Backed teams up with Chainlink to launch xBridge, first cross-chain infrastructure for tokenized sto…
- Backed and Chainlink launched xBridge, enabling cross-chain transfers of tokenized stocks between Ethereum and Solana.
- xBridge preserves corporate actions like dividends and stock splits, enhancing accessibility and interoperability for tokenized equities.
Backed, a leading provider of compliant tokenized equities and ETFs, best known for its xStocks product line, has teamed up with Chainlink to roll out xBridge, the first bridge that lets tokenized stocks move between blockchains without losing fidelity to corporate actions such as dividends, stock splits, and other events.
xBridge, powered by Chainlink CCIP, enables users to transfer tokenized equities across Ethereum and Solana, keeping xStocks fully backed and accurately reflecting traditional stock behavior.
The bridge is now live in pilot, with a full rollout expected in the coming weeks. The team plans to soon expand support to additional blockchains.
“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,” said Yotam Katznelson, CTO and COO of Backed Finance, in a statement.
The new bridge completes the loop by allowing tokenized equities to flow between networks while keeping their traditional stock characteristics intact, Katznelson noted.
“This integration enables xStocks to seamlessly move across multiple chains with the highest levels of security, reliability, and compliance, making tokenized equities accessible in a globally connected financial system,” said Johann Eid, Chief Business Officer at Chainlink Labs.
On Solana, xStocks leverage the Token2022 standard with a multiplier-based “Shares Model” and automatic rebasing at predefined Activation Times, as noted by Backed.
On Ethereum, a custom rebasing architecture tracks shares internally and scales displayed balances via an updatable multiplier.
“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 stated.