RWA SonarNew

EPAMx

NewSee it as a planet →

EPAM Systems xStock · tracks EPAM · Stock

The only tokenized EPAM on Solana

Things to know firstWho can buy, ownership, intervention, exit, DeFi and the largest risk

Who can buy: any Solana wallet may hold it, with no KYC, though the terms bar US persons; we found no market that sells it. Redeeming with the issuer: only holders who pass the issuer’s KYC and are not US persons. Terms →

How can you exit?Eligible holders can redeem through the issuer. No confirmed secondary-market exit: no exact-token DEX pair or centralised venue market was found. DEX pools checked 11 Oct 2026 06:29 UTC. Legal rights, issuer redemption and DeFi support are still assessed independently.Inspect this token’s redemption terms →
Largest unresolved risk2 of 3 signers of one multisig can move or burn any holder’s tokens at once: there is no time lock, so holders get no warning. 2 of 4 signers of another multisig can freeze any holder’s account, with no time lock.Inspect issuer powers →
Shareholder rights you get
  • Dividends: Passed through by the issuer
  • Voting: No
  • Reports & meetings: No
  • Splits: Passed through by the issuer
  • Takeovers: Only if the issuer decides
What each means →

◐ passed through by the issuer · ◌ only if the issuer decides · ✕ no

EventsLast 30 days
  • Loading events…

This token, and its programme’s filings, terms and fees. All changes →

TermsTracker certificate · Jersey

The instrument as documented

Legal form
Tracker certificate
Evidence
confirmed
Each xStock is a bearer debt instrument classified as a tracker certificate. It provides economic exposure to…
xStocks docs — Product Legal Overview · section heading 'Legal Classification' · read
Issuing entity
Backed Assets (JE) Limited, First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey. SPV…
Evidence
confirmed
On or around 5 January 2026, Payward Europe Limited, Ireland, a wholly owned subsidiary of Payward Inc., US…
Base Prospectus, Backed Assets (JE) Limited… · p. 56, s. 3.1.1.5 'Recent Events of Particular… · read
Jurisdiction
Jersey (Channel Islands)
Evidence
confirmed
The Issuer of the Products, Backed Assets (JE) Limited, with its registered address at First Floor, La Chasse…
Base Prospectus, Backed Assets (JE) Limited… · p. 9, 'REGULATORY STATUS OF THE ISSUER IN… · read
Governing law
Products and holder rights governed by the laws of Jersey; courts of…
Evidence
confirmed
(ii) the Registration Agreement shall be governed by, and shall be construed in accordance with, Swiss law…
Base Prospectus, Backed Assets (JE) Limited… · p. 129, clause XXVIII 'Governing Law and… · read
Regulatory status
Base Prospectus approved by the Liechtenstein Financial Market Authority (FMA) on 8 May 2026 (FMA certificate…
Evidence
confirmed
We hereby certify that the Base Prospectus detailed below has been drawn up pursuant to Prospectus Regulation…
FMA Liechtenstein Certificate of Approval of… · FMA Certificate of Approval, reference… · read
Who may hold and move it
Any wallet can hold it; no identity check to hold; not for US persons; enforced by: an issuer key can move or burn tokens in any wallet
Evidence
confirmed
defaultAccountState.accountState: initialized; transferHook.programId: null
Solana mainnet RPC · rpc:getAccountInfo XsDoVfqeBukxuZHWhdvWHBhgEHjGN… · read
confirmed
The transferability of the securities by the Investors on the secondary market is not restricted. However…
Base Prospectus, Backed Assets (JE) Limited… · p. 85, s. 4.2 'Restrictions on Transferability' · read
confirmed
xStocks are only available to retail clients in select countries. They are not accessible in the US, Canada…
Kraken xStocks Risk Disclosure — the… · section 'xStocks FAQs', question 'Who can… · read
confirmed
permanentDelegate.delegate: 5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq
Solana mainnet RPC · rpc:getAccountInfo XsDoVfqeBukxuZHWhdvWHBhgEHjGN… · read
How far the token is the official record
2 of 4 — the chain is the official record and the token moves without anyone’s approval

Data as of: issuer dossiers

Legal rights2 of 4 — a secured claim on collateral · dividends, splits pass through · redeemable through the issuer

