Backed

Market position

Backed operates in the tokenized real-world asset segment, focused specifically on tokenized equities and ETFs, and reports $150M in AUM and over $10B in cumulative product volume as of its 2025 milestones.

Positions its tokens as 1:1 asset-backed with underlying holdings at third-party licensed custodians, redeemable for the underlying asset's cash value, freely transferable and DeFi-composable, operating under a Swiss DLT act-based framework with an approved EU prospectus.

Technology

Tokenized securities issued as freely transferable blockchain tokens with multichain support, designed to be composable with DeFi protocols. Supporting infrastructure includes a dashboard with product data and proof-of-reserves, and an xStocks bridge for moving tokens across chains. Solana is a named ecosystem chain.

Go-to-market

Distribution occurs through partnerships with exchanges (Kraken, Bybit), wallets (Solflare), a swap aggregator (Jupiter) and a lending/liquidity protocol (Kamino), plus an xStocks alliance of centralized exchange and DeFi members, alongside a "build on Backed" developer/integration channel.

Qualified (non-U.S.) investors, crypto exchange and wallet users accessing xStocks through venues such as Kraken and Bybit, DeFi protocols and integrators, and financial service providers and investment firms; products are not offered directly to the public and are restricted for U.S. persons and UK retail clients.

Geography

Regulatory framework based on the Swiss DLT act with a prospectus filed with the Liechtenstein FMA and prospectus approval in the EU; products are excluded from the U.S. and are not promoted to UK clients, with limited availability to UK professional clients.

History

According to the company's own timeline, during 2021-2022 Backed built the foundations of the project, ran a feasibility study, raised a seed round, began hiring, established partnerships with custodians and brokers, and had its prospectus filed and approved in the EU. In 2023-2024 it launched its first products, expanded its ecosystem of service providers and integrations, rolled out multichain support and reached $50M in issuances. In 2025 it launched xStocks with Kraken, Bybit and Solana, started the xStocks alliance spanning centralized exchanges and DeFi participants, and reported $150M in AUM across all products and more than $10B in cumulative volume.

Risks & controversies

Products are unregistered under the U.S. Securities Act of 1933 and cannot be offered to U.S. persons; they are not promoted to UK clients and are limited to qualified investors, constraining the addressable market. The company notes that prospectus approval by a competent authority does not constitute an endorsement, and that historical performance is not indicative of future performance.