Ondo Global Markets vs xStocks
Ondo Global Markets and xStocks (by Backed Finance) are two leading ways to hold tokenized US equities on-chain. Both issue tokens backed 1:1 by real shares held in regulated custody, both trade 24/7, and both exclude US persons. Ondo Global Markets offers 100+ tokenized US stocks and ETFs for non-US distribution; xStocks issues backed equity tokens (primarily on Solana) listed across exchanges such as Kraken and Bybit.
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.
| Attribute | Ondo Global Markets | xStocks (Backed) |
|---|---|---|
| Operator / issuer | Ondo Finance | Backed Finance |
| What it is | Tokenized US stocks + ETFs (100+ names) | Backed equity tokens (xStocks brand, 60+ US names) |
| Backing model | 1:1 backed by shares in regulated custody | 1:1 backed by shares in regulated custody |
| Primary chain(s) | Ethereum + additional chains | Solana (primary) + additional chains |
| Where it trades | Ondo distribution + partner integrations | Listed on exchanges (e.g. Kraken, Bybit) + DEXs |
| Eligibility | Non-US persons (jurisdiction-gated) | Non-US persons (jurisdiction-gated) |
| Settlement | On-chain, 24/7 | On-chain, 24/7 |
| Reserve attestation | Chainlink-attested reserves where applicable | Backed proof-of-reserve |
How they are similar
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) and is published through oracles such as Pyth and Chainlink. 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.
Where they differ
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.
Frequently asked questions
Can US investors buy Ondo Global Markets or xStocks tokens?
No. Both are jurisdiction-gated and exclude US persons. Access depends on your eligibility under each issuer's terms.
Are Ondo and xStocks tokens backed by real shares?
Yes — both are backed 1:1 by real shares held in regulated custody, rather than being synthetic exposure. The token is a claim on the custodied share, not direct registered ownership.
Which has more tokenized stocks?
Ondo Global Markets advertises a larger catalogue (100+ US stocks and ETFs) than xStocks (60+ US equity names), though both lists change over time.
Related terms
Informational only · not financial advice · verify current terms with each issuer. · ← All comparisons