David Edwards
On the well-known cryptocurrency exchanges Kraken and Bybit, as well as on several important sites within Solana’s decentralized finance (DeFi) ecosystem, Backed Finance has formally launched its tokenized stock offering, xStocks. Through blockchain technology, the rollout offers real-time exposure to both crypto-native and traditional blue-chip companies through more than 60 tokenized stocks.
Prominent companies including Apple, Tesla, Amazon, Microsoft, Nvidia, Netflix, Meta, Robinhood, Coinbase, and McDonald’s are among the stocks that are sponsored. The xStocks platform sets itself apart from traditional equity markets with features like commission-free asset transfers, on-chain settlement, and trading around-the-clock. The heritage cryptocurrency exchange Kraken highlighted its easy-to-use integration, which does away with time-zone and market-hour restrictions.
According to CoinMarketCap, Bybit, the second-biggest cryptocurrency exchange by trading volume, confirmed adherence to the EU’s Markets in Financial Instruments Directive II (MiFID II) and mentioned intentions to implement dividend payments. Bybit’s TradFi and Byreal platforms will provide access to xStocks, combining traditional and decentralized finance.
The functionality of xStocks is expanded through integration with Solana-based DeFi protocols, like as Kamino, Raydium, and Jupyter, which allow for token swaps, decentralized trading, and liquidity provision. Support has been started by Solana’s Phantom wallet, further integrating tokenized stocks into DeFi. With a current total value locked (TVL) of $8.56 billion, Solana’s ecosystem is positioned as a key hub for the development of tokenized banking, according to DeFiLlama.
