Eligibility file · Note
xStocks (tracker certificates by Backed Assets (JE) Limited, ”x” tickers)
What the client owns
The token is a bearer debt instrument, a tracker certificate issued by Backed Assets (JE) Limited; the holder does not own the share. Third-party synthetic: A note or swap that pays like the security and carries no rights in it.
Who may hold it
Not offered to US persons. First purchase $5,000. Only Qualified Professional Investors subscribe directly with the issuer; others buy through authorised participants (Kraken, via Payward entities in Bermuda and the EU). Retail investors may redeem directly after KYC for $5,000 or more. The public API lists a $1,000 minimum order per session, which conflicts with the docs. Holders who buy on secondary markets need no KYC to hold.
Who can freeze or claw back
Ethereum STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Solana STRCx: can freeze a holder, pause transfers, claw back, mint. An account only a program can sign for can freeze a holder and claw back tokens and pause transfers. An account only a program can sign for can change the code with no delay.
Tron STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can pause transfers and freeze a holder. A single key, through a contract, can change the code with no delay.
TON STRCx: can mint (freeze, clawback, upgradeable unverified). A 2-of-3 multisig holds the jetton admin key.
Arbitrum STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
BSC STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
OP Mainnet STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Hyperliquid L1 STRCx: can pause transfers, mint, change the code (allowlist, freeze, clawback unverified). Keys: owner 0x4975…3a65.
Mantle STRCx: can freeze a holder, pause transfers, mint, change the code (allowlist, clawback unverified). A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Ink STRCx: can freeze a holder, pause transfers, mint, change the code (allowlist, clawback unverified). A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
X Layer STRCx: can freeze a holder, pause transfers, mint, change the code. A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Solana STRCx: can freeze a holder, pause transfers, claw back, mint. An account only a program can sign for can freeze a holder and claw back tokens and pause transfers. An account only a program can sign for can change the code with no delay.
Tron STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can pause transfers and freeze a holder. A single key, through a contract, can change the code with no delay.
TON STRCx: can mint (freeze, clawback, upgradeable unverified). A 2-of-3 multisig holds the jetton admin key.
Arbitrum STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
BSC STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
OP Mainnet STRCx: can freeze a holder, pause transfers, mint, change the code. A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Hyperliquid L1 STRCx: can pause transfers, mint, change the code (allowlist, freeze, clawback unverified). Keys: owner 0x4975…3a65.
Mantle STRCx: can freeze a holder, pause transfers, mint, change the code (allowlist, clawback unverified). A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
Ink STRCx: can freeze a holder, pause transfers, mint, change the code (allowlist, clawback unverified). A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
X Layer STRCx: can freeze a holder, pause transfers, mint, change the code. A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay.
How a holder redeems
Redeem with the issuer in its window. Market flow: the holder sends tokens from a whitelisted wallet to a sweep address, and the broker sells the shares. Stablecoins return in 30 seconds to 2 minutes, 24/5, and the prospectus allows up to T+5. Settles in USDC, USDG, USDT.
In plain words on RIADeFi: xStocks, explained.
This file replaced an earlier version on 2026-09-27. Superseded to add the Hyperliquid L1 (HyperEVM) control reading: the file listed the tokens there with no reading of who can freeze, pause, or claw them back, so a wallet holding one on that chain matched nothing. The terms and the claim model did not change. Earlier versions.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: xStocks (Backed Finance) Not approved
Other programs tokenize the same securities. Every version side by side: STRC, MSTR, CRCL, TSLA, SPY, SPCX, NVDA, QQQ.
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
The token is a bearer debt instrument, a tracker certificate issued by Backed Assets (JE) Limited; the holder does not own the share.
“Each xStock is a bearer debt instrument classified as a tracker certificate.”
xStocks docs: Product Legal Overview · Legal Classification · words found 2026-09-23
- Who may hold it
Backed does not offer xStocks in the United States, to US persons, or in other prohibited jurisdictions.
