Tokenized stocks · Kraken xStocks
VTIx
Vanguard xStock · tracks VTI · Etf
What you own
- Claim depth
- rung 2 of 4 — secured claim on collateral
- Legal form
- Tracker certificate
§
confirmedEach xStock is a bearer debt instrument classified as a tracker certificate. It provides economic exposure to…
docs.xstocks.fi ·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…
§
confirmedThe Investors have a sole claim to the Collateral allocated to the specific Product they are holding and no…
cdn.prod.website-files.com ·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…
§
confirmedOn or around 5 January 2026, Payward Europe Limited, Ireland, a wholly owned subsidiary of Payward Inc., US…
cdn.prod.website-files.com ·p. 56, s. 3.1.1.5 'Recent Events of Particular…· read - Jurisdiction
- Jersey (Channel Islands)
§
confirmedThe Issuer of the Products, Backed Assets (JE) Limited, with its registered address at First Floor, La Chasse…
cdn.prod.website-files.com ·p. 9, 'REGULATORY STATUS OF THE ISSUER IN…· read - Governing law
- Products and holder rights governed by the laws of Jersey; courts of…
§
confirmed(ii) the Registration Agreement shall be governed by, and shall be construed in accordance with, Swiss law…
cdn.prod.website-files.com ·p. 129, clause XXVIII 'Governing Law and…· read - Regulatory status
- Base Prospectus approved by the Liechtenstein Financial Market Authority (FMA) on 8 May 2026 under EU…
§
confirmedAnyone issuing a token through a Jersey company will require a specific consent from the Jersey Company…
cdn.prod.website-files.com ·p. 4, 'Requirements under the Guidance issued…· read - Redemption
- yes — Investor Put Option exercisable at any time by any Investor, but… · rails: Cash settlement in the Settlement Currency (optionally other fiat or… · fees: Per-product (TSLAx product page): issuance/redemption up to 0.50% of…
§
confirmedAny Investor may either by itself or through its financial intermediary maintaining the relevant securities…
cdn.prod.website-files.com ·p. 114, Terms and Conditions clause VI. iv…· readconfirmedAccess to the primary market requires onboarding with the issuer, including completion of KYC, and AML…
docs.xstocks.fi ·section heading 'Overview'· readconfirmedxStocks enter and exit circulation through issuance and redemption interactions with the issuer “primary…
docs.xstocks.fi ·section heading 'Overview'; the three flows are…· readconfirmedManagement Fee The tracker charges no management fee at present. A fee of up to 0.25% per year may be…
assets.backed.fi ·section heading 'Product Details'· read - Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism permanent-delegate
§
confirmeddefaultAccountState.accountState: initialized; transferHook.programId: null
api.mainnet-beta.solana.com ·rpc:getAccountInfo XsDoVfqeBukxuZHWhdvWHBhgEHjGN…· readconfirmedThe transferability of the securities by the Investors on the secondary market is not restricted. However…
cdn.prod.website-files.com ·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…
www.kraken.com ·section 'xStocks FAQs', question 'Who can…· readconfirmedpermanentDelegate.delegate: 5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq
api.mainnet-beta.solana.com ·rpc:getAccountInfo XsDoVfqeBukxuZHWhdvWHBhgEHjGN…· read - Dividends
- reinvested
§
confirmedWhen a company pays a dividend, the custodian receives the cash on behalf of all shares held in custody…
docs.xstocks.fi ·section heading 'Dividends'· read - Voting
- none
§
confirmedMost importantly, the Investors' respective creditors' rights do not consist of any shareholders' rights…
cdn.prod.website-files.com ·p. 83, s. 4.1.6 'Rights attached to the…· read - Ledger maturity
- Level 2 · score 4
Reference & premium
- Reference source
- ondo-implied
- Reference price
- $375.50
- Underlying market
- closed
- On-chain price (Jupiter)
- $367.05
- Premium
- -2.25%
- How the reference is derived
- marketCap / sharesOutstanding from the Ondo asset registry; no publish…
After-hours premium
No session split yet — this needs a full session of tape on both sides of the underlying market's open.
