If you are comparing where to access tokenized US equities, the two most-referenced issuers are Ondo Finance's Global Markets and Backed Finance's xStocks. They share the same core model — a real share is held in custody and a matching token is minted on-chain — but differ in distribution, primary chain, and where the tokens trade. This page lays out the structural differences neutrally; it is informational only and not financial advice.

Both are backed (not synthetic) tokenized equities: each token corresponds to a real share held in custody, so the on-chain price tracks the underlying share's net asset value (NAV), which the issuers and third-party oracle networks publish on-chain (Chainlink carries Backed's proof-of-reserve, for example). Both settle on-chain around the clock, both are jurisdiction-gated and exclude US persons, and both rely on a mint-and-redeem process to keep token supply aligned with shares held.

Distribution and venue are the main differences. xStocks leans on exchange listings — names like Kraken and Bybit have listed xStocks tokens, primarily on Solana — which puts them where active traders already are. Ondo Global Markets emphasises its own distribution layer and partner integrations across Ethereum and other chains, with a broader catalogue of 100+ stocks and ETFs. Redemption terms, fees, and the exact list of supported names are set by each issuer and change over time, so always verify the current details with the issuer.