“xStocks are not marketed, offered, or solicited in the United States, to U.S. Persons, or in any other prohibited jurisdiction.”
xStocks docs: Product Legal Overview · Distribution Restrictions · words found 2026-09-23
- First purchase minimum
$5,000 per issue or redemption with the issuer; no issuer minimum on secondary markets.
“If interacting directly with the issuer for issuance or redemption, the minimum transaction size is $5,000.”
xStocks docs: Frequently Asked Questions · Is there a minimum transaction size? · words found 2026-09-23
- Who it may be transferred to
Tokens move freely on chain with no technical transfer restriction, to any wallet.
“xStocks can be held, transferred, integrated and traded across platforms and wallets without platform dependency or technical transfer restrictions.”
xStocks docs: Introduction · Core Characteristics: Permissionless · words found 2026-09-23
- How a holder redeems
The issuer issues and redeems tokens 24/5 on US market days; secondary trading runs 24/7.
“Issuance and redemption by minters and redeemers are limited to business days when the US market is open, normally 24/5.”
xStocks docs: Frequently Asked Questions · How do xStocks operate during market off-hours? · words found 2026-09-23
- Who keeps the official record
The token is the certificate; title rests on the blockchain ledger under the Swiss DLT rules.
“The token is the certificate. Holding the token constitutes holding the instrument.”
xStocks docs: Product Legal Overview · Blockchain Registration · words found 2026-09-23
- What the issuer says it can freeze or take back
The contract can block sanctioned addresses. The prospectus says burning covers only tokens the issuer holds, and that freezing awaits a future update.
“The smart contract may block interactions with addresses which have been flagged as sanctioned in accordance with Sanctions Regulations (such as OFAC sanctions)”
Backed Assets (JE) Limited, Base Prospectus dated 8 May 2026 (FMA Liechtenstein approved) · Terms and Conditions, Transfer (p. 106) · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | issuer |
| Voting rights | None |
| Distributions | reinvested |
| SIPC coverage of the wallet | No |
What the issuer publishes
Ketju read these figures from the issuer’s own feed at api.xstocks.fi, as of 2026-09-24. Ketju reads the feed daily and sends an alert when shares held fall short of tokens out.
- STRCx: 1,459,064 shares held against 1,458,306.7835 tokens in circulation (100.1%).
- MSTRx: 610,303 shares held against 609,542.1662 tokens in circulation (100.1%).
- CRCLx: 870,282 shares held against 869,830.0245 tokens in circulation (100.1%).
- TSLAx: 190,191 shares held against 190,128.934 tokens in circulation (100.0%).
- SPYx: 87,562.9986 shares held against 87,372.8474 tokens in circulation (100.2%).
- SPCXx: 281,294 shares held against 280,441.7382 tokens in circulation (100.3%).
- NVDAx: 184,531.2499 shares held against 184,475.6731 tokens in circulation (100.0%).
- QQQx: 51,135 shares held against 51,031.167 tokens in circulation (100.2%).
- Across all 1,122 tokens the feed lists, none had fewer shares held than tokens out.
