xStocks vs. bTokens: How Chain-Backed Blue Chips Are Rewriting Global Finance — And Why U.S. Investors Can’t Touch Them
The Birth of a New Asset Class
I co-founded Backed Finance after DAOstack collapsed in 2022 — not because we hated crypto, but because traditional finance refused to evolve. My team at Columbia Engineering saw that blue-chip equities like TSLA and SPY were trapped in legacy settlement cycles. So we tokenized them — 1:1 backed by real shares,托管 by Swiss custodians (InCore Bank, Maerki Baumann), ISIN-coded and SEC-compliant.
Why Solana? Why Not Ethereum?
We chose Solana for sub-second settlement and near-zero fees — not for hype, but for throughput. On Ethereum? Gas costs eat arbitrage profits. On Base? Too slow. Polygon? Too fragmented. We built xStocks on Solana because speed is the only margin that matters when you’re trading $300M daily volumes.
The U.S. Exclusion Is Intentional
Let me be clear: this product is NOT for U.S. retail investors — not because we’re hostile, but because the SEC still treats tokenized equities as unregistered securities under Section 5 of the ’33 Act. Our users are European hedge funds, Asian family offices with crypto-native balance sheets — people who don’t need a TD Ameritrade login to own SPYx.
Derivatives Are the Next Layer
xStocks are bonds disguised as equities — legally structured as corp debt instruments issued via SPV trust structures (not equity tokens). That’s why they can cross borders without KYC friction or stamp taxes.
Our next move? Stock perpetuals on decentralized venues like Hypeliquid — no counterparty risk, no broker gatekeeping, just pure on-chain price discovery driven by Chainlink oracles.
The old system is dying from liquidity droughts while we’re building new infrastructure beneath it.
WolfOfCryptoSt
Hot comment (4)
xStocks คือหุ้นหรือเหรียญ? ถ้าขาย SPY ต้องจ่ายแก๊สบน Ethereum เหมือนขี่มอไซค์ขึ้นบันได้…แต่ที่นี่ใช้ Solana? เร็วเหมือนรถเมล์ที่ไม่มี traffic! เราไม่ได้ใช้ TD Ameritrade เพราะเราเป็น “คนดื่มชาแล้วรวย” — ออฟฟิศเอเชียกับกองทุนยุโรป เขาไม่ต้องล็อกอิน เขาแค่จิบชากับ Blockchain… และรอให้เงินไหลมาเองอย่างสงบ 😌 คุณเคยลองซื้อ xStocks มั้ย? คอมเมนต์ใต้ภาพนี้เลย!
So Solana’s fast, Ethereum’s gas fees eat your profits like a caffeine-fueled dragon… and you’re telling me U.S. retail investors can’t touch xStocks because they’re ‘unregistered’? Cute. I’m an INTJ who’d rather trade $300M daily volumes on-chain than babysit KYC forms. Swiss custodians laugh. SEC? Still sleeping. The real question isn’t ‘why not Ethereum?’ — it’s ‘why are we still using TurboTax?’ 🤔 Drop a comment if you’ve ever been gaslit by legacy finance.
xStocks auf Solana? Na klar! Wer will schon wieder 300 Millionen Dollar täglich handeln — mit Gas-Kosten wie auf Ethereum? Da lacht man sich kaputt. Die Swiss Custodians haben’s besser verstanden: Kein KYC, kein TD Ameritrade-Login — nur pure On-Chain-Weisheit und ein Espresso am Abend. Und nein, die US-Investoren dürfen nicht mitmachen. Warum? Weil sie noch nie eine Blockchain gesehen haben… ohne Kaffee.
Was ist eure nächste Investition? Ein Bier im Schatten?
Bakit ba talaga naghihintay tayo sa TD Ameritrade? Ang Solana ay parang mabilis na moto—walang gas fees! Samantal ng Ethereum? Pumaputol na bayad! At ang SEC? Parang nanay na walang pahintulog sa crypto… Pero ang xStocks? Bond na nagsasabing stock—parang may puso’t pera pero hindi kailangan mag-login! Sino ba ang next user? European hedge fund na may crypto-native balance sheet… At tayo? Nakatingin lang sa screen habang umiikot sa mga ‘SPYx’… Paano mo kaya ito i-trade nang $300M daily? Kung ikaw ay Pilipino at wala kang access… baka naman ako naliligo?
