Imagine buying shares of Tesla or Apple with crypto. You whip out your wallet at 3 AM on a Sunday and get going. No trading account necessary. That’s what tokenized stocks offer.
xStocks are digital versions of real-world stocks on Solana’s blockchain. They trade 24/7 whenever you want. Backed Finance backs each token 1:1 with actual shares stored at regulated Swiss financial institutions since June 30th, 2025. Over 60 stocks and ETFs are now available, including big names like Tesla, Apple, Nvidia, and Microsoft .
Blockchain integration with traditional finance markets has opened new possibilities for global investors. Swapzone gives users access to more than 45 popular xStocks. You can swap crypto for tokenized equity with fractional ownership, instant settlement, and no KYC on decentralized platforms. It’s a fusion of old and new, creating unprecedented access to global markets for crypto enthusiasts worldwide.
What Are Tokenized Stocks (xStocks) Called Now?
Tokenized stocks, also known as xStocks, are digital tokens representing real shares of publicly traded companies. Each xStock is an SPL token on Solana’s blockchain. The key difference from synthetic assets? Regulated financial institutions hold actual company stock 1:1 in custody.
How xStocks Differ from Synthetic Assets
When you buy an xStock, the issuer holds one real share to back it up. This separates xStocks from derivatives that merely track prices without providing actual exposure. Buy an Amazon xStock, and one Amazon share sits in a vault backing it. Buy multiple Alphabet xStocks, and multiple real shares back your holdings.
Available xStocks and Sectors
Backed Finance launched xStocks on June 30th, 2025 with 60+ options across multiple sectors:
- Tech leaders: Major technology companies
- Financial institutions: JPMorgan Chase, Goldman Sachs
- Healthcare: Johnson & Johnson, Eli Lilly
- ETFs: S&P 500 and more
- Consumer goods and infrastructure providers
xStocks Market Dominance on Solana
RWA data shows xStocks on Solana captured 58.4% of all tokenized stock trading in 2025. Solana hosts approximately $46 million of the $86 million total xStock market. This dominant market share exists because Solana offers high-throughput, low-fee infrastructure. Small investors can trade frequently without excessive costs. The blockchain enables 24/7 trading, instant settlement, and DeFi protocol integration—features traditional markets can’t match.
How Do Tokenized Stocks Work?
Tokenized stock trading involves multiple parties operating under a compliant framework. Backed Finance, a Swiss company regulated under the Swiss DLT Act and EU MiFID II, oversees the entire process.
The Tokenization Process
First, Backed Finance purchases shares of companies like Tesla or Nvidia through traditional brokers. They then place these shares in a regulated third-party custody account. This custody structure is bankruptcy-proof and separate from Backed Finance’s balance sheet.
Custody and Investor Protection
This separation protects token holders. Even if Backed Finance faces financial trouble, your claim to the real shares remains intact. For every share in custody, Backed Finance mints one SPL token on Solana. One Tesla share equals one TSLAx token—a strict 1:1 backing ratio.
The total tokenized stock supply directly matches real shares in custody. You’re not exposed to synthetic or leveraged derivatives. When you buy Broadcom or Oracle xStocks, actual shares sit in a regulated custody account backing your tokens.
Solana Token Extensions for Compliance
Solana’s Token Extensions provide compliance features standard tokens lack:
- Metadata Pointer: Links tokens to company names, ticker symbols, and market data
- Scaled UI Amount Config: Automatically updates wallet balances during corporate actions (stock splits double your tokens automatically)
- Pausable Config: Allows Backed Finance to enforce regulatory requirements or handle security incidents
- Permanent Delegate: Enables trading restrictions for certain jurisdictions when legally required
Chainlink Oracles for Real-Time Pricing
Chainlink oracles deliver real-time pricing and corporate action data through specialized feeds. These decentralized oracle networks keep xStock valuations accurate relative to real shares, even when US markets close. Oracles verify prices from multiple sources before updating on-chain values. This prevents manipulation and protects the 1:1 peg.
Do Tokenized Stocks Pay Dividends?
Yeah – but they get paid out automatically, not in cash. So when a company like Coca-Cola or PepsiCo hands out dividends, Backed Finance pocket them (after taxes), reinvests the cash in additional shares, and updates the token multiplier. Your wallet balance gets popped up automatically to reflect the dividend payment. So if you’re holding 100 Abbott xStock tokens and they get a 2% dividend, your holding increases to 102 tokens. This rebasing mechanism lets your compounding exposure run without needing to lift a finger.
Are Tokenized Stocks Legit and Something You Should Worry About?
Regulatory Framework
Tokenized stocks stand on solid regulatory ground. Swiss and EU laws govern xStocks, and Backed Finance complies with both the Swiss DLT Act and EU’s MiFID II directives. The US SEC also weighed in during July 2025. They clarified that tokenized securities remain securities and require the same treatment as traditional stocks.
