News, data and analysis on tokenized assets, market design and digital economic systems.
Network for tokenized equities issued out of Jersey by Backed Assets against the underlying share one-for-one, with more than 100 US stocks and ETFs live on Solana and Ethereum and not offered in the United States or the United Kingdom.
Network and brand for tokenized equities whose tokens are issued by Backed Assets (JE) Limited in Jersey as instruments collateralised one-for-one by the underlying share or fund unit, and offered through Payward Digital Solutions in Bermuda and Payward Europe Digital Solutions in Cyprus following Kraken's agreement of 2 December 2025 to acquire Backed. More than 100 US stocks and ETFs are issued against these tokens on Solana and Ethereum and distributed through more than 50 integrated venues and wallets, among them Kraken, Bybit, OKX, Gate, Bitget, Jupiter and Phantom; they are not offered in the United States or the United Kingdom. Kraken said on 2 December 2025 that combined exchange and onchain volume had passed $10bn within six months of the June 2025 debut; a Kraken post of 19 February 2026 put cumulative volume above $25bn, and a Payward release of 12 May 2026 put it above $30bn since launch. That trajectory makes the network the reference case for whether offshore tracker tokens can carry equity turnover at scale.
No development naming xStocks 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.
No tracking pixels. Unsubscribe in one click. We do not sell or share the list.