RWA·Ethereum · Base · Gnosis · Polygon · Arbitrum · Solana · Avalanche
Backed Finance
Swiss-issued, permissionless ERC-20 tokens (bTokens / xStocks) tracking the price of public equities, ETFs, and short-duration bond ETFs. Issued under the Swiss DLT Act with a tracker-certificate wrapper — holders get economic exposure (no voting rights). bIB01 was the first tokenized security on Base.
- 01tokenized public equities (xStocks)
- 02tokenized short-duration bond ETF (bIB01)
- 03permissionless DeFi-composable RWAs
- 04non-US retail-friendly stock exposure
- 05CowSwap / Uniswap LP pairs with bTokens
| Variable | Scope | Description |
|---|---|---|
| BACKED_BIB01_ADDRESS | Client | bIB01 ERC-20 (iShares 0-1Y Treasury Bond ETF tracker) — Ethereum: 0xCA30c93B02514f86d5C86a6e375E3A330B435Fb5. |
Use Backed for permissionless tokenized stocks and short-duration bond ETFs. bTokens (e.g. bIB01 at `0xCA30c93B02514f86d5C86a6e375E3A330B435Fb5` on Ethereum, bTSLA, bGOOGL, bMSTR, bGME) are standard ERC-20s — no allowlist, no KYC at the contract level — but primary issuance/redemption is gated: only KYC'd, non-US institutional clients can mint/redeem 1:1 with the underlying via Backed's portal. Secondary holders simply trade them on Uniswap/CowSwap or use them as collateral. Each bToken is collateralized 1:1 with the underlying security held by a regulated Swiss custodian; daily proof-of-reserves attestation published by Backed. Solana xStocks use SPL tokens with a CCIP bridge from Ethereum. The wrapper is a tracker certificate, not direct equity ownership — holders DO NOT receive voting rights or shareholder communications, only the economic value (incl. dividends paid as token rebases or USDC distributions, depending on the bToken).
- ⚑Tokens are PERMISSIONLESS at the ERC-20 level but PRIMARY mint/redeem is restricted to non-US KYC'd professional clients — your app cannot redeem on behalf of a US user.
- ⚑Holders are NOT shareholders — no voting rights, no direct dividend claim; dividends flow through the wrapper contract on a schedule and may be USDC-paid.
- ⚑US persons are restricted from buying via Backed's primary channel; secondary DEX liquidity is technically open but exchanges (Bybit, Kraken) geofence US.
- ⚑Custody risk is concentrated at the Swiss prime broker — a custodian event would impair redemption; surface the daily reserve attestation in the UI.
- ⚑Corporate actions (splits, M&A) trigger token-supply adjustments via a snapshot — pending corporate actions can pause transfers temporarily.
- ⚑xStocks on Solana are bridged via CCIP — bridge halts (rare but real) can desync onchain price from spot.
- ⚑Tracking error: market hours mismatch (24/7 onchain vs. 9:30–16:00 NYSE) means weekend prices are stale snapshots, not live equity quotes.