Geographic Restrictions
Currently, xStocks aren’t available to US residents, Canadians, or UK citizens. These restrictions protect issuers from complex regulatory cases in those jurisdictions.
Security Measures
Backed Finance follows strict Swiss financial regulations. A regulated bank holds all underlying assets in secure custody. Chainlink’s Proof of Reserve system lets anyone verify that tokens maintain 1:1 backing. Even if Backed Finance faces financial trouble, a bankruptcy-remote structure protects token holders.
Key Risks to Consider
Like any investment, xStocks carry risks. Smart contracts may contain bugs despite audits. You must trust custodians to safeguard the underlying shares. Managing your own private keys requires responsibility. Regulatory changes could force delisting or new compliance requirements. Price depegging can also occur when US markets close but xStocks continue trading 24/7.
For crypto newcomers, Swapzone’s aggregator model simplifies comparing prices across providers. This helps you find good deals while evaluating the risk-reward balance.
Key Benefits of xStocks – A Real Game Changer for Traditional Stock Trading
When it comes to stock markets, things are about to get a whole lot more interesting thanks to the power of tokenized equities, offering a heap of benefits that traditional systems can only dream of matching.
24/7 Market Access
Forget about traditional stock markets being limited to 9:30 AM-4:00 PM Eastern Time on weekdays. With xStocks on blockchain networks, that’s all changed. Now you can buy Netflix at midnight Saturday after binge watching their latest series – yes, 24/7 market access is now a thing. Need to react to breaking global news at 3 AM Sunday or adjust your portfolio based on Asian market movements before US exchanges open on Monday? No sweat – with xStocks its a global playing field.
Fractional Ownership
Let’s face it, traditional stock trading just isn’t that accessible – a single share of Berkshire Hathaway costs hundreds of thousands of dollars making it a pipe dream for most retail investors. Tokenized stock has changed all that, now you can get in on the action for as little as $5. Want to build a diversified portfolio with tokenized versions of stocks like Apple, Microsoft, Amazon and Alphabetwithout laying out thousands of dollars in capital?
Instant Settlement
Remember the hassle of waiting a day or two for your trades to settle? That’s all changed with xStocks and blockchain technology – now your trades settle in seconds. Swap your xStocks for other crypto assets, or use them as DeFi collateral – all with no settlement risk, no counterparty delays and no waiting for clearing houses to get their act together. The beauty of blockchain transactions – instant finality and speed.
The Power of DeFi.
So what can you do with xStocks that you can’t do with traditional brokerages? Use your Microsoft xStocks as collateral to borrow stablecoins, or provide liquidity for TSLAx/USDC trading pairs on Raydium and earn fees from traders – these are all legitimate use cases that traditional brokerages are actively blocking. With xStocks, you get the power to tap into the entire decentralized finance DeFi ecosystem.
Total Control & Global Access.
And finally, with xStocks held in your Phantom or Solflare wallet, you’re in complete control – no broker has your assets, no middleman can freeze your account on you. You hold the private keys proving ownership and get to keep your assets totally under your control – the idea of financial sovereignty in action. No need to navigate US brokerage requirements or deal with minimum deposits – you can gain exposure to Intel, Visa, Home Depot and Chevron with ease and get access to global markets through the blockchain.
What Are the Downsides of Tokenized Stocks?
No Shareholder Privileges: With xStocks, you don’t get any voting rights, no proxy materials, and no say in corporate governance. Your exposure is just tied to the stock price – you’re not technically a shareholder.
Geographic Hurdles and Liquidity Woes: Lots of jurisdictions have regulatory uncertainty. For now, US folks, Canadians, and UK residents are restricted. Even big stocks like Tesla and Nvidia can be pretty liquid, but smaller tokenized stocks struggle to move freely with big price swings and less trade volume.
Custodial and Tech Risks: Tokenized stocks might promise decentralization, but in reality they rely on central custodians holding onto the real shares. Smart contracts may be audited, but they can still have security flaws. Because markets close, but xStocks keep trading 24/7, you can get price depegging if you’re not careful. And let’s be honest, regulatory changes can always come along and force delisting or impose new compliance requirements.
Tax Headaches: Tax treatment varies all over the place, depending on where you live. Are rebasing dividends considered taxable events? Good luck figuring it out on your own – it’s worth getting expert advice.
Where Can I Buy Tokenized Stocks?
Swapzone.
Swapzone is Your Best Bet: If you already hold crypto, Swapzone is the simplest way to get into tokenized equities. As an aggregator, we make it easy to compare rates across different sources and swap your Bitcoin or Ethereum directly for 45+ xStocks. You can grab stocks in popular companies like Coinbase, MicroStrategy, Broadcom, and Circle, or even bet on healthcare stocks like UnitedHealth, AbbVie, and Thermo Fisher. No need to fill out paperwork, just connect your wallet and trade.
Kraken.