What you own

How close to owning the share
2 of 4 — a secured claim on collateral
What the holder owns
The holder owns a bearer debt instrument classified as a tracker certificate — a ledger-based security…
Evidence
confirmed
The Investors have a sole claim to the Collateral allocated to the specific Product they are holding and no…
Base Prospectus, Backed Assets (JE) Limited… · p. 83, s. 4.1.5 'Relative Seniority of the… · read
Redemption
yes. Holder, jurisdiction, route and fee conditions are below.
Which rights of the share reach the token holder
RightFor the token holderWhy
DividendsPassed through by the issuerReinvested into more of the same stock, net of withholding tax; your displayed balance grows.Source: docs.xstocks.fi · section 'Dividends' · “Rather than distributing cash, the dividend is reinvested into additional shares of the same stock.”
VotingNoThe note gives creditor rights only: no voting at the company's general meetings.Source: cdn.prod.website-files.com · Base Prospectus p. 83, s. 4.1.6 'Rights attached to the Securities' · “the Investors' respective creditors' rights do not consist of any shareholders' rights; thus, excluding all rights of attendance, dividend payments, other participation rights or voting rights at a general assembly”
Reports & meetingsNoNo right to attend meetings or receive shareholder materials.Source: cdn.prod.website-files.com · Base Prospectus p. 83, s. 4.1.6 'Rights attached to the Securities' · “excluding all rights of attendance, dividend payments, other participation rights or voting rights at a general assembly”
SplitsPassed through by the issuerSplits and reverse splits change your balance through the token's on-chain multiplier.Source: docs.xstocks.fi · section 'Corporate Actions' · “Corporate actions such as dividends, stock splits, and reverse splits are handled through an onchain rebasing mechanism.”
TakeoversOnly if the issuer decidesMergers are not named; if the stock stops trading the issuer may end the product and pay what it alone decides is fair value.Source: cdn.prod.website-files.com · Base Prospectus p. 118, Terms and Conditions clause IX.iii · “then this shall be a Termination Event at the sole discretion of the Issuer”

Can a holder redeem?

Contractual right
YesDocumented
Eligible holder and route
Programme term expressly applies across the product set, including EPAMx.

Investor Put Option exercisable at any time by any Investor, but acceptance is conditional on successfully completing the Issuer's KYC/AML procedures, and the Issuer may reject a redemption request on negative findings. Primary-market access requires onboarding with the issuer and only whitelisted wallets may interact with the platform. Qualified Professional Investors may subscribe directly; all investor segments may go through an Authorized Participant.

Access to the primary market requires onboarding with the issuer, including completion of KYC, and AML… Source: xStocks docs — Issuance and Redemption · section heading 'Overview'
Documented
KYC / AML
YesDocumented
Minimum
Programme term expressly applies across the product set, including EPAMx.

USD 5,000 per transaction when issuing or redeeming directly with the Issuer (xStocks FAQ), retail users included; no minimum is imposed by the Issuer on secondary markets. The Base Prospectus itself sets no size floor — fractional ledger-based securities are possible, the Redemption Amount must be at least the smallest denomination of the Settlement Currency, and excess rounding amounts are kept by the Issuer — so the 5,000 floor exists only in the FAQ.

Documented
Fees
No EPAMx-specific fee is confirmed; TSLAx is a programme example only.

Per-product (TSLAx product page): issuance/redemption up to 0.50% of investment value; management fee up to 0.25% p.a. (currently none). The Base Prospectus caps are an order of magnitude higher: Investor Fees for issuance and redemption 'of up to 5% of the market price of the Underlying' (s.1.3 definitions), and a surcharge on issue and redemption price that 'shall not exceed 5% of the redemption price and/or a Management Fee, which shall not exceed 5% p.a.' (s.3.1.1.8). The product-page figures are current values, not ceilings.

Management Fee The tracker charges no management fee at present. A fee of up to 0.25% per year may be… Source: Tesla xStock product page (ISIN CH1436219252… · section heading 'Product Details'
Unknown
Timing and settlement asset
Programme term expressly applies across the product set, including EPAMx.

The prospectus Investor Put route is cash settlement in the Settlement Currency (optionally other fiat or cryptocurrencies at the Issuer's sole discretion) by T+5 from receipt of the tokens; tokens are de-activated (defined as transfer back to the wallet the Tokenizer holds for the Issuer, not burning) and collateral liquidated, and physical delivery is excluded for that route. Separately, xPort is a live in-kind channel: a client onboarded with both Backed and Alpaca sends xStocks from a whitelisted wallet, Backed processes them, and Alpaca returns the corresponding underlying shares to the client's brokerage account. xPort is advertised as 24/5 with fees currently set to zero.

