Today at Solana Breakpoint, leading tokenized equities platform Backed Finance announced the launch of xBridge in partnership with industry-standard oracle platform, Chainlink. Powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), xBridge allows Backed’s compliant tokenized equities, xStocks, to securely and seamlessly move between Ethereum and Solana while maintaining perfect fidelity to corporate actions such as dividends and stock splits.
While most cryptocurrencies are designed to optimize immutability and simplicity, tokenized real-world assets are more complex. Tokenized equities regularly distribute dividends, undergo forward and reverse stock splits, and are subject to numerous corporate actions. xStocks leverage unique architecture on different chains to ensure tokens are backed 1:1 while tracking the underlying asset’s price and reflecting corporate actions.
xBridge uses CCIP to preserve xStocks’ economic value and exact underlying share representation while ensuring corporate actions executed on one chain are immediately and accurately reflected on the other. Now live in pilot on Ethereum and Solana, xBridge is slated to expand across additional chains alongside xStocks’ planned rollout to Mantle, TRON, and other ecosystems.
Launched in June through Backed’s partnership with leading crypto exchange, Kraken, xStocks are live across numerous cryptocurrency exchanges, including Kraken, which acquired Backed earlier this month. Having surpassed $10 billion in total transaction volume, xStocks are setting the industry benchmark for bringing publicly-listed companies and ETFs onchain.
CCIP leverages Chainlink’s industry-leading decentralized oracle network, which has enabled over $27 trillion in transaction value across 70+ blockchain networks, to achieve the highest level of cross-chain security. In an official statement, Chainlink Labs Chief Business Officer Johann Eid underscored CCIP’s role in making tokenized equities accessible in a globally connected onchain financial system.
“This is a major step toward a unified cross-chain market where real-world assets can be transacted at scale, while being backed by institutional-grade security,” Eid said.
“We have gone to incredible lengths to bring tokenized equities in the most secure way to both Solana and Ethereum, and now we’re finally connecting these ecosystems,” added Yotam Katznelson, CTO and COO of Backed Finance.
“With xStocks, we brought tokenized equities into DeFi permissionlessly, and now with xBridge, we are completing the loop: tokenized stocks can finally flow as freely as any other crypto asset – while still reflecting dividends and handling splits like their traditional counterparts.”