Tokenized Stock Assets Have Expanded Globally
Backed has scaled its xStock tokenized equity products to international markets for non-U.S. investors.
Updated on Sept. 29, 2026 in Investing
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Backed has scaled its xStock tokenized equity offerings globally, reaching $186 million in assets under management. These products, which include Tesla xStocks, are currently restricted to non-U.S. persons.
Why it matters
The expansion reflects growing efforts to bridge traditional equity markets with blockchain technology. By tokenizing assets, platforms aim to provide international investors with direct exposure to U.S. stocks while utilizing the Solana network.
Backed currently manages $186 million in tokenized equity assets, with its Tesla xStock product accounting for $49 million. The firm imposes a 0.50% fee on all asset issuances and redemptions.
The players
Backed
Backed is a financial technology firm focused on the creation and management of tokenized real-world assets.
Kraken
Kraken is a global cryptocurrency exchange that provides trading services and access to digital asset products.
The details
Backed utilizes the Solana blockchain to issue xStocks that track underlying equity shares on a 1:1 basis, though token holders do not receive shareholder voting rights. Kraken has facilitated this expansion by offering these tokenized products to eligible non-U.S. clients.
Timeline
Backed introduced xStocks on the Solana network in June 2025.
Kraken rolled out tokenized products to non-U.S. clients on June 30, 2025.
Active user wallets reached 175,000 in July 2025.
Cumulative transfer volume tracking for the assets began in September 2025.
The TSLAx factsheet was published on September 28, 2026.
Market Dynamics
This expansion represents a small but growing segment relative to the $145 trillion global equities market. The move highlights an industry-wide effort to capture value by migrating traditional securities onto blockchain ledgers.
International investors can now gain exposure to U.S. stocks through tokenized products, though they should note the absence of traditional shareholder voting rights. Users must also account for a 0.50% fee on all token issuances and redemptions.
The takeaway
Tokenized equities offer a new way to interact with global markets but come with distinct structural differences from traditional share ownership. Investors should carefully weigh the potential for increased liquidity against the lack of corporate governance rights.
Further reading
For more on the development of digital assets, visit our Investing section.
Source note: This article includes information reported by TokenPost.
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