Instructs the Tokenizer to de-activate the received Products by transferring them to the wallet held by the… Source: Base Prospectus, Backed Assets (JE) Limited… · p. 79, section 3.15.3 "Redemption Process"…
Documented
Route currently available
YesDocumented
Successful redemption independently observed
Observed on-chain for the programme route (SPCXx, METAx), not for EPAMx itself. From a one-off scan of 2026-09-22 to 2026-09-23.

4 completed redemptions observed on solana between 22 Sep 2026 14:28 UTC and 23 Sep 2026 18:22 UTC. Three separate transfers, no burn: (1) holder → redemption address CgyuW2dWDJzWW2H1XTjPRkbg9Y41dW2Fjj69KWsiir8C; (2) sweep of the same amount → issuer treasury S7vYFFWH6BjJyEsdrPQpqpYTqLTrPRK6KW3VwsJuRaS, signed by the redemption address with fee payer 2f6LxotGVZ3KzvAN3NjJwJSM32WJEkt6uBGEA5YKGEqK; (3) USDC from the treasury to the holder. The treasury is identified on-chain as the issuer: it receives every mintTo from the xStocks mint authority 7pt9tk… (all mintTo in the 300 mint-authority transactions read) and is the programme's rebase signer. The redemption address is not published; it is identified from its behaviour (it only ever sweeps into the treasury, co-signed with the issuer fee payer). The link between the deposit and the payout is inferred from same wallet, sequence, the documented settlement time and price agreement; no memo or order id is on-chain. All four accepted redemptions (and 488 of the 502 deposits) come from one wallet, GQEwLMrpyr9x99CnHFAnQhHrwm7a36Qc1FYEw9Cdp6kG, which also receives issuance from the treasury; one accepted redemption was USD 2,777.22, below the USD 5,000 published minimum. The redeemer is therefore most likely an authorised participant, exchange or market maker, not a retail holder. Redeemed tokens were not burned: no burn instruction appears in the 1,000 treasury or 1,000 redemption-address transactions read, so returned xStocks sit in issuer inventory and are delivered out again on issuance. That is what the Base Prospectus calls de-activation, not a departure from it: redemption step (i) is to "de-activate the received Products by transferring them to the wallet held by the Tokenizer on behalf of the Issuer", issuance activates tokens "pre-created (but not activated)" and held in that wallet, and the Registration Agreement only permits the Tokenizer to burn tokens it holds, it never requires it (pp. 77, 79, 106, 115; reviewed 2026-09-23). Two consequences follow. Raw on-chain supply overstates the outstanding Products by whatever sits in the issuer wallet, and the collateral duty is set by outstanding Products, so a reserve-versus-supply check must net out that inventory. And "activated" is a contractual state, not an on-chain one: an inventory token is technically identical to a circulating one, so its safety depends on the key holding the inventory — S7vYFF…, a single key that is also the rebase authority. Whether S7vYFF… is the prospectus's "wallet held by the Tokenizer on behalf of the Issuer" (Payward is the Tokenizer) cannot be seen on-chain.

Observed
Recurring on-chain scan (programme)
Redemptions observed on-chain: last on 2026-10-09 (recurring scan from 2026-09-23). The count comes from the one-off scan of 2026-09-22 to 2026-09-23 until this scan covers that window.Observed
Secondary-market exit
NoNot recorded

See it drawn step by step: xStocks: stablecoin redemption (observed on-chain) →

Data as of: issuer dossiers

Onchain controlcaution can freeze, pause, move or burn, rebase · keys: hot key, multisig

Control checks

CheckStatusValueThresholdsInputsWhat it says
Authority keyscaution—every installed path is a multisig, or a program with evidenced multisig upgrade governance good · a hot key cautionmint: hot-key · freeze: multisig · pause: multisig · delegate: multisig · transfer fee: — · rebase: hot-keymint, rebase authority held by a hot key
Trading pausegood—not paused good · paused warningcontrol paused: no · issuer api paused: — · issuer pause reason: — · issuer session: —not paused
Frozen accountsgood0none in the top 20 good · ≥ 1 in the top 20 cautionfrozen accounts top20: 0 · top20 count: 7no frozen account in the top 20

Observed issuer powers

Mint authority
7pt9tk…taCj
Freeze authority
JDq14B…xJNs
Permanent delegate
5aMNNL…FvEq
Paused right now
no
Rebase-authority governance
Hot key
Evidence
confirmed
signers: [S7vYFFWH6BjJyEsdrPQpqpYTqLTrPRK6KW3VwsJuRaS]; programs invoked: ComputeBudget…
Solana mainnet RPC · rpc:getTransaction 4UXU6VBQpED9K4EScwD4366238Ssh… · read
Evidence
Finalized getMultipleAccounts across the issuer's 828-address registry on 2026-09-20 found one shared mint…

Capability and permission

Capability, governance and legal permission are separate facts. Unknown never counts as safe.

