bTokens and xStocks share the same issuer, prospectus, collateral structure, and investor protections. Both are fully collateralized 1:1 by the underlying asset. If you hold bTSLA, you can swap it to TSLAx. Same underlying, same exposure, same rights.
xStocks build on this foundation with greater utility and adoption: capital market liquidity during the week, onchain price discovery on weekends, DeFi integrations across SVM and EVM including lending and yield, and access through major exchanges. Over 90,000 unique onchain holders and $25 billion in total transaction volume in under eight months confirm the demand.
Onboarded clients can swap bTokens for the corresponding xStocks directly with the issuer, or redeem bTokens to stablecoin using the standard redemption process.
bToken holders can access onchain liquidity to swap from bTokens to xStocks on supported decentralized venues such as CoW Swap.
bTokens will remain redeemable throughout the wind-down period. We encourage all bToken holders to upgrade ahead of the end-of-2026 deadline. For support, contact [email protected]
For equities, the upgrade is 1:1. For example, bTSLA to TSLAx, bNVDA to NVDAx, bAAPL to AAPLx, and so on.
For ETFs, xStocks offers an updated selection with similar investment exposure. The exchange ratio will be determined by the issuer.
For more information on xStocks, visit xstocks.fi. For bToken documentation and legal resources, visit assets.backed.fi
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. ("PDSL"), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. In the European Union / European Economic Area, xStocks are offered to eligible customers via Payward Europe Digital Solutions (CY) Ltd. ("PEDLS-CY"), a Cyprus investment firm authorized and regulated under EU MiFID II. xStocks are not registered under the U.S. Securities Act and are not available in the United States or to U.S. persons. xStocks are also not currently available in the United Kingdom or in any other jurisdiction where their offer or distribution would be unlawful or would require regulatory authorization that has not been obtained. Neither PDSL, PEDLS-CY, nor their respective Kraken affiliates provide investment advice or recommendations, and no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Geo restrictions apply. Read Kraken's xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
