Backed Finance Launches xBridge for Cross-Chain Tokenized Stock Transfers
- xBridge allows the transfer of tokenized stocks, known as xStocks, between Ethereum and Solana.
- The tokens are backed 1:1 by real-world stocks or ETFs and reflect corporate actions like stock splits and dividends.
- xBridge utilizes Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to maintain asset behavior during transfers.
- Backed’s xStocks are already available on several cryptocurrency trading platforms, including Kraken, which acquired Backed Finance recently.
- Future support for additional blockchains such as Mantle and TRON is planned in the coming weeks.
The introduction of xBridge marks a significant advancement in DeFi, enabling seamless movement of tokenized equities across networks while preserving their underlying asset characteristics.
With the launch of xBridge, users can now transfer tokenized stocks freely between chains, enhancing liquidity and accessibility in the market for digital assets.(Source)