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Token | Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|---|
| STRCx | Ethereum | Yes | Yes | No | No | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| STRCx | Solana | Yes | Yes | Yes | No | No | An account only a program can sign for can freeze a holder and claw back tokens and pause transfers. An account only a program can sign for can change the code with no delay. |
| STRCx | Tron | Yes | Yes | No | No | Yes | A single key can pause transfers and freeze a holder. A single key, through a contract, can change the code with no delay. |
| STRCx | TON | Unverified | No | Unverified | No | Unverified | A 2-of-3 multisig holds the jetton admin key. |
| STRCx | Arbitrum | Yes | Yes | No | No | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| STRCx | BSC | Yes | Yes | No | No | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| STRCx | OP Mainnet | Yes | Yes | No | No | Yes | A single key can freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| STRCx | Hyperliquid L1 | Unverified | Yes | Unverified | Unverified | Yes | owner 0x4975…3a65 |
| STRCx | Mantle | Yes | Yes | Unverified | Unverified | Yes | A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| STRCx | Ink | Yes | Yes | Unverified | Unverified | Yes | A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
| STRCx | X Layer | Yes | Yes | No | No | Yes | A 2-of-3 multisig can pause transfers and freeze a holder. A 2-of-3 multisig, through a contract, can change the code with no delay. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-27. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Token | Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|---|
| STRCx | Ethereum | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| STRCx | Ethereum | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0x696c…a085 |
| STRCx | Ethereum | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| STRCx | Ethereum | Minter | mint new tokens | a single key | 0x0a93…4c2a |
| STRCx | Ethereum | Pauser | pause transfers | a 3-of-5 multisig | 0x8768…fc50 |
| STRCx | Solana | Mint authority | mint new tokens | a single key | 7pt9tk…taCj |
| STRCx | Solana | Freeze authority | freeze a holder | an account only a program can sign for | JDq14B…xJNs |
| STRCx | Solana | Permanent delegate | claw back tokens | an account only a program can sign for | 5aMNNL…FvEq |
| STRCx | Solana | Pause authority | pause transfers | an account only a program can sign for | JDq14B…xJNs |
| STRCx | Solana | Transfer-hook authority | decide who may hold, change the code | an account only a program can sign for | 5aMNNL…FvEq |
| STRCx | Tron | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a single key | TQhuBP…ZgLV |
| STRCx | Tron | Proxy admin | change the code | a contract run by a single key | TY8qHG…cK7i |
| STRCx | Tron | Minter | mint new tokens | a single key | TLhViv…Hnuq |
| STRCx | Tron | Pauser | pause transfers | a single key | TLhViv…Hnuq |
| STRCx | TON | Jetton admin | mint new tokens, grant and revoke these powers | a 2-of-3 multisig | 0:D1B6…85AE |
| STRCx | Arbitrum | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| STRCx | Arbitrum | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0x696c…a085 |
| STRCx | Arbitrum | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| STRCx | Arbitrum | Minter | mint new tokens | a single key | 0x0a93…4c2a |
| STRCx | Arbitrum | Pauser | pause transfers | a 3-of-5 multisig | 0x8768…fc50 |
| STRCx | BSC | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| STRCx | BSC | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0x696c…a085 |
| STRCx | BSC | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| STRCx | BSC | Minter | mint new tokens | a single key | 0x0a93…4c2a |
| STRCx | BSC | Pauser | pause transfers | a 3-of-5 multisig | 0x8768…fc50 |
| STRCx | OP Mainnet | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| STRCx | OP Mainnet | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0x696c…a085 |
| STRCx | OP Mainnet | SanctionsList owner | freeze a holder, grant and revoke these powers | a single key | 0xdf90…36cd |
| STRCx | OP Mainnet | Minter | mint new tokens | a single key | 0x0a93…4c2a |
