Summary
Ketju does not approve xStocks (Backed Finance): the issuer bars US persons, and the SEC names its structure, a tracker certificate, as synthetic exposure. Each xStock is, in the issuer’s own words, "a bearer debt instrument classified as a tracker certificate" registered under the Swiss DLT Act. It is a structured note that tracks an equity, with no share ownership, voting rights or SIPC protection. Regulated custodians hold the collateral in segregated sub-accounts under a three-party Account Control Agreement, a real safeguard. But "xStocks are not marketed, offered, or solicited in the United States, to US Persons, or in any other prohibited jurisdiction." The issuer uses that firm, absolute exclusion throughout its legal documents, and it rules the product out for the US mass-affluent clients Ketju’s advisors serve. The SEC staff statement of January 28, 2026 sorts tokenized securities into four models. An xStock is a third party’s note that references a share, which falls within the synthetic model. The holder has a claim on the note issuer and none on the share or the company.
Review triggers
- A US-eligible offering opens to the US clients Ketju's advisors serve
- The "Permanent Delegate" freeze and claw-back authority is confirmed or refuted directly from deployed contract source
- Kraken discloses how xStocks custody and regulatory standing work after the acquisition
- The product's legal structure moves toward issuer-sponsored share-register ownership and away from a third-party tracker certificate, as the SEC prefers
Facts
- Verdict
- Not approved
- Type
- Tokenized real-world assets
- Chains examined
- Solana, Ethereum, Arbitrum, BSC, OP Mainnet, Mantle, Ink, Hyperliquid L1, X Layer, TON, Tron
- Reviewed
- Last confirmed