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The RWA sector has been building toward this for years. Tokenized treasuries proved the plumbing works. Now comes the harder — and more interesting — part: getting equities on-chain in a way that’s actually usable in DeFi.
That’s exactly what xStocks delivers.
What are xStocks?
xStocks are digital versions of publicly traded stocks and ETFs. Each token is backed 1:1 by the underlying asset held by a regulated custodian. AAPL, TSLA, NVDA, and SPY are just a few of the more than 60 blue-chip names that live on-chain as SPL tokens on Solana (and more and more on Ethereum, TON, Mantle, and other EVM chains).
Backed Finance, a Swiss-regulated company that follows the Swiss DLT Act, is the issuer behind them. Each token is equal to one real share held by a regulated entity, which means that the on-chain asset is directly backed by a real-world security. No fake stuff. No leverage. No games with the other party—just a direct claim on the underlying, wrapped in a token.
The legal structure is worth noting: the product structure includes a bankruptcy-remote issuing SPV, full 1:1 collateralization on an asset-by-asset basis with no commingling between products, segregated custody accounts governed by a three-party Account Control Agreement, and an independent Security Agent with visibility over collateral.
On dividends: Dividends are payments that a business makes to its shareholders, usually every three months, that are a share of the company’s profits. Instead of giving out cash, xStocks use an on-chain rebasing mechanism to handle corporate actions like dividends, splits, and reverse splits. Your token balance changes automatically to show the total value. No claiming, no action needed.
What you can do with xStocks: Users go from being passive holders to active participants through liquidity pools, which power trades and give users fees and incentives. LP on Raydium, lend on Kamino, and use them as collateral. xStocks are built from the ground up to be DeFi-composable, not just tradeable.
How You Can Farm xStocks Points Right Now
xStocks announced the launch of xPoints, a rewards program that keeps track of participation across the ecosystem, on March 11, 2026. Users automatically earn points by holding tokenised stocks in their wallets, lending money on lending markets, and providing liquidity on decentralised exchanges (DEXs).
The multiplier structure is where strategy comes in:
- Holding xStocks → 1x point multiplier
- Lending/borrowing on Kamino → 5x point multiplier
- Providing liquidity on Raydium, Orca or Byreal → 7x point multiplier
There’s also a limited-time early adopter bonus: people who connect a wallet early get a 20% bonus that lasts forever. That adds to everything else you do in the ecosystem for the whole season. It’s the most powerful move you can make right now, and it doesn’t cost anything.
How to get started:
- Head to xStocks and connect your Solana wallet to lock in a 20% permanent points boost
- Acquire xStocks tokens from Jupiter — pick from broad ETF trackers like SPYx or QQQx for lower vol exposure, or go for an individual equity if you have a view
- For maximal points efficiency, deploy into liquidity pools on Raydium, Orca or Byreal (7x multiplier)
- Optionally, add a lending layer on Kamino for additional 5x exposure on that portion of capital
- Track your xPoints balance via the dashboard
- Join the xStocks Telegram channel for an additional 10% points boost
For most people farming this, it’s better to anchor around QQQx or SPYx than around single stocks. This way, you get broad index exposure with diversified volatility, which is important if you plan to hold an LP position for weeks or months.
One clear benefit of farming xStocks over TradFi perps is that users get dividend payments. This means that by owning xStocks, you can get a piece of the company’s profits. PepsiCo’s most recent dividend payment was on March 31, 2026. If you owned PepsiCo xStock (PEPx), you would have gotten a share of the company’s profits. xStocks automatically turn your share of the dividends into more PEPx, which means your position grows over time.
Why You Should Pay Attention to this Airdrop Opportunity
There has been no official confirmation of any token. The ongoing xPoints Program keeps track of who is taking part in DeFi and clearly says, “At the end of the season, participation matters.” This is a pretty clear hint at a future distribution event, but it doesn’t make a binding promise.
So why is this worth the capital allocation? A few reasons:
- The institutional backing is real. In December 2025, Kraken announced its acquisition of Backed Finance, with the exchange explaining that the deal allowed it to natively integrate the minting and settlement of tokenized stocks directly into its own infrastructure. A tier-1 exchange acquiring the issuer of the tokens you’re farming is not a typical airdrop setup. It’s a signal of long-term infrastructure ambition.
- The traction numbers are credible. The tokenized stocks market surpassed a $1 billion aggregate market cap with more than 185,000 holders in March 2026, up from about $20 million and fewer than 1,500 users in December 2024, with xStocks accounting for roughly 25% of sector value. That’s not a speculative chart — that’s a product finding real product-market fit in a short amount of time.
- The RWA narrative has real institutional tailwinds. Tokenized equities are no longer a DeFi-native thought experiment. Kraken’s acquisition, a Nasdaq partnership in the pipeline, integration with centralized exchanges — xStocks is being positioned as the infrastructure layer for on-chain equity markets, not another yield-farming experiment.
- The design space is genuinely new. Unlike the fifth yield optimiser or the ninth perpetual DEX on Solana, composable tokenised equities make new types of primitives possible. On-chain, you can borrow money against Apple stock. LP’ing NVDA/USDC. Using an S&P 500 tracker as collateral for a fake dollar. This is where TradFi and DeFi really come together, not just in pitch decks.
This airdrop play also has a different risk profile than most. You’re not farming a protocol token that doesn’t have anything behind it. Instead, you’re holding assets that are directly tied to real-world stocks, so your money isn’t sitting idle.
Bottom line: xStocks has one of the more interesting points programs going on right now. The backing is real, the product is available, and you can still get the early boost. If a token event does happen, early participants with compounding multipliers will be in a good position. If it doesn’t, you’ve been earning LP fees on tokenised stocks in DeFi.
Get a 20% boost on your points and start farming xStocks here.
Not financial advice. xStocks are not available to US persons. Check your local regulatory requirements before participating.
