Backed Launches xPort to Bring Trillions in Equities Onchain

Backed, the pioneer issuer of tokenized stocks (xStocks), today announced the launch of xPort, a groundbreaking new tokenization engine. This feature creates a direct mechanism for funds, market makers and institutions to convert existing equity holdings into their tokenized xStock counterparts, opening a clear path to onboard trillions in assets.

This launch marks a significant evolution in the tokenization process. Powered by a new integration designed with Alpaca, a global leader in brokerage infrastructure APIs, xPort streamlines issuance and redemption by “importing” tickers into the blockchain and “exporting” tokens. Crucially, this upgrade opens the door for large institutions to seamlessly tokenize their existing holdings.

“We’re excited to congratulate Backed on launching xPort with Alpaca’s Instant Tokenization Network. Tokenization is pushing financial services and global capital markets toward an onchain future, where assets move with the speed and openness of the internet. This shift will redefine how markets operate and demand infrastructure that unifies traditional and crypto ecosystems at scale. With direct institutional onboarding, Backed is opening the door to deeper liquidity and a more connected market landscape,” said Yoshi Yokokawa, CEO and Co-founder of Alpaca.

The xPort system operates by establishing a direct, secure integration between Alpaca’s brokerage and custody platform and Backed’s tokenization engine. This allows Backed’s onboarded clients — such as funds and market makers — to use their off-chain shares directly as collateral to mint xStocks. This “in-specie” conversion provides more granular control over holdings and removes fiat-based intermediaries from the minting process. This integration provides a vastly more efficient pathway to tokenization while maintaining the same robust, bankruptcy-remote structure Backed has pioneered since 2022.

“The possibilities from bringing equities onchain extend far beyond retail adoption,” said Roberto Klein, co-founder of Backed Finance. “On the blockchain, transactions happen in milliseconds, assets are composable, and finance develops in different verticals. xStocks increase the efficiency and expand the frontier of capital markets, and now with xPort, institutions can tap into them seamlessly.”

The launch of xPort builds on the explosive growth of the xStocks ecosystem. In the four months since launch, xStocks have crossed $2b in total onchain transaction volume, $10b in total volume, and $143m in tokenized assets onchain, with over 46,000 unique onchain holders. The product has seen broad adoption through Solana, Ethereum, and more recently, Mantle, as well as exchanges such as Kraken and Bybit.