June 30th, 2025 – Crypto began as a vision for a parallel financial system—borderless, permissionless, open to everyone. While revolutionary and captivating to early adopters, it found product-market fit through stablecoins, offering the average user tangible value through popular assets. The logical progression is clear, and it’s here: tokenized capital markets.
xStocks are live today. This is the next step for crypto: over 60 tokenized stocks on Bybit, Kraken and Solana, a trading experience with global accessibility and the speed of the blockchain. Household names like Apple, Amazon and Microsoft are at your fingertips, freely transferable and available 24/7. This is what investing looks like when it’s designed for everyone.
Backed’s xStocks accelerate the convergence of crypto and traditional finance. As equities are tokenized and crypto companies go public, xStocks bridges these worlds, offering a selection of tokenized stocks from both emerging and established crypto firms, alongside bluechip giants. From newly launched tickers like $CRCLx to well-known names like $COINx and crypto accumulation stocks such as $MSTRx and $DFDVx, users can access crypto companies as they were meant to, onchain.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has partnered with Backed, joining the xStocks Alliance and listing xStocks on its Spot platform on day one. Users can access tokenized equities and ETFs through the exchange’s trading interface, available 24/7. Bybit’s asset offerings now allow users to engage with global equity markets using the same tools they already use for digital assets. Bybit joins Kraken in listing these assets in over 190 countries across the world.
“At Bybit, we’re committed to bringing the best of both traditional and digital finance to our global community,” said Emily Bao, Head of Spot at Bybit. “By listing tokenized equities and ETFs, we’re not just adding new products—we’re empowering our users with greater choice, deeper flexibility, and more control, all within the secure and seamless Bybit experience. xStocks was the clear choice to help us deliver this unparalleled access.”
This listing follows the recent launch of Bybit TradFi, a unified trading interface that enables users to trade gold, forex, stock CFDs, indices, and commodities directly from the Bybit app. Together, Bybit TradFi and xStocks offer a varied and powerful toolkit to serve different trading preferences—from short-term speculation on global macro trends to long-term portfolio diversification via tokenized assets. Additionally, xStocks will be supported on Byreal, a newly announced hybrid DEX incubated by Bybit. Byreal will offer a hybrid model designed to merge centralized liquidity with decentralized execution.
"xStocks represent a monumental leap forward in democratizing access to financial markets," said Adam Levi, co-founder of Backed. "By bringing familiar assets onto the blockchain with unprecedented accessibility, we are not just bridging traditional finance and DeFi; we are building the foundational blocks for a truly open, efficient, and inclusive global financial system where everyone can participate in wealth creation."
Chainlink, the backbone of the blockchain industry, is joining the xStocks Alliance as the official oracle infrastructure and developing xStocks Data Streams, a bespoke oracle solution that delivers high onchain data accuracy, sub-second price latency, and the ability to verify corporate actions in real time. xStocks is adopting the Chainlink interoperability and data standards, including the Cross-Chain Interoperability Protocol (CCIP), and Chainlink Proof of Reserve. With CCIP live on Solana, xStocks will be able to easily expand to other blockchains, staying true to their purpose as neutral assets.
Data Streams’ custom solution for xStocks will deliver a CEX-like user experience with onchain execution faster than ever before. This creates a vertically integrated stack that connects tokenized stocks and ETFs to their blockchain counterparts and provides both protocols and users with accurate data to power their mechanisms and inform their decisions.
Tokenization redefines the relationship between people and financial markets, bringing tools previously restricted to institutional investors to retail through DeFi apps. Beyond making them accessible and transparent, the tokenization of equities lays the foundation for an onchain financial system to not only match but exceed traditional finance.
xStocks are DeFi-ready. They’re integrated with leading Solana protocols, offering a seamless UX for cryptonatives and a groundbreaking experience for retail investors. Simultaneously sharing the functionalities of crypto tokens and tracking the value and performance of underlying equities, tokenized assets present unprecedented ways to build wealth.
Later today, users can trade on Kamino, Solana’s top money market. Lending is rolling out as liquidity increases. Liquidity providers can earn fees and incentives through Raydium, the largest DEX on Solana. Traders can use Jupiter, the go-to decentralized liquidity aggregator on Solana, to get competitive prices for tokenized stocks, or get xStocks directly through Phantom, Solana’s most popular wallet. Available today via these platforms will be SPYx, APPLx, NVDAx, TSLAx, METAx, GOOGLx, COINx, QQQx, CRCLx, MSTRx - with many more coming soon.
xStocks are available on Kamino from day one, allowing users to get xStocks through Kamino Swap. Lending on the xStocks Market is being rolled out as liquidity increases. Kamino is the largest money market on Solana, unifying Lending, Liquidity, and Leverage into a single DeFi product suite with over $2b in liquidity and thousands of daily active users.