Capabilities present
Mint, Freeze accounts, Pause transfers, Permanent delegate, Claw back / burn, Rebase / balance multiplier
Capabilities absent
Allowlist / transfer restriction, Transfer hook, Transfer-fee configuration, Programme upgrade
Capabilities unknown
None
Recorded key governance
Mint, Rebase / balance multiplier: Hot key · Freeze accounts, Pause transfers, Permanent delegate: Multisig · Programme upgrade: None
Controller / threshold / rotation
Freeze accounts, Pause transfers: Squads v4 multisig 8gep9m2BmCqz4qCQMcqZoqnaGedXgRWehFYhKaPuiu8X · 2 of 4 · Permanent delegate: Squads v4 multisig Dsm8Dmh6ip3pc19G3oB3FBc2Kx7A9sQBSA2akD2Jraot · 2 of 3 · Rebase / balance multiplier: Unattributed direct signer S7vYFFWH6BjJyEsdrPQpqpYTqLTrPRK6KW3VwsJuRaS · Programme upgrade: No issuer program — upgrade risk limited to Token-2022 core
Technical control notes
Freeze accounts, Pause transfers: Authority is vault index 0 JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs; zero execution timelock; beneficial identities unpublished. · Rebase / balance multiplier: Signs Token-2022 multiplier changes directly, outside the Squads execution path. · Permanent delegate: Authority is vault index 0 5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq; zero execution timelock; members 49pmqovsRrPoKcrxULMXjFizFHuDD3AtKzwodkzweUZv, 82s7WdW9X8RKfxhR2C2YHnSj1vd6Rinpiwc8eREH7MNN and FN5JKy3ySbUH2QoCc329ni75oz76t7qFFg6xGfWkq68t, none of whom is a member of the freeze multisig; beneficial identities unpublished. The same vault is transfer-hook, metadata-update and confidential-transfer authority. · Programme upgrade: No issuer-deployed program sits in the token's control path: the mint key 7pt9tk… signs raw Token-2022 mintTo directly (its four newest transactions, 2026-09-23, invoke only Token-2022), the rebase/treasury key S7vYFF… signs Token-2022 directly, and freeze/pause (JDq14B…) and permanent delegate (5aMNNL…) are Squads v4 vaults. The Squads v4 program (SQDS4ep65T869zMMBKyuUq6aD6EgTu8psMjkvj52pCf) that governs the issuer vaults is immutable: its programData carries no upgrade authority (last deployed 2024-11-20, slot 302582236). The transferHook extension is installed with programId null (fresh read of TSLAx at slot 449865657): no hook program runs today, but the hook authority 5aMNNL… (the 2-of-3 delegate vault) can attach an arbitrary hook program at any time, which would put an upgradeable program into every transfer. Token-2022 itself (TokenzQdBNbLqP5VEhdkAS6EPFLC1PHnBqCXEpPxuEb) is BPF-upgradeable but not by any issuer: its upgrade authority AeLmXCbPaQHGWRLr2saFsEVfmMNuKnxRAbWCT9P5twgz re-derives exactly as the authority PDA (index 1) of Squads v3 multisig BnD53519LK7QM4ERBGvLedZDe1VoTPgtiBkGPWAACiMZ, threshold 4 of 6, operated for the Solana core programs (operator identity not provable on-chain); last upgraded 2026-06-17T20:57:58Z, slot 427147035, tx 2cM3S25AJnHyy4shW7zsoqz5W8JPXPvXiUxk545n5ANf6BET9VvBRfsnSNYi9MqogjVWNBxNfaZpE9QBJX4XCbfn. That is platform risk shared by every Token-2022 asset, not issuer control.
Technical observations
Freeze accounts, Pause transfers, Rebase / balance multiplier — observed 20 Sep 2026 · Solana mainnet RPC · Permanent delegate — observed 23 Sep 2026 · Solana mainnet-beta RPC: getAccountInfo Dsm8Dmh6ip3pc19G3oB3FBc2Kx7A9sQBSA2akD2Jraot at finalized slot 449675962 (Squads v4 Multisig layout; the vault PDA seeds ["multisig", multisig, "vault", 0] reproduce 5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq) · Programme upgrade — observed 24 Sep 2026 · Solana mainnet-beta RPC, finalized commitment (read 2026-09-24 00:19–00:41 UTC): getAccountInfo on each program, its programData and its upgrade authority; getSignaturesForAddress + getTransaction (jsonParsed) over the full programData history; Squads multisig accounts decoded with stocks/lib/squads.mjs and the vault PDA re-derived

