Backed, Chainlink Unveil xBridge to Move Tokenized Stocks Between Solana and Ethereum

Backed Finance introduced xBridge, a new cross-chain bridge developed in partnership with Chainlink, designed to facilitate the transfer of tokenized equities, known as xStocks, between the Solana and Ethereum blockchains. These xStocks are 1:1 backed by real-world stocks or ETFs and are engineered to mirror the behavior of the underlying assets, including corporate actions like stock splits or dividend payouts. The bridge leverages Chainlink's Cross-Chain Interoperability Protocol (CCIP) to guarantee consistent behavior and linkage to the underlying asset across chains. Backed's CTO and COO, Yotam Katznelson, stated that xBridge allows tokenized stocks to flow as freely as any other crypto asset, bridging the gap between permissionless DeFi and tokenized RWAs. While Ethereum balances use an updatable multiplier and Solana uses Token2022 with automatic rebasing, both mechanisms ensure token balances accurately reflect corporate actions post-transfer. Backed, which was recently acquired by Kraken, plans to expand xBridge support to Mantle, TRON, and other blockchains soon.

(Source：CoinDesk)