To elaborate, Kraken, Bybit, and Jup are integrating with xStocks, explaining the principles behind crypto stocks. The parent company registered in Switzerland controls the Backed Assets located in Jersey. They purchase stocks in the U.S. market through the IBKR Prime channel under Interactive Brokers, and then transfer them to a segregated account held under Clearstream. Clearstream is the custodian institution under the Deutsche Börse, which helps them safeguard these stocks. Once the buying, transferring, and depositing operations are completed, it triggers a contract deployed on the Solana chain, corresponding to the issuance of stock tokens. For every 1,000 shares of Tesla stock purchased and securely stored, 1,000 TSLAx tokens will be minted on-chain at a 1:1 ratio. The control address of the token contract belongs to Backed, the issuer. Subsequently, third-party exchanges like Kraken, Bybit, and Jupiter can directly list these tokens for spot and futures trading. If investors or market makers purchase one or more TSLAx tokens, they can approach Backed to redeem them for actual Tesla stocks under the brokerage. In this way, the entire process of collateralizing, minting, issuing, and redeeming crypto stocks is completed, which is quite similar to stablecoins next door.