Data as of: token universe

Marketsgood no market measured · only authorized participants can arbitrage

Market checks

CheckStatusValueThresholdsInputsWhat it says
Price trackingnot measured—≤ 1 % good · ≤ 3 % caution · > 3 % warningreference source: — · reference price: — · age seconds: — · market open: no · usd price: —no reference price for the underlying share, so the premium cannot be measured
Pool liquiditynot measured—≥ $100,000 good · ≥ $10,000 caution · < $10,000 warningliquidity usd: — · dex pairs: 0no venue reports liquidity
Organic flownot measured—≤ 25 trades/trader, whatever the organic share good · > 25 trades/trader with ≥ 10 % organic caution · > 25 trades/trader and < 10 % organic warningorganic share pct: — · trades per trader: — · trades24: —no 24 h trade count reported, so there is no flow to judge
Failed swapsnot measured—≤ 20 % good · ≤ 50 % caution · > 50 % warningpools: — · pools counted: 0 · signatures seen: — · failed tx: —no swap pool was sampled for this mint
Holder concentrationgood0.000178≤ 25 % good · ≤ 50 % caution · > 50 % warningtop1 share pct excluding labels: 0.000178 · top5 share pct excluding labels: 0.000178 · top20 share pct excluding labels: 0.000178 · top1 share pct: 94.5 · excluded: issuer-authority/100 · distinct owners top20: 5the largest unlabelled wallet holds 0 % of supply, 1 labelled account set aside
Venue spreadnot measured—≤ 2 % good · ≤ 5 % caution · > 5 % warningvenue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 0only 0 venue prices this token, so there is no spread to measure

Reference & premium

Underlying market
closed at

Who keeps the price honest

Only authorized participants can create and redeem, so they keep the price near the share on weekdays; nobody else can arbitrage it. US markets are closed now, so the rail is shut and the price floats until they open.

Who can create and redeem
Authorized participants and professional clients onboarded with Backed, from whitelisted wallets. Not the public: a retail holder sells on an exchange or a DEX.
How
Requests to Backed’s primary market. xPort is the in-kind route: send xStocks from a whitelisted wallet and Alpaca delivers the shares to a linked brokerage account.
How fast
Cash redemption is due by T+5; xPort is advertised as 24/5.
When
24/5 through xPort; the cash route runs on business days.
Minimum
$5,000 direct with the issuer
Cost
Up to 0.5% of the value per issuance or redemption (the prospectus allows up to 5%); xPort currently free
Shares or cash
Yes, through xPort, for clients onboarded with both Backed and Alpaca; the cash route excludes delivery.
Seen on chain
Redemptions observed on-chain: last on 2026-10-09 (recurring scan from 2026-09-23). The count comes from the one-off scan of 2026-09-22 to 2026-09-23 until this scan covers that window.

Read on 2026-09-30 from the issuer’s redemption terms; the terms and their sources are under Can a holder redeem?.

History

Daily observations from RWA Sonar’s snapshots. A gap is a missing measurement, not a zero. Vertical markers are recorded evidence or control changes.

Loading daily history…

Depth, volume, activity

Venues
0 DEX pair(s) · 0 exchange market(s)

CoinMarketCap

Loads when you open Markets.

Holder concentration

Top 1 / 5 / 20, unlabelled owners only
0.0% / 0.0% / 0.0%
Top 1 / 5 / 20, raw
94.5% / 100.0% / 100.0%
Distinct owners in the top 20
5
Frozen accounts in the top 20
0
Supply
25,561.20
Float, upper bound
0 100.0% in issuer wallets how
OwnerShare
S7vYFF…uRaS issuer-authority94.51%
S7vYFF…uRaS issuer-authority5.49%
6LY1Jz…zkzF0.00%
7fN7eM…kUA70.00%
S7vYFF…uRaS issuer-authority0.00%

Venues

DEX pools (DexScreener)

No DEX pool reported.

Exchange markets

No exchange market reported.

Data as of: reference prices · trades · DEX pools · Meteora pools · holders · issuer APIs

DeFicaution no protocol lists this exact token

DeFi composability checks

CheckStatusValueThresholdsInputsWhat it says
DeFi enforceabilitycaution—permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warningtemplate id: xstocks-backed--token-2022-pausable-clawback-rebase · escrow: conditional · borrower default: conditional · protocol hack: issuer-may-recover · access loss: discretionary-recoveryThe certificate is transferable and can be held or seized by a protocol, but liquidation is not fully autonomous: the protocol must handle pause, rebase and permanent-delegate risk, while direct cash redemption requires KYC and can be rejected on compliance grounds.

