Backed's xStocks line now spans 60 US equity names on Solana, with cents-tight spreads and continuous backing held in regulated custody. The catalogue includes every major US large-cap and a long tail of the Russell 1000.
Backed Finance has expanded its xStocks programme to 60 tokenised US equities on Solana, marking the broadest single-venue catalogue of tokenised stocks live anywhere on a public chain. The list spans every major US mega-cap — NVDA, AAPL, MSFT, META, GOOG, AMZN, TSLA, BRK.B — and reaches deep into the mid-cap layer, with a long tail of Russell 1000 names that have not previously had a tokenised wrapper.
Why Solana, and why now
Two structural reasons. First, settlement: Solana's 400-millisecond block time and roughly 0.0001 USD priority-fee economics make per-share mint and burn economically viable in a way Ethereum L1 simply is not. Second, distribution: Jupiter and Kamino route flow across the entire ecosystem, so a fresh xStock listing inherits a working orderbook the moment its pool seeds.
Total value locked across the catalogue sits at roughly 340 million dollars. The bigger story is microstructure: average bid-ask on the top ten names is sub-cent during US session hours, with depth measured in tens of thousands of dollars at touch. That is competitive with the equivalent Robinhood quote, with one important difference — these settle in seconds, not T+1.
When a tokenised equity quotes tighter than its underlying retail venue, the conversation stops being about whether tokenisation works.
How the wrapper actually works
Each xStock is a 1:1 claim on the underlying share, held in regulated custody by InCore Bank in Switzerland. Holders outside the US can mint and redeem at NAV through a KYC-gated portal. Inside the US, the tokens are not offered to retail — a deliberate choice that has kept Backed off the SEC's enforcement radar so far. The CLARITY Act, if it passes intact, would change that calculus.
Tokenised equities used to be a curiosity. With sixty live names, sub-cent spreads, and a working aggregator route to the rest of Solana DeFi, xStocks is now infrastructure. The next leg is depth — and the next leg after that is the US listing question, which CLARITY makes answerable for the first time.
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