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Tiếng ViệtTokenised stocks explained: how xStocks work on Solana, what backs them and what to watch
by PrivaccUpdated October 3, 20267 min read
Tokenised stocks turn a share, an ETF or a commodity fund into an ordinary Solana token: one you can hold in Phantom, swap against SOL at 3am and sell on a Sunday. In 2026 they are one of the fastest-growing categories on the network, led by Backed Finance's xStocks, and NVDAx alone trades tens of millions of dollars a day on Jupiter. They are also not the same as owning the share, and the differences are where people get hurt. This guide covers how they are built, what you actually own, how dividends and market hours work, who is allowed to buy, how to avoid the fakes, and what a position can and cannot do.
On this page
How a tokenised stock is built
An issuer buys the underlying security and places it with a regulated custodian, then mints tokens against it on-chain, one token per share or fund unit. The token is designed to track the security's price one for one, and the issuer publishes attestations of the backing.
On Solana the main issuer is Backed Finance, whose xStocks carry an x suffix: NVDAx for NVIDIA, SPYx for an S&P 500 fund, GLDx for a gold fund. The same underlying asset can be offered by more than one issuer, under different tickers with different liquidity and different terms, so the issuer matters as much as the stock.
What you actually own
A claim on the issuer, not a share. You are not on the company's register and have no vote. If the issuer fails or the custodian cannot deliver, the token's backing is in question whatever the share did that day. That is issuer risk, and it sits on top of the ordinary risk of the stock going down.
The token is not the share's price either; it is what buyers and sellers on Solana will pay, which stays close to the share while the US market is open and arbitrage is possible, and drifts when it is not. Read the issuer's documentation rather than assuming the token behaves like a brokerage position, because in several ways it does not.
Which stocks are available
The xStocks line covers large US stocks, index funds and a few commodity funds. The pages on this site cover the ones with real depth on Solana: NVIDIA (NVDAx), Meta (METAx), SpaceX (SPCXx), the S&P 500 (SPYx) and gold (GLDx). Tesla, Apple, Amazon, Alphabet, Microsoft, Circle, Coinbase, MicroStrategy and a Nasdaq-100 fund also exist as xStocks, with thinner markets.
SpaceX is the odd one. It is a private company with no exchange quote, so SPCXx is backed by the issuer's private-market holding and priced by the Solana market alone. It is the most popular way to get SpaceX exposure without a private round, and the one whose price is least anchored to anything.
| Token | Tracks | Depth on Solana | Notes |
|---|---|---|---|
| NVDAx | NVIDIA shares | Deepest of the group | Also on Kraken, Bybit, MEXC |
| SPCXx | SpaceX (private) | A few million dollars | No public price to anchor to |
| SPYx | S&P 500 fund | A few million dollars | Index exposure, lowest volatility |
| METAx | Meta Platforms shares | About a million dollars | News-driven |
| GLDx | Gold fund | About a million dollars | Fund fee drags on price |
Dividends and corporate actions
The token does not pay anything to your wallet. When the underlying company pays a dividend, or splits its stock, the issuer handles it under its own terms: for xStocks the issuer's documentation describes dividends as reflected in the token's backing rather than distributed, so the value shows up in what each token is backed by instead of as a payment. Other issuers do it differently, and terms change, so this is the first thing to check in the documentation for the token you are considering.
Stock splits are passed through by adjusting token quantities, so a two-for-one split doubles the tokens and halves the price, the same as the share. Spin-offs and other actions are at the issuer's discretion.
Trading outside market hours
This is the genuine advantage and the biggest quirk at once. The New York market is open six and a half hours a day, five days a week; Solana never closes. A tokenised NVIDIA position can be opened or closed on an earnings release at 4:30pm, on a Sunday, or during a holiday.
When the market is open, arbitrage keeps the token within a fraction of a percent of the share: if the token trades above the share, someone buys shares and sells tokens until it does not. When the market is closed there is no share price to arbitrage against, so the token moves on its own order book, which is thin, and it can gap when the market reopens and the real price turns out to be somewhere else. A Saturday price is an opinion, not a quote.
Who can buy
Not everyone. Backed Finance does not offer xStocks to US persons, and the tokens carry transfer restrictions in some jurisdictions. Other issuers have their own lists. The restriction is the issuer's, enforced through its terms and in some cases on-chain, and buying through a DEX does not change who the issuer will recognise as a holder.
Regulatory treatment of tokenised securities is still being worked out in most countries, and it can change faster than the product. Where you live is a real variable in whether a tokenised stock is a sensible thing to hold, not a footnote.
How to make sure it is the real token
Symbols on Solana are not unique. Anyone can mint a token called NVDAx, and when a real one starts trading well, several fakes follow. The only reliable check is the mint address: the token this site lists for NVIDIA is the one whose mint is printed on the NVDAx page, and nothing else is.
Every xStock mint on Solana begins with the letters Xs, which the issuer chose deliberately, but that is a hint rather than a proof, since a fake can be minted with the same prefix. Verify the full address against the issuer's published list or a token page you trust before buying.
Costs and liquidity
Buying through a DEX costs the swap fee, a few cents of network fee and whatever price impact the pool shows for your size. There is no brokerage commission and no settlement delay; the token is in your wallet when the transaction confirms. Selling is the same in reverse, straight into SOL or USDC.
Liquidity is the catch. Even NVDAx, the deepest, has a few million dollars of depth, where a single institutional order in the real stock is more than that. A five-figure swap will show price impact on any of these tokens, a six-figure one will show a lot, and at the weekend the books are thinner still. Size positions to the pool, not to the stock.
Risks that are not the share price
Issuer and custody risk: the backing depends on the issuer continuing to hold it and honour redemptions. Pricing risk: outside market hours the token can trade well away from the share, and a gap at the open is yours. Liquidity risk: a position that was easy to enter can be expensive to exit. Regulatory risk: the rules can change, and a change in the issuer's home jurisdiction can affect every holder. Impostor risk: the fake token with the right name.
None of these shows up in a price chart, which is why the chart alone is a poor guide to a tokenised stock. The issuer's documentation and the pool depth tell you the rest.
Frequently asked questions
Do I own the actual stock?
No. You hold a token issued against a security held by a custodian. You are not on the share register, have no vote, and depend on the issuer honouring the backing.
Do tokenised stocks pay dividends?
Not to your wallet. For xStocks the issuer describes dividends as reflected in the token's backing rather than paid out; other issuers differ. Check the documentation for the specific token.
Can I trade tokenised stocks at the weekend?
Yes, and that is the main appeal. With the market closed there is no reference price to arbitrage against, so the token can drift from the last traded price and gap when markets reopen.
Can US residents buy xStocks?
The issuer does not offer them to US persons. That is the issuer's restriction and applies however you buy.
How do I know a token is the real NVDAx?
By the mint address, and only by that. Compare the full address against the issuer's list or the token page here. The name and the logo prove nothing.
What is the difference between GLDx and PAXG?
PAXG and XAUT are backed by physical gold bars. GLDx is backed by shares of a gold fund that holds the bars, one step further removed, and tracks the fund's quote rather than spot gold.