Tokenized US stocks at Pintu are digital tokens whose prices follow real US stocks. For simplicity, “stocks” here also covers ETFs and other public assets.
These tokens are issued by two regulated global tokenization platforms: xStocks/Backed Finance (X suffix) and Ondo (-on suffix). Both issuers ensure the token is fully backed by its underlying asset, held by a licensed custodian.
Tokenized stocks are designed to track the real asset’s price movement and provide similar economic exposure to holding the underlying stock/ETF, including dividend reinvestment after applicable taxes (depending on the issuer’s structure).
Examples:
So you can think of “X” as the xStocks marker, and “-on” as the Ondo/on-chain marker.
xStocks are blockchain-based tokens representing real-world stocks and ETFs. Each xStocks token is backed 1:1 by the real underlying asset.
A tokenized ETF is a blockchain-based digital asset representing ownership of or exposure to an Exchange-Traded Fund (ETF).
The token mirrors the reference ETF’s price and lets investors gain exposure to the underlying asset (stocks, indices, gold, or silver) via blockchain technology. Example: a token representing the SPDR S&P 500 ETF Trust, or the iShares Silver Trust.
How it works:
Difference from a regular ETF: A regular ETF is bought through a stock broker during exchange hours. A tokenized ETF is traded as a digital token, with more flexible access and a smaller minimum purchase.
Tokens ending in “X” are issued by xStocks/Backed Finance. Tokens ending in “-on” are issued by Ondo.
Both offer tokenized exposure to US stocks and ETFs, but come from different issuers, regulations, and infrastructure.
xStocks are issued by Backed Finance (Backed Assets (JE) Limited), which operates through a structure compliant with legal terms under an EU prospectus. The underlying equity assets are held by regulated custodians in Switzerland and the United States.
xStocks represent publicly traded stocks and are designed to track the price of the relevant stock, but they do not grant voting rights over the underlying company’s shares.
xStocks’ issuer, Backed Finance (backed.fi), is legally authorized to hold the real shares and issue their tokenized version on the blockchain.
Tokenized stocks were created to open up access to global stock investing, making it easier, more flexible, and more affordable — especially for investors without direct access to foreign stock markets.
Tokenized stock assets are registered with OJK and CFX.
xStocks are issued by Backed Finance (Backed Assets (JE) Limited), which operates and is regulated under an EU prospectus. The underlying shares are held by custodians regulated in Switzerland and the United States.
Furthermore, the xStocks crypto assets Pintu offers are registered and listed on the Crypto Asset List (DAK) published by CFX.
On the Pintu app, tokenized stocks like xStocks are only available on the Solana network, while Ondo tokenized stocks are only on the Ethereum network.
Tax provisions for Tokenized Stocks: