By extension, Kraken, Bybit, and Jup are connected to xStocks, and the principle behind coin stocks. Backed Assets in Jersey is controlled by a parent company registered in Switzerland. They buy stocks in the U.S. stock market through the IBKR Prime channel under Interactive Brokers and then transfer them to segregated accounts placed under Clearstream. Clearstream, on the other hand, is the depository of the Deutsche Börse that helps them preserve these shares. When the above buy, transfer, and deposit operations are completed, the contract that has been deployed on the Solana chain will be triggered, corresponding to the additional issuance of stock tokens, that is, for every 1,000 Tesla shares bought and deposited, 1,000 TSLAx tokens will be minted on the chain at a 1:1 point. The controlling address of the token contract is owned by the issuer Backed . After that, third-party exchanges, such as Kraken, Bybit, Jupiter, etc., can directly list the spot and contracts of these tokens. If investors and market makers buy TSLAx tokens greater than or equal to 1, they can go to Backed to apply for the actual Tesla shares under the brokerage. In this way, it can be regarded as completing the mortgage, minting, issuance, and redemption of the entire coin shares, which is very similar to the stablecoin next door.