Support available now

No protocol found that accepts this exact token. None of the protocol lists, live pools and token-specific products we checked names it. Private or unlisted contracts may still use it.

What could work

No protocol lists it as collateral

No protocol we checked lists this exact token as collateral.

The certificate is transferable and can be held or seized by a protocol, but liquidation is not fully autonomous: the protocol must handle pause, rebase and permanent-delegate risk, while direct cash redemption requires KYC and can be rejected on compliance grounds.

Technical custody

Lockable with extension-aware accounting

Economic control after default

The lender can seize and sell; redemption is gated

Programmatic collateral listing

No protocol we checked lists this exact token as collateral.

Can seizure become cash?

Conditional: issuer redemption requires KYC/AML, so a smart contract cannot redeem on its own.

Autonomous market exit

No exact-token DEX pool is confirmed; an autonomous market exit is not established.

Template: Swiss ledger-based tracker certificate with per-product collateral pledge · token-2022 · pausable + clawback + rebase. “Can recover” means the issuer is able to act, with no duty to act.

Open the complete technology + legal template →

Smart-contract escrowconditional

Can a protocol account hold and release it?

Lockable with extension-aware accounting

No holder allowlist is active, so a program-controlled account can hold the token. The protocol must support scaled balances and pausing, and must accept that the permanent delegate can move or burn the collateral without the escrow's signature.

Borrower defaultconditional

Can the lender seize and realise value?

The lender can seize and sell; redemption is gated

The token is a transferable bearer ledger-based security, so the contract can transfer or sell it after default while the mint is open. Direct redemption for cash is not autonomous: the lender must pass KYC/AML and the issuer may reject a request on negative findings.

Protocol hackedissuer-may-recover

Can the transfer be stopped or reversed?

Clawback may reverse a theft

The permanent delegate and pause authority can technically contain or reverse a hacked transfer. Assistance is discretionary rather than a protocol right, and the same powers can reverse the protocol's own custody or liquidation outcome.

Access or key lossdiscretionary-recovery

Can a stranded balance be recovered?

Issuer action can rescue a stranded token

The permanent delegate can technically move or burn a balance in an inaccessible account. A replacement or redemption still depends on the issuer accepting the claimant, completing compliance checks and exercising that power.

When the market is closed

No Solana lending market we track takes this token as collateral (Kamino, Jupiter Lend, Nest and Loopscale checked; Project 0 and Save list no stock token).

Where prices come from

Pyth’s prices for the stock and the token

Pyth feeds
Equity.US.EPAM/USD 71964e…2646 the stock
US market (Pyth schedule)
closed at
Stock price on Pyth
no Pyth price account for Equity.US.EPAM/USD on Solana (shards 0 and 1 read )

Prices read from Solana at slot 455553789, : Pyth’s push-oracle price accounts; publish times are Pyth’s own. Lenders’ price sources: each market’s on-chain oracle settings.

Data as of: DeFi usage · closed-market data · Pyth on Solana · issuer dossiers

Risks: token not measured · programme caution38 what-if scenarios: 34 documented, 1 unknown
MarketgoodHolder concentration · 1/6 checks judged; 5 unknownControlcautionAuthority keys · 3/3 checks judged; 0 unknownLegal / evidencecautionLegal evidence review · 1/1 checks judged; 0 unknownDeFi composabilitycautionDeFi enforceability · 1/1 checks judged; 0 unknown

What if a party fails

34 documented1 inferred1 unknown2 n/a

Every issuer gets the same 38 questions, so missing answers show as gaps. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.

  • Holder
    • documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?

      Nothing comes back as of right. The prospectus says that if your private key is lost or compromised neither the network nor the Issuer can restore…

      [1] · p. 107, Terms and Conditions clause II 'Form… · read 18 Sep 2026

    • documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?

      No recourse from anyone in the chain. The terms exclude the Issuer's and every agent's liability for fraud, theft and cyber-attacks, and let the…

      [1] · p. 123, Terms and Conditions clause XVII… · read 18 Sep 2026

    • inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?

      No document deals with succession. If your heirs get the keys they can hold and sell the tokens with nobody's permission, because the instrument is…

      [1] · the only mention of a deceased holder is the… · read 18 Sep 2026

    • documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?