| STRCx | OP Mainnet | Pauser | pause transfers | a 2-of-3 multisig | 0x8768…fc50 |
| STRCx | Mantle | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| STRCx | Mantle | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0x696c…a085 |
| STRCx | Mantle | Minter | mint new tokens | a single key | 0x0a93…4c2a |
| STRCx | Mantle | Pauser | pause transfers | a 2-of-3 multisig | 0x8768…fc50 |
| STRCx | Ink | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| STRCx | Ink | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0x696c…a085 |
| STRCx | Ink | Minter | mint new tokens | a single key | 0x0a93…4c2a |
| STRCx | Ink | Pauser | pause transfers | a 2-of-3 multisig | 0x8768…fc50 |
| STRCx | X Layer | Owner | grant and revoke these powers, mint new tokens, pause transfers, freeze a holder, decide who may hold | a 2-of-3 multisig | 0x4975…3a65 |
| STRCx | X Layer | Proxy admin | change the code | a contract run by a 2-of-3 multisig | 0x696c…a085 |
| STRCx | X Layer | Minter | mint new tokens | a single key | 0x0a93…4c2a |
| STRCx | X Layer | Pauser | pause transfers | a 2-of-3 multisig | 0x8768…fc50 |
Ethereum STRCx: 5 contract reads, 4 functions in verified source, 2026-09-24
Read from the chain
- eip1967.implementation=0x65c40d624af3b18c109fbf87b7deff34cdc5f19b
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
Read from verified source
- sanctionsList in verified source 0x65c4…f19b
- isPaused in verified source 0x65c4…f19b
- mint in verified source 0x65c4…f19b
- upgradeTo in verified source 0x65c4…f19b
Solana STRCx: 4 contract reads, 0 functions in verified source, 2026-09-23
Read from the chain
- mintAuthority=7pt9tkctJPK7PPNQJ77GKg8ZffSF6QxoMiCFYHxrtaCj
- freezeAuthority=JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs
- permanentDelegate=5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq
- defaultAccountState=initialized
Tron STRCx: 5 contract reads, 3 functions in verified source, 2026-09-24
Read from the chain
- eip1967.implementation=0xcdadf977f225bbfe68fd2ceb82f5b553d8864b98
- eip1967.admin=0xf324cb9ca03fad42255d8c4f2d02d6a0dcac93eb
- owner()=0xa1a4c52f04e0f0f2d6ac76117a6bf2176fdbce1c
- isPaused()=false
- sanctionsList()=0xa91545e00d109dcfeb2ef81b5903ee41f5bd2492
Read from verified source
- abi:tronscan:tron:0x2b6653dc:0xcdadf977f225bbfe68fd2ceb82f5b553d8864b98#sanctionsList
- abi:tronscan:tron:0x2b6653dc:0xcdadf977f225bbfe68fd2ceb82f5b553d8864b98#isPaused
- abi:tronscan:tron:0x2b6653dc:0xcdadf977f225bbfe68fd2ceb82f5b553d8864b98#mint
TON STRCx: 5 contract reads, 0 functions in verified source, 2026-09-24
Read from the chain
- admin=0:D1B6ED17A38F1569F42E12F3AE1F484F8329515B9CA1F5CBA0AAF9E4D85985AE
- mintable=true
- jetton_wallet_code_hash=89468f02c78e570802e39979c8516fc38df07ea76a48357e0536f2ba7b3ee37b
- jetton_wallet=stablecoin-contract wallet (USDT)
- code_hash=33170bf263b90f9f289d66250b8db0b8e0205601ba50713f05e94d506d2ddfe6
Arbitrum STRCx: 5 contract reads, 4 functions in verified source, 2026-09-24
Read from the chain
- eip1967.implementation=0x65c40d624af3b18c109fbf87b7deff34cdc5f19b
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
Read from verified source
- sanctionsList in verified source 0x65c4…f19b
- isPaused in verified source 0x65c4…f19b
- mint in verified source 0x65c4…f19b
- upgradeTo in verified source 0x65c4…f19b
BSC STRCx: 5 contract reads, 4 functions in verified source, 2026-09-24
Read from the chain
- eip1967.implementation=0x65c40d624af3b18c109fbf87b7deff34cdc5f19b
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
Read from verified source
- sanctionsList in verified source 0x65c4…f19b
- isPaused in verified source 0x65c4…f19b
- mint in verified source 0x65c4…f19b
- upgradeTo in verified source 0x65c4…f19b
OP Mainnet STRCx: 5 contract reads, 4 functions in verified source, 2026-09-24
Read from the chain
- eip1967.implementation=0x65c40d624af3b18c109fbf87b7deff34cdc5f19b
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=false
- sanctionsList()=0x40c57923924b5c5c5455c48d93317139addac8fb
Read from verified source
- sanctionsList in verified source 0x65c4…f19b
- isPaused in verified source 0x65c4…f19b
- mint in verified source 0x65c4…f19b
- upgradeTo in verified source 0x65c4…f19b
