Backed Finance is a rwa issuer firm based in Zug, Switzerland that backed finance is a swiss tokenization company based in zug and founded in 2021 that issues tokenized real-world assets, including tokenized stocks, etfs and short-term bonds. it offers two product lines: btokens, an earlier series, and xstocks, launched in 2025 as defi-native tokenized equities issued on solana, backed 1:1 by underlying assets held with regulated custodians and assigned isin codes. xstocks surpassed 10 billion dollars in combined trading volume within six months, with distribution via exchanges such as kraken and bybit, available only to non-us persons. in december 2025 kraken agreed to acquire backed to accelerate xstocks expansion. They serve clients in Switzerland, European Union, Jersey. Regulatory expertise includes EU Prospectus Regulation, Swiss DLT Act. Backed Finance is listed on The Token Playbook's vetted provider registry at thetokenplaybook.com/registry/backed-finance-010a336c.