Backed xStocks Explained: On-Chain Experiments and Breakthrough Paths in Tokenized EquitiesxStocks tokens are essentially structured as debt instruments (corporate debt) that track the underlying assets, rather than equity tokens. Since issuing debt to track underlying assets does not require custodial licensing, the issuer of Backed’s products is an SPV, which itself does not possess distribution qualifications. Read more: https://t.co/GbiErW484v ...