Issuer Intelligence Profile · RWA-005
Backed xStocks
Backed Finance operates Switzerland's first FINMA-regulated tokenized equity platform, offering direct exposure to major public equities through ERC-20 tokens on Ethereum. The xStocks product line includes tokenized Apple (bAAPL), Tesla (bTSLA), Microsoft (bMSFT), and other major US equities, with each token representing fractional ownership of underlying shares held by regulated custodians. Backed Assets GmbH serves as the issuing entity under Swiss financial services regulation, providing institutional-grade custody and regulatory compliance for tokenized equity products targeting global retail and institutional investors.
Issuer Identification
Issuer ID: RWA-005 | Legal Issuer: Backed Assets GmbH | Parent: Backed Finance AG (Switzerland) | Asset Class: TOKENIZED EQUITIES | Structure: Tokenized Securities; Direct Equity Representation | Jurisdiction: Switzerland | Launch: 2022 | Primary Chain: Ethereum | Investor Access: GLOBAL KYC (excluding restricted jurisdictions) | Regulatory: FINMA-supervised Securities Firm | Transparency: HIGH DISCLOSURE
Issuer Overview
Market Positioning
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.