xStocksFi Unveils Xbridge to Bridge Stocks Across Blockchains
Backed Finance, in partnership with Chainlink, launches xBridge to enable seamless transfer of tokenized equities between Ethereum and Solana while tracking corporate actions like splits and dividends.
Backed Finance has officially launched xBridge, a cross-chain bridge for tokenized stocks built in partnership with Chainlink. Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), xBridge allows xStocks—tokens backed 1:1 by real-world stocks or ETFs—to move between Ethereum and Solana while maintaining accurate tracking of corporate actions such as stock splits and dividends. On Ethereum, balances adjust via an updatable multiplier, while Solana employs Token2022 with automatic rebasing. The pilot version is integrated with platforms including Kraken, which recently acquired Backed Finance, and expansion to Mantle, TRON, and other chains is planned. The system aims to enhance liquidity and accessibility for tokenized equities in decentralized finance.
- Cross-Chain Interoperability Protocol (CCIP): A Chainlink protocol designed to enable secure and reliable transfers of data or assets across different blockchain networks.
- Tokenized Stocks: Blockchain-based tokens representing shares in real-world companies or ETFs, mirroring the underlying asset’s value and corporate actions.
- Automatic Rebasing: A token supply adjustment mechanism that changes user balances to reflect events such as stock splits or dividend payouts.