Hyperliquid L1 STRCx: 8 contract reads, 2 functions in verified source, 2026-09-27
Read from the chain
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=0x0000000000000000000000000000000000000000
- totalSupply()=0x00000000000000000000170f705161c53cc7da11
- decimals()=0x0000000000000000000000000000000000000012
- eip1967.implementation=0xd865ce1b07540b5ede20e8298f48da69770fe22e
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- eip1967.beacon=0x0000000000000000000000000000000000000000
- codehash(0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)=0x955b3d2cce84ee6752926aa5733cb7f4836afe10f3088ac09f0ab841d4b0d264=codehash(1:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)
Read from verified source
- abi:twin:999:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3=1:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3#upgradeTo
- abi:twin:999:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3=1:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3#upgradeToAndCall
Mantle STRCx: 10 contract reads, 11 functions in verified source, 2026-09-27
Read from the chain
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=0x0000000000000000000000000000000000000000
- totalSupply()=0x000000000000000000000728fc3e343e27ad1235
- decimals()=0x0000000000000000000000000000000000000012
- eip1967.implementation=0x65c40d624af3b18c109fbf87b7deff34cdc5f19b
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- eip1967.beacon=0x0000000000000000000000000000000000000000
- sanctionsList()=0x262fbc0faf42d2c2c1a5278bdbcf56a37ecaf07f
- allowlist not on transfer path=delegateWhitelist,setDelegateWhitelist
- codehash(0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)=0x955b3d2cce84ee6752926aa5733cb7f4836afe10f3088ac09f0ab841d4b0d264=codehash(1:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)
Read from verified source
- sanctionsList in verified source 0x65c4…f19b
- setSanctionsList in verified source 0x65c4…f19b
- isPaused in verified source 0x65c4…f19b
- pauser in verified source 0x65c4…f19b
- setPause in verified source 0x65c4…f19b
- setPauser in verified source 0x65c4…f19b
- mint in verified source 0x65c4…f19b
- minter in verified source 0x65c4…f19b
- setMinter in verified source 0x65c4…f19b
- upgradeTo in verified source 0x65c4…f19b
- upgradeToAndCall in verified source 0x65c4…f19b
Ink STRCx: 10 contract reads, 11 functions in verified source, 2026-09-27
Read from the chain
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=0x0000000000000000000000000000000000000000
- totalSupply()=0x00000000000000000000170f705161c53cc7da11
- decimals()=0x0000000000000000000000000000000000000012
- eip1967.implementation=0x65c40d624af3b18c109fbf87b7deff34cdc5f19b
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- eip1967.beacon=0x0000000000000000000000000000000000000000
- sanctionsList()=0x262fbc0faf42d2c2c1a5278bdbcf56a37ecaf07f
- allowlist not on transfer path=delegateWhitelist,setDelegateWhitelist
- codehash(0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)=0x955b3d2cce84ee6752926aa5733cb7f4836afe10f3088ac09f0ab841d4b0d264=codehash(1:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)
Read from verified source
- sanctionsList in verified source 0x65c4…f19b
- setSanctionsList in verified source 0x65c4…f19b
- isPaused in verified source 0x65c4…f19b
- pauser in verified source 0x65c4…f19b
- setPause in verified source 0x65c4…f19b
- setPauser in verified source 0x65c4…f19b
- mint in verified source 0x65c4…f19b
- minter in verified source 0x65c4…f19b
- setMinter in verified source 0x65c4…f19b
- upgradeTo in verified source 0x65c4…f19b
- upgradeToAndCall in verified source 0x65c4…f19b
X Layer STRCx: 11 contract reads, 15 functions in verified source, 2026-09-27
Read from the chain
- owner()=0x49754062e35f7591b93cc4f9915965be89643a65
- isPaused()=0x0000000000000000000000000000000000000000
- totalSupply()=0x000000000000000000000e0db76ddd489998f052
- decimals()=0x0000000000000000000000000000000000000012
- eip1967.implementation=0x65c40d624af3b18c109fbf87b7deff34cdc5f19b
- eip1967.admin=0x696c685a02a1fc6e2aacbe26cd6695f4f4a6a085
- eip1967.beacon=0x0000000000000000000000000000000000000000
- sanctionsList()=0x615dd3b9445a94334c1579f68115042d77cc7c44
