Question 1

What are xStocks and what are they used for?

Accepted Answer

xStocks are digital tokens that represent fractional ownership of specific U.S.-listed stocks or exchange-traded funds (ETFs). Each token corresponds 1:1 to an underlying asset, which is held in custody by Backed Finance. Issued on the Solana blockchain, xStocks allow for transfer and trading of these representations on-chain. They are used for purposes such as trading on supported exchanges, portfolio diversification, and participation in certain decentralised finance (DeFi) applications.

Question 2

What is Circle xStock (CRCLx)?

Accepted Answer

Circle xStock (CRCLx) is a tokenised tracker certificate designed to reflect the price of Circle Internet Group stock. It is issued on the Solana blockchain. The product enables eligible participants to gain on-chain exposure to Circle through a regulatory-compliant structure.

The underlying asset is issued by Circle Internet Group, a U.S.-based digital financial technology firm. Circle is best known as the issuer of USD Coin (USDC), a regulated stablecoin pegged to the U.S. dollar, and provides infrastructure for payments, treasury management, and Web3 applications.

Question 3

Token Details

Accepted Answer

- **Issuer**: Backed Assets (JE) Limited  
- **ISIN**: CH1436219773  
- **Network / Chain**: Solana (SOL)  
- **Smart Contracts**: Solana

Question 4

Underlying Asset Information

Accepted Answer

- **Issuer**: Circle Internet Group, Inc., One World Trade Center, New York, NY 10007, USA  
- **ISIN**: US1725731079  
- **Symbol**: CRCL  
- **Name**: Circle Internet Group

Question 5

Service Providers

Accepted Answer

- **Tokenizer**: Backed Finance AG  
- **Brokers**: Alpaca Securities LLC, InCore Bank AG, Maerki Baumann & Co. AG  
- **Custodians**: Alpaca Securities LLC, InCore Bank AG, Maerki Baumann & Co. AG  
- **Security Agent**: Security Agent Services AG

Question 6

Who created xStocks?

Accepted Answer

xStocks are issued by Backed Finance, a Swiss-based company focused on tokenising traditional financial assets. Access to these tokens is restricted to non-U.S. persons in accordance with applicable regulations.


CRCLx	SPL	SOL	XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1	2025-06-12
CRCLx	BEP20	BNB	0xfebded1b0986a8ee107f5ab1a1c5a813491deceb	2025-07-04
CRCLx	ERC20	ETH	0xfebded1b0986a8ee107f5ab1a1c5a813491deceb	2025-08-06