Key Takeaways
- Backed and Chainlink launched xBridge, enabling cross-chain transfers of tokenized stocks between Ethereum and Solana.
- xBridge preserves corporate actions like dividends and stock splits, enhancing accessibility and interoperability for tokenized equities.
Backed, a leading provider of compliant tokenized equities and ETFs, best known for its xStocks product line, has teamed up with Chainlink to roll out xBridge, the first bridge that lets tokenized stocks move between blockchains without losing fidelity to corporate actions such as dividends, stock splits, and other events.
xBridge, powered by Chainlink CCIP, enables users to transfer tokenized equities across Ethereum and Solana, keeping xStocks fully backed and accurately reflecting traditional stock behavior.
The bridge is now live in pilot, with a full rollout expected in the coming weeks. The team plans to soon expand support to additional blockchains.
The new bridge completes the loop by allowing tokenized equities to flow between networks while keeping their traditional stock characteristics intact, Katznelson noted.
On Solana, xStocks leverage the Token2022 standard with a multiplier-based “Shares Model” and automatic rebasing at predefined Activation Times, as noted by Backed.
On Ethereum, a custom rebasing architecture tracks shares internally and scales displayed balances via an updatable multiplier.
Source: https://cryptobriefing.com/tokenized-stocks-bridge-xbridge-launch/