- allowlist not on transfer path=delegateWhitelist,setDelegateWhitelist
- codehash(0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)=0x955b3d2cce84ee6752926aa5733cb7f4836afe10f3088ac09f0ab841d4b0d264=codehash(1:0x1aad217b8f78dba5e6693460e8470f8b1a3977f3)
- codehash(0x65c40d624af3b18c109fbf87b7deff34cdc5f19b)=0x711f728141bfb419e66f3da698fff7ff6a71753c46158a2500a402c0ac5f8804=codehash(1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b)
Read from verified source
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#sanctionsList
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#setSanctionsList
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#sanctionsList.addToSanctionsList
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#sanctionsList.isSanctioned
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#sanctionsList.isSanctionedVerbose
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#sanctionsList.removeFromSanctionsList
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#isPaused
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#pauser
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#setPause
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#setPauser
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#mint
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#minter
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#setMinter
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#upgradeTo
- abi:twin:196:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b=1:0x65c40d624af3b18c109fbf87b7deff34cdc5f19b#upgradeToAndCall
Where it trades
| Venue | Kind |
|---|---|
| Backed platform (app.backed.fi) and API | issuer primary |
| Kraken and Kraken Pro, via Payward Digital Solutions (Bermuda) and Payward Europe Digital Solutions (CY) | exchange |
| Bybit | exchange |
| Jupiter (Solana) | dex |
Redemption
| Route | Settlement | Minimum | Fee | Settles in |
|---|---|---|---|---|
| Redeem with the issuer in its window | Market flow: the holder sends tokens from a whitelisted wallet to a sweep address, and the broker sells the shares. Stablecoins return in 30 seconds to 2 minutes, 24/5, and the prospectus allows up to T+5. | $5,000 | 0 bps | USDC, USDG, USDT |
| Redeem with the issuer in its window | xChange atomic RFQ: the holder executes a signed quote on chain within about 60 seconds, and the spread varies by session | USDC, USDT, PYUSD | ||
| Redeem in kind | xPort: the holder redeems tokens for shares in an Alpaca brokerage account, 24/5, after KYC with both the issuer and Alpaca | underlying shares | ||
| Secondary market only; no issuer redemption | Holders without issuer onboarding sell on exchanges or DEXs, 24/7 | USDC, USDT |
- Backed or Kraken opens any xStocks offer to US persons, or the product moves to issuer-sponsored share ownership
- Backed uses the Solana permanent delegate (5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq) or freeze authority (JDq14BWvqCRFNu1krb12bcRpbGtJZ1FLEakMw6FdxJNs) against a holder, or amends the prospectus to cover those powers
- An EVM implementation upgrade adds a freeze or wider burn function, or the sanctions oracle blocks a holder
- Proof of reserves shows shares held below circulating supply for any instrument in this file
- Final Terms enable lending of underlyings for any instrument in this file
- The custodian, broker, or security agent changes from Alpaca, InCore, GTN, or Security Agent Services AG
- The base prospectus (valid to 7 May 2027) lapses, or the JFSC withdraws its consent
- The issuer minimum changes, or Backed makes the API order minimum match the docs minimum
Review triggers
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s and with the issuer’s published record, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has revised this file 4 times since filing it. Ketju keeps each earlier version as published, with the reason for the change.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
| 2026-09-23 | Revised. Superseded the same day: the reader counted Backed’s burn(address, uint256) as a clawback, but the verified source lets the burner burn only its own or the contract’s tokens, so the four EVM rows now say No. Tron and TON rows were added: on Tron a single key owns the contract and its upgrades; on TON a 2-of-3 multisig is the jetton admin. |
