Analysis: The xStocks platform is mainly supported by institutions such as Backed, Interactive Brokers, Clearstream, etc. to achieve stock buying, transferring, depositing, and other operations

Odaily Planet Daily News: Cryptocurrency KOL @ -FORAB published an article on X platform analyzing the principle behind the implementation of cryptocurrency and stock circulation after Kraken, Bybit, Jup and other platforms are connected to xStocks. It is stated that the tokenization of US stocks is mainly controlled by the parent company registered in Switzerland, which controls Backed Assets in Jersey. They buy stocks in the US stock market through the IBKR Prime channel under Interactive Brokers, and then transfer them to a segregated account under Clearstream. Clearstream is a custodian institution under the German Stock Exchange, helping them preserve these stocks. After the above purchase, transfer, and deposit operations are completed, the contracts deployed on the Solana chain will be triggered, corresponding to the issuance of stock tokens. That is, for every 1000 Tesla shares purchased, 1000 TSLAX tokens will be minted on the chain at a 1:1 ratio. The control address of the token contract belongs to Backed, the issuer. Afterwards, third-party exchanges such as Kraken, Bybit, Jupiter, etc. can directly list the spot and contract of these tokens. If investors or market makers buy TSLAX tokens equal to or greater than 1, they can apply to Backed to exchange them for actual Tesla stocks under the brokerage firm. In this way, the mortgage, minting, issuance, and redemption of the entire coin stock have been completed.