      The issuer can comply and says it will do so only under compulsion: the Registration Agreement contemplates a freeze or burn power exercisable by the…

      [1] · p. 108, Terms and Conditions clause II… · read 18 Sep 2026

    • documentedI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?

      You keep the token and can still sell it on the secondary market — transferability is unrestricted and the issuer does not police secondary buyers —…

      [1] · pp. 53-54, s. 2.6.4 'Compliance' · read 18 Sep 2026

    • documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?

      Your tokens become immobile rather than confiscated: the Registration Agreement lets the smart contract block transfers to and from addresses flagged…

      [1] · pp. 106-107, Terms and Conditions clause II… · read 18 Sep 2026

  • Wallet or venue
    • documentedThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?

      You carry the venue's credit risk. Kraken's own disclosure tells you that holding xStocks exposes you to the solvency of Kraken as 'the broker and…

      [2] · 'xStocks Risk Disclosure', risk-acknowledgement… · read 18 Sep 2026

    • documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?

      You can leave. Kraken supports withdrawal to self-custody on Solana, Ethereum, TON or Ink and the tokens are freely transferable, so a delisting…

      [3] · 'Can I withdraw xStocks to a crypto wallet?' · read 18 Sep 2026

  • Token program and keys
    • documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?

      Two different freezes. Your issuer platform account can be suspended or closed at any time without cause on three days' notice, and immediately for…

      [4] · Terms of Service (last updated 18 November… · read 18 Sep 2026

    • documentedThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?

      The documents give the issuer no general right to take your tokens: burning is limited to securities the Tokenizer itself holds, and any extension to…

      [1] · p. 106, Terms and Conditions clause II… · read 18 Sep 2026

    • documentedThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?

      The risk is disclosed and the loss is allocated to you. The prospectus says a bug or breach may cause 'unintended minting' that dilutes holders, and…

      [1] · p. 34, s. 2.3.5.3 'Software related Risks' · read 18 Sep 2026

    • documentedThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?

      The Issuer and its Tokenizer control the code and the ledger: they may update the smart contract, amend or substitute the Securities Ledger and…

      [1] · p. 107, Terms and Conditions clause II… · read 18 Sep 2026

    • documentedThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?

      The multiplier is produced by an automated mechanism fed by oracles the Tokenizer operates, expressly 'without involvement of the Issuer', and the…

      [1] · p. 116, Terms and Conditions clause VI. vi… · read 18 Sep 2026

  • Token issuer
    • documentedThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?

      Insolvency is a Realization Event: the Security Agent blocks the issuer from the collateral accounts, liquidates that product's collateral and pays…

      [1] · pp. 124-125, Terms and Conditions clause XXII… · read 18 Sep 2026

    • documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?

      The issuer can terminate an entire product at a date of its choosing for no stated reason, with at least 30 business days' notice — by e-mail only if…

      [1] · pp. 113-114, Terms and Conditions clause VI… · read 18 Sep 2026

    • documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?

      Your counterparty can be swapped without you. The Issuer may substitute itself as debtor with a new SPV at any time without holder consent, provided…

      [1] · p. 127, Terms and Conditions clause XXIV… · read 18 Sep 2026

    • documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?

      A shortfall in the non-share collateral must be cured by the next business day; if it persists for five consecutive business days the products mature…

      [1] · p. 125, Terms and Conditions clause XXII. i… · read 18 Sep 2026

    • documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?

      You have very little. Redemption is conditional on completing the issuer's KYC/AML and the issuer may reject any request on negative findings 'with…

      [1] · pp. 111-112, Terms and Conditions clause VI. i… · read 18 Sep 2026

    • documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?

      Yes, unilaterally, and you get no exit right. The issuer may amend the Final Terms without holder consent to correct manifest errors or clarify…

      [1] · p. 129, Terms and Conditions clause XXVII… · read 18 Sep 2026

  • Tokenization provider
    • documentedThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?

      The issuer cannot operate the product alone and says so: it has no employees and no independent technical capability and depends on the Payward…

      [1] · p. 114, Terms and Conditions clause VI. iii… · read 18 Sep 2026

  • Transfer agent
    • n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?

      There is no transfer agent in this structure, so the failure cannot arise. The blockchain is the register, and no party — issuer, holder, security…

      [1] · p. 82, s. 4.1.1 and p. 84, s. 4.1.6 (repeated… · read 18 Sep 2026

  • Security agent or trustee
    • documentedThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?

      You cannot enforce the pledge yourself: by acquiring the product you appoint the Security Agent as your direct representative and may exercise your…

      [1] · p. 123, Terms and Conditions clause XVI… · read 18 Sep 2026

  • Custodian or prime broker
    • documentedThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?