This integration opens a range of possibilities, catering to diverse risk profiles: from the savvy investor with eyes on multiple opportunities but limited funds, to the speculative risk-taker who wants leverage, to the pair-trader or the long-term stakeholder who needs liquidity but avoids selling their assets at all costs. They come together in a money market, under transparent and commonly understood terms, to determine the fair interest rate for assets through supply and demand, able to provide lenders with yield and offer stablecoin borrowers competitive interest rates.
Further than direct retail usability, the integration of xStocks into a lending protocol elevates them into building blocks for new structured products, composable with other protocols and allowing the constitution of complex financial instruments. DeFi trailblazers have already explored countless possibilities, but not with tokenized equities. This is only natural, as crypto matures into an ecosystem ready for investors of all sizes and profiles.
Raydium is the liquidity hub for tokenized equities on Solana, home of xStocks’ liquidity pools. As Solana’s top automated market maker (AMM), Raydium has been a powerhouse for trading since 2021, with over $1.6 billion in liquidity and $543 billion in cumulative volume.
Through liquidity pools, users rise from passive holders to active participants, powering trades and benefiting from fees and incentives. This sets in motion a flywheel, attracting liquidity providers through fees, who in turn create deeper liquidity for tokenized assets, making them a genuine alternative to traditional brokerage, thus funneling more value into crypto, thus generating volume, thus increasing fees for liquidity providers.
While providing liquidity involves its own complexities, xStocks of established companies with proven track records offer a distinct risk profile. New cryptocurrencies often have risks such as high token emissions, price discovery and overhanging FDVs. xStocks track the price of public companies with large offchain volumes, issued by Backed, a regulated financial entity in Europe, reassuring users and markets that tokens can be redeemed for their offchain market price.
Jupiter stands out as the go-to decentralized liquidity aggregator for xStocks on Solana, trusted by thousands to transact billions in daily volume. It orchestrates trades across decentralized sources, aiming to offer the best onchain price through dynamic routing across protocols.
"The world is racing towards a Global Unified Market, where all assets, liquidity, and traders are onchain, 24/7. We're thrilled to be working with xStocks to bring this vision to life and ensure that all people, everywhere, can trade these exciting assets with ease." said Kash Dhanda, Jupiter’s COO.
Jupiter’s aggregator combines RFQ spreads with AMM pool depth, delivering competitive prices driven by real-time market spreads. The result is price efficiency and the best execution for tokenized stocks on Solana, enabling investors to leave their brokers and go onchain without making concessions on speed or pricing. xStocks will also soon be available on Jupiter Lend, bringing deep liquidity and capital-efficient borrowing to what aims to be the most powerful money market on Solana. The coming nexus for global financial markets will be efficient, composable and accessible.
Crypto is poised to power global markets as the next frontier of the digital revolution, capable of processing thousands of transactions per second and handling millions of accounts. Yet scaling and performance are not the biggest challenges, coordination is. Fragmentation divides users and developers, hurting the experience and inhibiting growth. The solution doesn’t take sides, not even its own.
xStocks leads by example as the standard for tokenized equities: a neutral, public-good asset class not bound to any single blockchain or exchange. They’re backed by a diverse group of forward-thinking industry leaders, committed to making these assets available to users worldwide, on the chains they use, and through the apps they trust.
The xStocks Alliance was formed to unite top exchanges, chains, DeFi protocols in building an open, liquid market for real-world assets onchain. Joined by Backed, Kraken, Solana, AlchemyPay and more, it advances the ideals of neutrality, transparency and accessibility beyond niche digital assets to encompass all of finance.
Help us shape the next era of financial markets as an xStocks Alliance member, or get xStocks and join the movement.
xStocks are not marketed, offered, or solicited in the United States or in any other prohibited jurisdiction. The information provided does not constitute an offer or solicitation to buy or sell any financial product directly from us or any of our partners. Investing in xStocks involves risk. Backed does not provide investment advice, and individual investors are encouraged to seek professional independent advice before any investment in xStocks. For a full list of prohibited and restricted countries and review of legal documentation, please visithttps://www.assets.backed.fi/legal-documentation.