Offers a Centralized Option:Â They launched 60 xStocks on July 1st, 2025 and now you can trade them 24/5 through their exchange platform with instant settlement and a familiar interface. Kraken treats xStocks like regular crypto, so if you’re already used to trading on their platform, this will feel pretty natural. Just keep in mind that you’ll need to verify your identity and they block folks from the US, Canada, and UK.
Bybit.
Buys the Decentralized Experience: They offer both spot market trading and “Byreal” decentralized access – so you can trade 24/7, or get into the whole blockchain game if you like. Bybit also promises to support dividend trading in the future, and of course they have both centralized and decentralized trading options. Just know that to create an account you’ll need to verify your identity, and they don’t let folks from the US, Canada, or UK in.
Solana DEXes.
Solana DEXes are the Wild West: If you’re feeling adventurous, decentralized exchanges on Solana are the place to go – they don’t care about your identity or where you’re from. Raydium and Jupiter are two of the biggest ones, and they let you swap xStocks and stablecoins right on the blockchain. Kamino’s also got lending markets where you can borrow against your xStocks as collateral or supply liquidity for some extra cash. Just be aware that using these platforms requires some pretty advanced knowledge of blockchain stuff.
Getting Started with xStocks on Swapzone
Pick the xStock you want to buy – Oracle, Chevron, McDonald’s, or maybe Accenture Choose your crypto payment method – stablecoins are popular because they help keep things stable, but you can also use Bitcoin, Ethereum, or Solana if you prefer Compare rates from all the different exchange partners to make sure you’re getting a good deal Connect your wallet (it’s gotta be Solana-compatible, so Phantom or Solflare work well) and confirm the transaction Get your tokenized stock delivered straight to your wallet in minutes. You’ll have it all to yourself, no need to rely on anyone else – complete self-custody all the way
Tokenized Stocks – Where the Old Meets the New
Trading on Your Own Terms
Swap between stocks and crypto at the drop of a hat – no more waiting around for traditional market hours. You can decide to go from CrowdStrike to AppLovin at 2 AM based on those after-hours earnings reports – whenever the mood strikes you. And the constant availability opens up strategies that just aren’t possible in the old markets.
Leveraging DeFi
You can put liquidity into xStock/stablecoin pairs on Raydium and earn some nice trading fees. Or use your IBM or TON xStock as collateral to borrow in the Kamino protocols – easy peasy. It’s a real bonus for crypto-native investors who can balance their portfolios with a mix of 70% crypto and 30% tokenised equities – across all the sectors they like – all from the comfort of one wallet.
Market Growth – The Numbers Don’t Lie
Since tokenised equities launched, that market has grown from a mere $500-$750M to a whopping $186M in AUM by the end of 2025. And it looks like the adoption is only going to speed up now with the rise of tokenized equities – we’ve just seen Kraken acquire Backed Finance, and Bybit, Gemini and Coinbase have all jumped into the fray tokenizing stocks with their own competing services. And let’s not forget the big news from Nasdaq back in September 2025 – allowing tokenised securities on traditional exchanges.
Getting Connected Across the Board
Finally, with the launch of xBridge in December 2025 (which is powered by Chainlink CCIP), we can now transfer xStocks between Solana and Ethereum – including all those dividends and splits along the way. Backed Finance has got big plans for expansion to Mantle and TRON as well.
The Future of Tokenized Assets
After the xStocks model, we can expect to see international equities (European and Asian markets), tokenized bonds, commodities, REITs and alternative tokenized assets – all making the transition to blockchain tokens. When that happens through the tokenization of stocks and other financial instruments, the lines between traditional finance and DeFi are going to get completely blurred – and we’ll have our “Global Unified Market” vision finally starting to become a reality.
The Bottom Line
Tokenised stocks are the key to unlocking the potential of blockchain by bringing Wall Street and blockchain together in the most exciting way ever. With 24/7 trading, fractional ownership, instant settlements and DeFi composability – all available for real-world equities – it’s the future of stock trading in a nutshell.
And with 60+ xStocks issued by Backed Finance on Solana – all backed 1:1 by regulated custodians under the Swiss DLT Act – it’s clear that traditional assets can be brought into the blockchain world with ease. They don’t get voting rights and there are some geographic restrictions – but the benefits of constant market access, self-custody and integration with DeFi protocols make it a no-brainer for crypto investors and users from all over looking to get in on US equity action. So the $186M market (which is part of the $500-$750M tokenized equities space) is really just the tip of the iceberg.
Want to Dive In?
Swapzone has got you covered with access to 45+ main xStocks – including the big tech leaders (Tesla,Apple,Nvidia,Microsoft,Amazon), the top financials (Goldman Sachs,Berkshire Hathaway,JPMorgan Chase), the key healthcare players (AstraZeneca,Open) and a range of diversified ETFs (S&P 500,Nasdaq). You can compare rates from multiple sources, swap using Bitcoin, Ethereum or stablecoins – and trade all 24/7 without any KYC hassle. And with complete self-custody – you’ve got complete control over your assets. The future of stock trading is blockchain, after all…
