Backed Finance introduces xBridge, a new cross-chain bridge designed to move tokenized shares across blockchains without losing track of stock splits, dividends or other corporate actions.
Revealed at the Solana Breakpoint and built in collaboration with Chainlink, xBridge allows users to transfer tokenized stocks, called xStocks, between Ethereum and Solana, according to an emailed announcement Friday.l
These tokens are 1:1 backed by real-world stocks or ETFs and mimic their on-chain behavior, including how they react to events like a stock split or dividend payout.
xBridge uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to ensure that when a token moves from one chain to another, its link to the underlying asset and its behavior remain intact.
“For years, crypto had either permissionless native digital assets or RWAs locked behind walled gardens,” said Yotam Katznelson, CTO and COO of Backed. “With xStocks, we brought tokenized stocks into permissionless DeFi, and now with xBridge, we’re completing the loop: tokenized stocks can finally float freely like any other.”
On Ethereum, balances scale with an updatable multiplier. At Solana, they rely on Token2022 and automatic rebasing. But the result is the same: token balances are updated to reflect splits or dividend events, even after crossing chains.
Backed’s xStocks is already live across a number of cryptocurrency trading platforms, including major centralized exchanges. One of those exchanges, Kraken, bought Backed Finance earlier this month.
With the bridge live in pilot mode, Backed plans to add support for Mantle, TRON and other blockchains in the coming weeks.
