HRBx
H&R Block xStock · tracks HRB · Stock
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 →
The five things to know first
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
◐ passed through by the issuer · ◌ only if the issuer decides · ✕ no
Why the health checks say: this token not measured, programme caution
Marketnot measurednot measured · 0/6 checks judged; 6 unknown
ControlcautionAuthority keys · 3/3 checks judged; 0 unknown
Legal / evidencecautionLegal evidence review · 1/1 checks judged; 0 unknown
DeFi composabilitycautionDeFi enforceability · 1/1 checks judged; 0 unknown
What you own
- How close to owning the share
- 2 of 4 — a secured claim on collateral
- Legal form
- Tracker certificate
Evidence
confirmedEach 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 - What the holder owns
- The holder owns a bearer debt instrument classified as a tracker certificate — a ledger-based security…
Evidence
confirmedThe 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 - Issuing entity
- Backed Assets (JE) Limited, First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey. SPV…
Evidence
confirmedOn 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
confirmedThe 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
confirmedWe 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 - Redemption
- yes. Holder, jurisdiction, route and fee conditions are below.
- Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism permanent-delegate
Evidence
confirmeddefaultAccountState.accountState: initialized; transferHook.programId: null
Solana mainnet RPC ·rpc:getAccountInfo XsDoVfqeBukxuZHWhdvWHBhgEHjGN…· readconfirmedThe 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'· readconfirmedxStocks 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…· readconfirmedpermanentDelegate.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
| Right | For the token holder | Why |
|---|---|---|
| Dividends | Passed through by the issuer | Reinvested 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.” |
| Voting | No | The 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 & meetings | No | No 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” |
| Splits | Passed through by the issuer | Splits 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.” |
| Takeovers | Only if the issuer decides | Mergers 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
- Documented
Programme term expressly applies across the product set, including HRBx.
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' - KYC / AML
- YesDocumented
- Minimum
- Documented
Programme term expressly applies across the product set, including HRBx.
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.
- Fees
- Unknown
No HRBx-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' - Timing and settlement asset
- Documented
Programme term expressly applies across the product set, including HRBx.
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"… - Route currently available
- YesDocumented
- Successful redemption independently observed
- Observed
Observed on-chain for the programme route (SPCXx, METAx), not for HRBx 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.
- Recurring on-chain scan (programme)
- Redemptions observed on-chain: last on 2026-09-25 (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) →
Markets, premium & holders
Reference & premium
Nothing reported.
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…
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 publishes no feed for this token or its stock (Pyth’s equity and crypto feed lists checked).
Depth, volume, activity
- Venues
- 0 DEX pair(s) · 0 exchange market(s)
- Holders
- 2
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- — / — / —
- Top 1 / 5 / 20, raw
- 96.4% / 100.0% / 100.0%
- Distinct owners in the top 20
- 1
- Frozen accounts in the top 20
- 0
- Supply
- 97,805.70
- Float, upper bound
- 0 100.0% in issuer wallets how
| Owner | Share |
|---|---|
S7vYFF…uRaS issuer-authority | 96.38% |
S7vYFF…uRaS issuer-authority | 3.62% |
S7vYFF…uRaS issuer-authority | 0.00% |
Control surface & key governanceFreeze, pause, forced transfer and authority keys
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
confirmedsigners: [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…
Exact-token protocol supportSource listings, observed markets and proof limits
Evidence available now
None source-listed. No exact-mint integration was found in the protocol registries, live pools and asset-specific products checked. This is not proof that private or unindexed contracts do not use the token.
What could work in DeFi?
DeFi composability
No source-listed collateral route
No checked protocol source currently lists this exact token as programmatic 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.
Lockable with extension-aware accounting
The lender can seize and sell; redemption is gated
No checked protocol currently lists this exact token as programmatic collateral.
Conditional: issuer redemption requires KYC/AML, so a smart contract cannot redeem on its own.
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 →
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.
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.
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.
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.
Evidence, scenarios & technical detail
Verification
- Strength
- 4 of 5 — on-chain PoR
- Type
- Chainlink por
Evidence
confirmedThis combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The…
Chainlink Proof of Reserve is now active (names… ·section heading 'How our proof of reserves…· read - Agent
- The Network Firm (attestation API with read-only access to Backed's…
Evidence
confirmedThe Network Firm operates our attestation API. They have read-only access to our custody bank accounts and…
Chainlink Proof of Reserve is now active (names… ·section heading 'How our proof of reserves…· read - Frequency
- Updated daily, or whenever reserve volume changes by more than 10%
Evidence
confirmedThe figures relayed by Chainlink PoR are updated daily, or if the volume of the reserves changes by more than…
Chainlink Proof of Reserve is now active (names… ·section heading 'How our proof of reserves…· read - Machine-readable
- yes
- Evidence
- backed.fi/news-updates/chainlink-proof-of-reserve-is-now-active
Venues
DEX pools (DexScreener)
No DEX pool reported.
