Backed Finance and Chainlink launched xBridge on December, a cross-chain infrastructure to move tokenized stocks, or xStocks, between the Ethereum and Solana blockchains. The announcement positions xBridge as a tool to preserve the economic fidelity of tokenized equities across chains, addressing interoperability and liquidity fragmentation in the tokenization of real-world assets (RWA).
xBridge implements distinct chain-specific mechanics to ensure token behavior matches the underlying securities. On Solana, xStocks use the Token2022 standard plus a “Shares Model” that applies a multiplier and scheduled rebasing so on-chain balances update automatically for events such as stock splits or dividends. On Ethereum, a custom rebasing system tracks shares internally and adjusts displayed balances via an updatable multiplier. Deterministic, rules-based logic underlies both implementations to guarantee consistent representations when moved between ledgers.
Cross-chain messaging and asset synchronization rely on Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which acts as the coordinated transport layer for secure message passing and programmable token transfers between Ethereum and Solana. CCIP is described as the protocol that preserves the link between a token and its underlying asset when assets cross chains.
Each xStock is backed 1:1 by actual shares or ETFs held in custody by regulated broker-dealers and audited custodial structures, a design intended to anchor economic value to conventional securities and support institutional-grade assurances for users and counterparties. “This development represents a significant stride toward a unified cross-chain market where RWAs can be transacted at scale,” said Johann Eid, Chief Business Officer at Chainlink Labs.
Chainlink CCIP and custody model
xBridge targets liquidity silos in tokenized securities, a longstanding problem when an asset minted on one chain cannot easily be used on another. By enabling secure, automated cross-chain transfers that keep corporate actions intact, the project aims to increase access to different execution environments—for example, Solana’s lower-latency settlement—and broaden distribution of tokenized equities across decentralized applications.
The system is currently in a pilot phase with planned expansion to additional networks such as Mantle and TRON, indicating a roadmap toward a multi-chain RWA market. However, the launch does not eliminate residual risks: the tokenized securities ecosystem still faces evolving regulation, potential smart-contract vulnerabilities, and standard market risks tied to the underlying shares.
Operational complexity from multi-chain state, oracle dependency and custody arrangements will remain focal points for institutional due diligence.
xBridge provides a purpose-built conduit to move tokenized stocks between Ethereum and Solana while preserving corporate-action fidelity and 1:1 backing.
