xStocks are permissionless tokenized representations of publicly traded stocks and ETFs, issued 1:1 collateralized with the underlying held by regulated custodians, according to the official xStocks documentation. They are tracker certificates: holders get economic exposure but no shareholder or voting rights.
How they work on Solana
On Solana, xStocks are issued as SPL Token-2022 mints using the Scaled UI amount extension, which changes the displayed amount without changing raw supply. That is how dividends are reinvested and reflected through a rebasing display multiplier rather than paid in cash. Secondary trading runs 24/7, while primary issuance and redemption follow US equity market hours, roughly 24/5. The same product family exists across Ethereum, Arbitrum, Mantle, TON, Ink, and other chains, with ERC-20 tokens on EVM and jettons on TON. The issuer is Backed, and the product is not marketed or offered in the US.
Risks that survive the marketing page
Token-2022 extensions are issuer control levers. xRWA evidence recorded on 2026-09-23 shows the SPYx (SP500 xStock) mainnet mint is a Token-2022 mint with 8 decimals and a freeze authority present, meaning the issuer can freeze accounts. The same evidence notes an issuer-published, not independently audited proof of reserves near 100.37 percent, an unresolved gap of about 10.4 percent between on-chain total supply and reported circulating supply, and a public Pyth Hermes price endpoint that requires an API key, so live feed verification remains open. None of that is proof of misconduct; it is proof that verification is unfinished.
How xRWA uses xStocks data
xRWA accounts use test USDC, and prices are live Solana market prices. Its read-only adapters fetch public xStocks indicative prices and public oracle registry metadata, all labeled metadata-only and never used as settlement inputs. xRWA is not affiliated with xStocks, Backed, Backpack, Ondo, Pyth, or Solana, and nothing here is investment advice. For mechanics, see indicative vs verified prices and token units and multipliers; for context, read blockchain stocks vs tokenized stocks and tokenized stocks explained.
Sources and further reading
xStocks documentation, multipliers, and the public oracles API.