Odaily Planet Daily News: Crypto KOL @ _FORAB published an article on platform X analyzing the principles behind the circulation of stock tokens after platforms like Kraken, Bybit, Jup integrated xStocks, stating that (the tokenization of US stocks mainly) is controlled by a parent company registered in Switzerland, which manages the Backed Assets located in Jersey. They purchase stocks in the US market through the IBKR Prime channel under Interactive Brokers, and then transfer them to a segregated account held at Clearstream. Clearstream is the custodian institution under Deutsche Börse, assisting them in safeguarding these stocks. Once the buying, transferring, and depositing operations are completed, a contract deployed on the Solana chain will be triggered, corresponding to the issuance of stock tokens, meaning that for every 1000 shares of Tesla stock bought and stored, 1000 TSLAx tokens will be minted on a 1:1 basis on the chain. The controlling address of the token contract belongs to Backed, the issuer. Subsequently, third-party exchanges like Kraken, Bybit, Jupiter, etc., can list these tokens for spot and contract 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 stock tokens is completed.