| 2026-09-24 | Revised. Superseded to correct the allowlist and settle three powers the file had marked unverified. The allowlist the file recorded as true on Ethereum, Arbitrum, BSC, Optimism, and Tron came from delegateWhitelist, which only controls who may relay a transfer a holder signed; it never stops a holder from sending, so there is no allowlist. On Tron, the verified source from Tronscan shows burn only takes the burner’s own or the contract’s tokens, so there is no clawback. On TON, the jetton wallet is the official stablecoin wallet build, which keeps no holder list and has no pause of its own; freeze, clawback, and upgrades on TON stay unverified because the master contract’s code is not published. |
| 2026-09-27 | Revised. Superseded to add the Hyperliquid L1 (HyperEVM) control reading: the file listed the tokens there with no reading of who can freeze, pause, or claw them back, so a wallet holding one on that chain matched nothing. The terms and the claim model did not change. |
| 2026-09-27 | Revised. Superseded to add control readings on chains the file listed without one, so a wallet holding the token there matches the file and the daily watch reads it. The terms and the claim model did not change. |
Sources
- xStocks docs: Product Legal Overview · primary · accessed 2026-09-23
Supports: tracker certificate, bearer debt instrument, Jersey SPV, JFSC COBO and CGPO consents, Account Control Agreement, token is the certificate, US-person exclusion - xStocks docs: Frequently Asked Questions · primary · accessed 2026-09-23
Supports: $5,000 primary minimum, retail may redeem directly, freely transferable, 24/5 primary, 24/7 secondary, dividends reinvested by rebase, chains - xStocks docs: Issuance and Redemption · primary · accessed 2026-09-23
Supports: issuer KYC/AML, whitelisted wallets only - xStocks docs: Market Flow · primary · accessed 2026-09-23
Supports: $5,000 minimum, fees currently 0, 24/5, USDC, USDG, USDT, 30 seconds to 2 minutes - xStocks docs: xChange Atomic RFQ · primary · accessed 2026-09-23
Supports: atomic issue and redeem, spread by session, EVM and Solana - xStocks docs: xPort In-Kind Flow · primary · accessed 2026-09-23
Supports: share-for-token via Alpaca, KYC with issuer and Alpaca - xStocks docs: Introduction · primary · accessed 2026-09-23
Supports: permissionless, no technical transfer restrictions, xStocks Alliance - Backed Assets (JE) Limited, Base Prospectus dated 8 May 2026 (FMA Liechtenstein approved) · primary · accessed 2026-09-23
Supports: Swiss CO 973d ledger-based securities, qualified professional investors subscribe directly, redemption up to T+5, investor fees up to 5%, sanctions blocking, burn only own holdings, future freeze by upgrade, pause, InCore, Alpaca, GTN custodians and brokers, Security Agent Services AG, securities lending permitted where Final Terms allow, Reg S US-person bar - Backed Assets (JE) Limited, First Supplement to the Base Prospectus (2026-07-28) · primary · accessed 2026-09-23
Supports: supplement to base prospectus - Backed Assets: Restricted Countries (Wayback 2026 capture; live page geoblocked from the US) · primary · accessed 2026-09-23
Supports: US persons barred, prohibited: Iran, North Korea, Syria, non-serviceable country list - xStocks public API: assets (token contracts per network, ISINs, trading limits) · primary · accessed 2026-09-23
Supports: token addresses on 11 networks, note ISIN and underlying ISIN, order limits $1,000 minimum per period - xStocks public API: proof of reserves · primary · accessed 2026-09-23
Supports: shares held vs circulating supply, custody provider Alpaca or GTN - xstocks.fi home page · primary · accessed 2026-09-23
Supports: Kraken distribution via Payward entities, Bybit listing, Jupiter, Alpaca, site operated by Payward - Solana mainnet getAccountInfo (jsonParsed) for the eight xStocks mints · primary · accessed 2026-09-23
Supports: Token-2022, permanent delegate set, freeze authority set, pausable, scaled UI amount, metadata URI on xstocks-metadata.backed.fi - Bloomberg: Kraken acquires Backed Finance · secondary · accessed 2026-08-17
Supports: acquisition