Key Takeaways
- Backed and Chainlink launched xBridge, allowing cross-chain transfers of tokenized shares between Ethereum and Solana.
- xBridge preserves corporate actions such as dividends and stock splits, improving accessibility and interoperability for tokenized stocks.
Backed, a leading provider of compliant tokenized stocks and ETFs best known for its xStocks product line, has teamed up with Chainlink to roll out xBridge, the first bridge that allows tokenized stocks to move between blockchains without losing fidelity to corporate actions such as dividends, stock splits and other events.
xBridge, powered by Chainlink CCIP, allows users to transfer tokenized stocks via Ethereum and Solana, keeping xStocks fully supported and accurately mirroring traditional stock behavior.
The bridge is now live as a pilot and the full rollout is expected in the coming weeks. The team plans to expand support to additional blockchains soon.
“We’ve done our utmost to bring tokenized equity to both Solana and Ethereum in the most secure way possible, and now we’re finally connecting these ecosystems,” Yotam Katznelson, CTO and COO of Backed Finance, said in a statement.
The new bridge completes the loop by allowing tokenized shares to flow between networks while keeping their traditional share characteristics intact, Katznelson noted.
“This integration allows xStocks to move seamlessly across multiple chains with the highest levels of security, reliability and compliance, making tokenized equity accessible in a globally connected financial system,” said Johann Eid, Chief Business Officer at Chainlink Labs.
On Solana, xStocks uses the Token2022 standard with a multiplier-based “Stock Model” and automatic rebasing at predefined activation times, as noted by Backed.
On Ethereum, a custom rebasing architecture keeps track of the shares internally and scales the displayed balances via an updatable multiplier.
“This is an important step toward a unified cross-chain market where real assets can be traded at scale while backed by institutional-grade security,” Eid said.