Backed Finance

It's time to take the next step. Today, we're going all in on @xStocksFi. If you hold a tokenized equity like bTSLA, you can upgrade it to TSLAx — an identical product under a different brand. bTokens and xStocks are issued by the same entity, under the same prospectus, with the same collateral structure. Both are fully collateralized 1:1 by the underlying asset, held with regulated custodians, and carry the same investor protections. Same underlying, same exposure, same rights. And yet, xStocks are different. xStocks have over 100 assets, offering capital market liquidity during the week and onchain price discovery on weekends. They are integrated across SVM and EVM, available on liquidity pools, borrow/lend markets and yield protocols. From CEXes to DeFi, xStocks have been adopted by retail and professional traders alike. What started as a few tokenized equities with an ambitious vision has been realized as the standard for tokenized stocks and ETFs, with hundreds of millions in assets tokenized, more than $25B in total volume and nearly 100,000 unique onchain holders. As we expand across exchanges and chains, protocols and apps, it's time to focus our efforts on the product that can take on the stock market and tokenize it. bToken holders can access onchain liquidity on Ethereum Mainnet to upgrade from bTokens to xStocks on supported decentralized venues such as CoW Swap. Users can bridge using the bTokens Bridge. We encourage all bToken holders to begin upgrading to xStocks. For bTokens upgrade support contact us at [email protected] For equities, the transition is straightforward — the underlying asset is the same, and the swap is 1:1. For example, bTSLA → TSLAx, bNVDA → NVDAx, bAAPL → AAPLx, and so on. For ETFs, xStocks offers an updated selection. While the underlying ETFs differ, the xStock counterparts provide similar investment exposure. The exchange ratio between bToken ETFs and their xStock equivalents will be determined by the issuer. bCSPX can be converted into SPYx. bC3M, bIB01, bIBTA and bHIGH can be converted into TBLLx. By the end of 2026, bTokens will be gradually wound down. They will remain redeemable throughout the wind down period, and holders will be supported whether they decide to convert or redeem. For more information on xStocks, visit https://t.co/vH50KJPfu0. For bToken documentation and legal resources, visit https://t.co/vyTrxXC9iQ.