Exchange markets
No exchange market reported.
Trust chain
Thirteen actors sit between you and the company, with nine rights flows between them. Colour shows how well each link is evidenced and line style shows how it was verified; both are derived from the data. A role nobody fills stays on the chart, so the gap is visible.
Colour: who said so
- documented — the source’s own words, read and quoted
- inferred — our reading of the structure; no source states it
- asserted — recorded once and not re-checked since
- unknown — nothing found for the fields this link rests on
Line: how it was checked
- onchain — read off the ledger
- attested — a third party vouches for it
- self-reported — only the issuer says so
- none — we cannot verify it
Ownership of the underlyingdocumented · attested
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=tracker-certificate…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmed
Security interestdocumented · self-reported
Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=yes; securityInterest.holder=Security Agent Services AG…
securityInterest.existsconfirmedsecurityInterest.holderconfirmedsecurityInterest.priorityconfirmedbankruptcyRemoteunverified
Issuance and redemptiondocumented · self-reported
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Investor Put Option exercisable at any…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railsconfirmedredemption.feesconfirmedredemption.kycconfirmedredemption.minimumconfirmed
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmedtransferRestrictions.kycToHoldconfirmedtransferRestrictions.mechanismconfirmedkeyGovernance.freezeconfirmedkeyGovernance.delegateconfirmedknownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=reinvested…
dividendsconfirmedcorporateActionsconfirmedkeyGovernance.rebaseconfirmed
Voting and information rightsdocumented · attested
Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=none
votingconfirmed
Corporate actionsdocumented · onchain
Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=Handled by an on-chain…
corporateActionsconfirmedkeyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · attested
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentconfirmedcustodyVerification.frequencyconfirmed
Regulatory permission and disclosuredocumented · self-reported
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Base Prospectus approved by…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claim
What if…
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…
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…
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…
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…
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 —…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
Sources
- https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf · archived copy
- https://www.kraken.com/legal/xstocks · archived copy
- https://support.kraken.com/articles/xstocks-faq · archived copy
- https://assets.backed.fi/terms-of-service · archived copy
- 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
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | not measured | — | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: — · reference price: — · age seconds: — · market open: — · usd price: — | no reference price for the underlying share, so the premium cannot be measured |
| Pool liquidity | not measured | — | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: — · dex pairs: 0 | no venue reports liquidity |
| Organic flow | not measured | — | ≤ 25 trades/trader, whatever the organic share good · > 25 trades/trader with ≥ 10 % organic caution · > 25 trades/trader and < 10 % organic warning | organic share pct: — · trades per trader: — · trades24: — | no 24 h trade count reported, so there is no flow to judge |
| Failed swaps | not measured | — | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: — · pools counted: 0 · signatures seen: — · failed tx: — | no swap pool was sampled for this mint |
| Holder concentration | not measured | — | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: — · top5 share pct excluding labels: — · top20 share pct excluding labels: — · top1 share pct: 96.4 · excluded: issuer-authority/100 · distinct owners top20: 1 | no unlabelled holder carries a measurable share (the mint may have a supply of 0) |
| Legal evidence review | caution | 4 | all required fields sourced and reviewed; reserve strength ≥ 3 good · coverage or review gaps, or reserve strength 1–2 caution · reserve strength 0 warning | custody type: chainlink-por · machine readable: yes · verification label: on-chain PoR · required fields: 50 · sourced fields: 48 · missing required: 2 · unverified claims: 35 · inferential conclusions: 13 · inference reviewed: 13 · inference unreviewed: 0 | 48/50 required fields sourced; reserve-verification strength 4/5 — on-chain PoR, machine-readable; 2 required fields lack evidence; 35 claims await re-checking; 13 reviewed conclusions remain inferential, not source-confirmed |
| DeFi enforceability | caution | — | permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warning | template id: xstocks-backed--token-2022-pausable-clawback-rebase · escrow: conditional · borrower default: conditional · protocol hack: issuer-may-recover · access loss: discretionary-recovery | 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. |
| Authority keys | caution | — | every installed path is a multisig, or a program with evidenced multisig upgrade governance good · a hot key caution | mint: hot-key · freeze: multisig · pause: multisig · delegate: multisig · transfer fee: — · rebase: hot-key | mint, rebase authority held by a hot key |
| Trading pause | good | — | not paused good · paused warning | control paused: no · issuer api paused: — · issuer pause reason: — · issuer session: — | not paused |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 3 | no frozen account in the top 20 |
| Venue spread | not measured | — | ≤ 2 % good · ≤ 5 % caution · > 5 % warning | venue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 0 | only 0 venue prices this token, so there is no spread to measure |