Issuer comparison
Backed / xStocks vs Ondo Global Markets
Backed / xStocks runs 56 tokens in this index ($588.3m), Ondo Global Markets runs 380 ($1.00b). They overlap on 50 tickers — the cases where you genuinely choose an issuer rather than a venue.
| Attribute | Backed / xStocks | Ondo Global Markets |
|---|---|---|
| Legal entity | Backed Assets (JE) Limited | Ondo Global Markets (BVI) Limited |
| Jurisdiction | Jersey | British Virgin Islands |
| What the token is | xStocks are tokenised debt securities issued by Backed. Each token is backed 1:1 by the underlying share or ETF held with a regulated custodian; holders have a claim against the issuer, not a share register entry. The issuer states the tokens are built to track the price of the underlying and are redeemable with the issuer. | Ondo tokenized stocks are total-return tracker tokens: they reflect the price of the underlying plus dividends reinvested net of withholding tax. The issuer describes them as tracking total return rather than the raw share price, so a token can represent more than one share over time. |
| Backing | 1:1 collateral — the underlying security is bought and held in custody before a token is issued. Proof of reserves is published on the xStocks dashboard. | Underlying securities held through Ondo's brokerage arrangement; the issuer is the legal counterparty. |
| Custody | Regulated third-party custodian (see the xStocks dashboard for the current attestation). | Held by the issuer's brokerage/custody partners (BVI issuer entity). |
| Chains | arbitrum-one, binance-smart-chain, ethereum, hyperliquid, ink, mantle, solana, the-open-network, tron, x-layer | binance-smart-chain, ethereum, hyperevm, solana |
| Redemption | Redeemable with the issuer against the underlying; secondary-market exits depend on the venue. | Mint and redeem against USDon on the Ondo Stocks platform, subject to KYC and eligibility. Dividends are reinvested net of 30% US withholding for US dividends. |
| Minimum ticket | not published | $1.00 |
| Fees | Backed does not publish a retail fee schedule on its site; what a buyer pays is set by the venue that sells the token (see Kraken). | No fee schedule is published. Ondo states that the quote may be slightly better or worse than the price at which it trades the underlying, and that any difference and any fees are retained by Ondo. Gas is paid by the investor. |
| Eligibility | Availability depends on the selling venue and the jurisdiction; xStocks are not offered to US persons. | Not available to persons in the United States, Canada, Russia, Belarus, Iran, North Korea, Syria, Cuba, Libya, Myanmar, Somalia, South Sudan, Sudan, Afghanistan, occupied regions of Ukraine, or to US persons under Regulation S. KYC required before minting. |
| Tickers | 56 | 380 |
| Combined market value | $588.3m | $1.00b |
| Issuer's own wording | “Backed brings stocks and ETFs to blockchain rails. xStocks are now live on multiple venues.” source | “the price may be slightly more (or less) than the price at which Ondo Stocks buys (or sells) the underlying stock, with any difference and any fees being retained by Ondo...” source |
Tickers both issuers tokenize (50)
Open one to see both tokens priced against the same share.