News, data and analysis on tokenized assets, market design and digital economic systems.
More than 60 of its xStocks certificates, tracking individual equities and exchange-traded funds one-for-one, trade on Solana, Ethereum and centralised venues; the structure rests on the Swiss DLT Act and a Liechtenstein-approved prospectus, and Kraken agreed in December 2025 to acquire it.
Issuer of xStocks, tokenized tracker certificates that follow individual equities and exchange-traded funds one-for-one against securities held with third-party custodians. The structure relies on the Swiss DLT Act and a prospectus approved by the Liechtenstein financial regulator, with the issuing vehicle incorporated in Jersey; tokens are not offered to US persons. More than 60 instruments trade on Solana and Ethereum and on centralised venues. Kraken agreed in December 2025 to acquire the company, bringing issuance, trading and settlement of tokenized equities into one group.
No development naming Backed Finance AG has yet been filed against a primary source. The register entry stands so the institution, its jurisdiction and its products are on the record.
Kraken began offering xStocks, tokenised US stocks and exchange-traded funds issued by Backed Assets (JE) Limited of Jersey as SPL tokens on Solana, with 60 assets at launch. US persons were excluded from the offering, which Kraken said it intended to extend to more than 140 countries.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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