Backed xStocks

Backed Finance positions itself as the leading FINMA-regulated tokenized equity provider in Europe, directly competing with Mirror Protocol (Terra-based), Synthetix synthetic stocks, and traditional brokers like Interactive Brokers. Unlike synthetic alternatives, Backed offers 1:1 backing by actual equity shares held at regulated custodians. The platform targets DeFi-native investors seeking exposure to traditional equities (TSLA, AAPL, NVDA) without leaving the Ethereum ecosystem. Key differentiators include FINMA regulatory compliance, full collateralization, and integration with major DeFi protocols like Uniswap and Compound. Backed's distribution strategy focuses on institutional DeFi participants and European retail investors constrained by traditional brokerage limitations. The platform commands approximately $50-80M in tokenized equity AUM, making it the largest regulated tokenized stock issuer globally, though significantly smaller than traditional ETF providers like State Street or BlackRock managing trillions.