Analysis: The xStocks platform is mainly supported by Backed, Interactive Brokers, Clearstream and other institutions to realize stock purchase, transfer, deposit and other operations

Odaily Planet Daily News: Crypto KOL @_FORAB posted on X platform analyzing the principles behind stock-crypto circulation after , , and platforms access xStocks. The US stock tokenization is mainly controlled by a parent company registered in Switzerland, managing Backed Assets in Jersey. They purchase stocks in the US market through IBKR Prime under Peirce Securities, then transfer and place them in an isolated account under Clearstream. Clearstream, a depository institution under Deutsche Börse, helps them preserve these stocks. After completing the purchase, transfer, and deposit operations, a contract deployed on the Solana chain will trigger the issuance of corresponding stock tokens - for every 1,000 Tesla stocks purchased and stored, 1,000 TSLAx tokens will be minted 1:1 on-chain. The token contract's control address belongs to the Backed issuer. Subsequently, third-party exchanges like , , and can directly list these tokens for spot and contract trading. If investors or market makers purchase TSLAx tokens greater than or equal to 1, they can apply to Backed to exchange them for actual Tesla stocks from the brokerage. This completes the entire process of stock-crypto pledging, minting, issuance, and redemption.