      Accounts are meant to be segregated, in the issuer's name and pledged to the Security Agent, but the prospectus says outright that a custodian's…

      [1] · pp. 28-29, s. 2.3.1.2 'Counterparty Risk' · read 18 Sep 2026

    • documentedThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?

      Where the Final Terms permit it, your product's shares can be lent to Alpaca Securities as Prime Borrower: they leave the collateral account, are…

      [1] · p. 76, s. 3.14 'Lending of Underlyings' · read 18 Sep 2026

  • Attestor or oracle
    • unknownThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?

      We could not establish who is liable for a wrong, stale or discontinued reserve attestation, what triggers a re-attestation, or what a holder could…

      read 18 Sep 2026

  • Underlying company
    • documentedThe company is acquired or merged, for cash or for shares. What do I receive, and when?

      You end up with cash at a value the issuer determines, not with the acquirer's shares. A merger is handled through the Adjustment Event machinery…

      [1] · p. 118, Terms and Conditions clause IX. i… · read 18 Sep 2026

    • documentedThe company is delisted or goes private. Does the token terminate, and at what value?

      The product is terminated and cashed out at a value the issuer determines. If the underlying ceases to be traded or publicly quoted and is not…

      [1] · p. 119, Terms and Conditions clause IX. iii… · read 18 Sep 2026

    • documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?

      You take no part in a shareholder recovery. The token carries no claim to the shares and no right to any surplus on liquidation of the underlying…

      [1] · pp. 108-109, Terms and Conditions clause III… · read 18 Sep 2026

    • documentedA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?

      Splits, reverse splits and reinvested dividends are mirrored by a multiplier applied automatically to every wallet, published on-chain before the…

      [1] · p. 116, Terms and Conditions clause VI. vi… · read 18 Sep 2026

    • documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?

      You never receive cash: the custodian collects the dividend and it is reinvested into more of the same share, net of withholding tax, appearing as a…

      [5] · section heading 'Dividends' · read 17 Sep 2026

    • documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?

      Tax is withheld upstream and you cannot reclaim it. Dividends are reinvested net of withholding — Kraken states the rebase is computed on the net…

      [1] · p. 122, Terms and Conditions clause XII… · read 18 Sep 2026

    • n/aFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?

      This case cannot arise for xStocks as constituted: every underlying is an already-listed equity or ETF, so there is no pre-IPO holding, no…

      [1] · p. 90, s. 4.6 'Information concerning the… · read 18 Sep 2026

    • documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?

      You cannot vote and you get no shareholder information. The prospectus excludes all shareholder rights, and the issuer's docs and Kraken's disclosure…

      [1] · p. 83, s. 4.1.6 'Rights attached to the… · read 18 Sep 2026

  • Reference market
    • documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?

      The issuer decides. A suspension or limitation of trading that prevents the price being determined is a Market Disruption Event: the valuation day is…

      [1] · p. 117, Terms and Conditions clause VII. iii… · read 18 Sep 2026

  • Law, regulator and courts
    • documentedA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?

      Regulatory action is a termination trigger, not a protection. The issuer may exercise a 'Regulatory Call' and redeem an entire product if performing…

      [1] · p. 114, Terms and Conditions clause VI. iii… · read 18 Sep 2026

    • documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?

      Reclassification or illegality is the issuer's exit, not yours: it may terminate the whole product under the Regulatory Call and cash you out, and…

      [1] · p. 32, s. 2.3.3.1 'Changes of the Regulatory… · read 18 Sep 2026

    • documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?

      Jersey law and the non-exclusive jurisdiction of the Jersey courts, against an SPV with £100 of share capital that the prospectus says is not…

      [1] · p. 129, Terms and Conditions clause XXVIII… · read 18 Sep 2026

  • Solana network
    • documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?

      Deadlines move and the issuer decides. A suspension that stops the price being determined postpones the valuation day, the Tokenizer may pause all…

      [1] · p. 119, Terms and Conditions clause IX. ii… · read 18 Sep 2026

Sources
  1. https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf · archived copy
  2. https://www.kraken.com/legal/xstocks · archived copy
  3. https://support.kraken.com/articles/xstocks-faq · archived copy
  4. https://assets.backed.fi/terms-of-service · archived copy
  5. https://docs.xstocks.fi/docs/dividends-and-stock-splits · archived copy

Full answers, with the quotes, notes and primary-document register, in the issuer dossier

Data as of: token universe · reference prices · DEX pools · holders · issuer dossiers