Depth, volume, activity
- Liquidity
- $914.26
- Volume 24 h
- $4.48
- Flow 24 h
- 1 trades · 1 traders · 1.0 per trader
- Venues
- 1 DEX pair(s) · 3 exchange market(s)
- Last trade seen
- on Gate
- Holders
- 95
- Market cap
- $18.28M
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- 11.0% / 17.9% / 18.9%
- Top 1 / 5 / 20, raw
- 75.8% / 96.8% / 100.0%
- Distinct owners in the top 20
- 19
- Frozen accounts in the top 20
- 0
- Supply
- 49,294.00
| Owner | Share |
|---|---|
S7vYFF…uRaS issuer-authority | 75.78% |
9U76mo…vMQd | 10.98% |
S7vYFF…uRaS issuer-authority | 5.27% |
6LY1Jz…zkzF | 3.49% |
41Mjig…dkJF | 1.23% |
Control surface & key governance
- Clawback
- yes
- Freeze authority
JDq14B…xJNs- Pausable
- yes
- Paused right now
- no
- Allowlist
- no
- Transfer hook
- no
- Mint authority
- Hot key
§
confirmedmintAuthority: 7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
api.mainnet-beta.solana.com ·rpc:getAccountInfo XsDoVfqeBukxuZHWhdvWHBhgEHjGN…· read - Freeze authority held by
- Multisig
§
confirmedProgram log: Instruction: VaultTransactionExecute; Program log: Instruction: SetAuthority
api.mainnet-beta.solana.com ·rpc:getTransaction 5PKjXq2Sd7nBUiC7XvDLurUEq4KfB…· read - Permanent delegate
- Unknown
§
unverifiedowner: 11111111111111111111111111111111, lamports: 38956480, space: 0, executable: false
api.mainnet-beta.solana.com ·rpc:getMultipleAccounts 5aMNNLQJwAEeoemTEMkv5NVj…· read - Rebase authority
- Hot key
§
confirmedsigners: [S7vYFFWH6BjJyEsdrPQpqpYTqLTrPRK6KW3VwsJuRaS]; programs invoked: ComputeBudget…
api.mainnet-beta.solana.com ·rpc:getTransaction 4UXU6VBQpED9K4EScwD4366238Ssh…· read - Evidence
- stocks/findings.md (Authority keys in practice / Multisig evidence, 2026-09-16): one key each for mint, for…
Verification
- Strength
- 4 of 5 — on-chain PoR
- Type
- Chainlink por
§
confirmedThis combined information is then verified by Chainlink Proof of Reserve’s decentralized oracle network. The…
backed.fi ·section heading 'How our proof of reserves…· read - Agent
- The Network Firm (attestation API with read-only access to Backed's…
§
confirmedThe Network Firm operates our attestation API. They have read-only access to our custody bank accounts and…
backed.fi ·section heading 'How our proof of reserves…· read - Frequency
- Updated daily, or whenever reserve volume changes by more than 10%
§
confirmedThe figures relayed by Chainlink PoR are updated daily, or if the volume of the reserves changes by more than…
backed.fi ·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
| Pool | Price | Liquidity | Vol 24 h |
|---|---|---|---|
| meteora USDC bin step 125 · base fee 10.00% (dynamic 0.000%) · fees 24 h $0.45 | $370.91 | $1.5k | $4.48 |
Exchange markets
Trust chain
Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.
Colour — who said so
- documented — the source’s own words, read and quoted
- inferred — our reading of the structure, not the source’s words
- asserted — written down, nobody has 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 — not verifiable from where we stand
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.delegateunverifiedknownExtensionsno 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
The fields behind each grade, with their values, on the issuer panel
What if…
34 documented1 inferred1 unknown2 n/a
The same 38 questions are put to every issuer, so a gap is visible as a gap. 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 it, and the…
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 Redemption…
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 bearer and…
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 Tokenizer…
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 — but you…
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 as…
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 initial…
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 pushes you to…
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 suspected…
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 holders'…
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 clause…
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 migrate the…
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 issuer's…
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 holders a…
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 you…
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 the new…
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 no…
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 uncertainty…
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 Group's…
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 agent…
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 collateral…
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 insolvency…
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 released from…
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 do about…
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: the issuer…
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 immediately…
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 company; what…
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 event takes…
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 multiplier…
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 dividend…
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 liquidity-event…
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 repeat…
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 it becomes…
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 the…
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 profitable and…
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 transfers…
Sources
- https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6a748b81c9b1aca19a11c102_Backed_Assets_Base%20Prospectus_20260727.pdf · archived copy
- https://www.kraken.com/legal/xstocks
- https://support.kraken.com/articles/xstocks-faq
- https://assets.backed.fi/terms-of-service
- https://docs.xstocks.fi/docs/dividends-and-stock-splits · archived copy
Full answers, with the quotes, the notes and where we looked, on the issuer panel
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | caution | 2.25 | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: ondo-implied · reference price: 376 · age seconds: — · market open: no · usd price: 367 | on-chain price is 2.25 % below the ondo-implied price (underlying market closed) |
| Pool liquidity | warning | 914 | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: 914 · dex pairs: 1 | $914 of reported liquidity across 1 DEX pair |
| Organic flow | good | 1 | ≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warning | organic share pct: — · trades per trader: 1 · trades24: 1 | judged on 1 trades per trader alone — the organic share is not reported |
| 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 | good | 11 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 11 · top5 share pct excluding labels: 17.9 · top20 share pct excluding labels: 18.9 · top1 share pct: 75.8 · excluded: issuer-authority/81.1 · distinct owners top20: 19 | the largest unlabelled wallet holds 10.98 % of supply, 1 labelled account set aside |
| Reserve verification | good | 4 | strength ≥ 3 good · strength 1–2 caution · strength 0 warning | custody type: chainlink-por · machine readable: yes · verification label: on-chain PoR | verification strength 4/5 — on-chain PoR, machine-readable |
| Authority keys | caution | — | a multisig or a program good · a hot key caution | mint: hot-key · freeze: multisig · delegate: unknown · 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: — | not paused |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 20 | 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 |