xStocks or Ondo Global Markets — which tokenized stocks should I buy, and what do I actually own?
Backed / xStocks lists 750 tokens. A certificate that tracks the price; dividends: reinvested, not paid out; voting rights: no. As the issuer states it, open to EU retail investors; not offered to UK investors or US investors. Ondo Global Markets lists 442 tokens. A receipt on shares held by a custodian; dividends: not stated; voting rights: not stated. As the issuer states it, open to EU professional investors; not offered to EU retail investors or US investors.
xStocks (issued by Backed, sold through Kraken and others) and Ondo Global Markets are the two largest tokenized-stock programmes. They track the same companies but are built differently — and are aimed at different investors.
Figures from our live dataset · page generated 2026-10-11 · not investment advice
| Programme | Tokens | What you own | Dividends | Voting |
|---|---|---|---|---|
| Backed / xStocks | 750 | A certificate that tracks the price | Reinvested, not paid out | No |
| Ondo Global Markets | 442 | A receipt on shares held by a custodian | Not stated | Not stated |
Who can buy — as each issuer states it
| Programme | Region | Investors | Status | Condition · source |
|---|---|---|---|---|
| Backed / xStocks | EU | Retail | Yes | Through the venues that list it; the token itself is freely transferable. source · 2026-09-18 |
| Backed / xStocks | UK | Retail | No | Kraken lists the UK among excluded jurisdictions, with Canada and Australia. source · 2026-09-18 |
| Backed / xStocks | US | Accredited | No | Not accessible to US persons, whatever the investor class. source · 2026-09-18 |
| Backed / xStocks | US | Retail | No | Not accessible in the US or to US persons. source · 2026-09-18 |
| Ondo Global Markets | EU | Professional | Yes | Onboarding with KYC/KYB, wallet address registered. source · 2026-09-18 |
| Ondo Global Markets | EU | Retail | No | Not offered to EU retail investors. source · 2026-09-18 |
| Ondo Global Markets | US | Accredited | No | Same restriction; accreditation does not open the offshore programme. source · 2026-09-18 |
| Ondo Global Markets | US | Retail | No | Offshore programme for non-US persons only. A US product via Oasis Pro Markets is authorised but not live. source · 2026-09-18 |
Quoted from the issuers’ own documents on the date shown. Terms change; the issuer has the final word.
How to choose
For an EU retail investor the issuers’ own terms decide it: xStocks are offered to EU retail investors under a base prospectus, Ondo Global Markets is not. If you want dividends paid out, neither confirms it — xStocks reinvests them and Ondo does not say. Both cover largely the same companies, so for a given stock compare the two tokens’ liquidity on the venue you would actually use.
More questions
How many tokens does each programme offer?
Backed / xStocks: 750; Ondo Global Markets: 442.
What do I actually own?
Backed / xStocks: a certificate that tracks the price, issued by Backed Assets (JE) Limited. Ondo Global Markets: a receipt on shares held by a custodian, issued by Ondo Global Markets (BVI) — a separate entity from Ondo Finance.
Do I get voting rights?
Backed / xStocks: no. The others do not say.
Where are they sold?
As the issuers name them — Backed / xStocks: Kraken, Bybit, Solana DEXs.
Can I redeem them for the real shares?
Backed / xStocks: Backed describes redemption for onboarded, KYC-verified investors; we have not verified the terms for retail holders. Ondo Global Markets: Onboarded investors mint and redeem with the issuer; US market hours, a subset tradable off-hours.