Yes, or at least that is what the official pages say. The xStocks documentation states that every token is collateralized 1:1 with stock, and there is a reserves endpoint that opens straight in a browser, with no login: one line of figures showing how many shares each token reports and who is holding them. Keep one distinction in mind from the start, though. What the endpoint shows is a number reported by the issuer’s own system, not an audit report.
Where the 1:1 claim comes from
It appears in three places on primary pages: twice in the xStocks documentation, and once at Kraken, which sells the tokens.
| Page | Exact wording | What it is claiming |
|---|---|---|
| xStocks documentation FAQ | Each xStock is collateralized on a 1:1 basis. | The token-level promise: one xStock, one unit of collateral |
| xStocks documentation homepage | …held 1:1 in custody by a regulated institution. | The underlying stock or ETF sits 1:1 with a regulated custodian (this is how the docs define a tokenized stock) |
| Kraken Support Center, xStocks getting-started page | Each xStock is backed 1:1 by the underlying equity… | Every token has the real share behind it, one for one |
Who issues the token is a separate question. The product legal overview says xStocks are issued by Backed Assets (JE) Limited, a special purpose vehicle (SPV) based in Jersey and registered with the Jersey Financial Services Commission (JFSC), whose base prospectus was approved by Liechtenstein’s Financial Market Authority (FMA). Kraken states in its help pages that it does not issue these tokens itself; it is the venue for buying, selling, converting and holding them. In December 2025 Bloomberg and several other outlets reported that Kraken had acquired Backed. Kraken’s own blog post would not load when these pages were checked, so the acquisition counts here as media-reported only.
The documentation also says a little about the custody set-up. The underlying securities are kept in segregated custody accounts under a bankruptcy-remote structure, arranged between the issuer, the custodian and an independent security agent, and each product has its own sub-account, so collateral is not pooled. What those terms mean for a holder in practice is outside the scope of this piece; for the basic concept, start with What is a tokenized stock (xStocks)? And how is it different from a real share?
Everything above is the issuer’s or the selling platform’s own account. “1:1” is their promise; testing it means going to the reserve data they publish.
Where to check the reserves, no login needed
The documentation FAQ says “Proof of reserves is publicly available” and points to the xStocks DeFi portal (defi.xstocks.fi). The portal is a web app, and its content only appears once its scripts have loaded. A more direct route is in the developer documentation: the public endpoints need no authentication and cover asset information, prices, multipliers, proof of reserves, oracle data, the corporate-action calendar and the official public wallet addresses. The production base URL is https://api.xstocks.fi/api/v2, and there are two proof-of-reserves endpoints:
/public/proof-of-reserves/{symbol}: a single token;/public/proof-of-reserves: every token, paginated at 100 per page.
Four steps:
- Confirm the symbol. Don’t guess from the name your wallet displays; check it against the assets endpoint, for example https://api.xstocks.fi/api/v2/public/assets/TSLAx, replacing the TSLAx at the end with the token you want. The response includes underlyingSymbol (the ticker of the real share), isin, and deployments, which lists the official contracts chain by chain. Bear in mind that bStocks on Binance use a different set of tickers, and one company can have more than one tokenized version, so a similar name does not make it the same token. Get the symbol wrong and every number you look up afterwards has nothing to do with the token you hold.
- Check the contract. Take the contract of the token in your wallet and compare it, character by character from first to last, with the one listed under deployments for the same chain. No contract strings are reproduced here; the comparison works the same way as it does for bStocks, and the steps are in bStocks contract address: how to verify it on BSC.
- Open the reserves endpoint. Put the confirmed symbol at the end of https://api.xstocks.fi/api/v2/public/proof-of-reserves/TSLAx and the browser displays a single line of JSON. There is nothing to log into and nothing to install.
- If what comes back is not a line containing sharesHeld, go back to step 1 and check how the symbol is written. To see every token at once, open the full endpoint without a symbol and page through it.
Reading the response, field by field
This is how the TSLAx reserves endpoint looked in the browser on one visit on 2026-09-22.
What that response contained:
| Field | Value on that visit | How to read it |
|---|---|---|
| symbol | TSLAx | The token’s ticker; the symbol inside holdings is the ticker of the real share, TSLA |
| timestamp | A UTC time on that day | The moment these figures refer to; the trailing Z means UTC, so convert it to your own time zone |
| sharesHeld | 191616 | Number of underlying shares the endpoint reports as held |
| circulatingSupply | 191097.64412355029593 | Tokens in circulation, with a long tail of decimals |
| holdings | provider: Alpaca / quantity: 191616 / symbol: TSLA | A breakdown by custodian: who holds the shares, how many, and which stock |
sharesHeld and the quantity in holdings are the same number. holdings is a list, and each entry carries three items: provider, quantity and symbol. For TSLAx there was a single entry on this visit, with Alpaca as the provider. On the first page of the full endpoint, Alpaca was also the only provider to appear.
Shares held came in slightly above supply, which is no reason to jump to conclusions. On that visit sharesHeld was a little higher than circulatingSupply, but you can’t subtract one from the other and call the difference “extra collateral”. xStocks uses a multiplier: the documentation says every token launches with a multiplier of 1.0, one token to one share; dividends are not paid out in cash but reinvested in the same stock, which shows up as a higher multiplier; and a split raises the multiplier in proportion. For a token that has been through a dividend or a split, one token no longer necessarily means one share. In this TSLAx case the multiplier endpoint (/api/v2/public/assets/TSLAx/multiplier, which needs a network parameter) returned a currentMultiplier of 1 on 2026-09-22, so the multiplier does not account for the gap, and nothing in the documentation explains it either. The multiplier itself can be read from the public endpoint; how a dividend becomes a multiplier change is covered in Do tokenized stocks pay dividends? Splits and voting rights too.
The numbers move. An earlier reading the same day gave sharesHeld as 191613; the later one showed 191616. The figure in someone else’s screenshot is not the current figure, so open the endpoint yourself and note the time in the timestamp while you are at it.
What the response leaves out. Nowhere in the JSON is there a field for an auditor, an attestation report number or anything of the kind.
Custodian, update frequency, verification: where the official pages disagree
Across the official pages, three things don’t line up:
| Question | Kraken Support Center xStocks FAQ (page marked updated 2026-09-18) | xStocks documentation / Backed website / public endpoint |
|---|---|---|
| Who the custodian is | Alpaca Securities LLC | The documentation and the website only say a regulated, licensed third-party custodian, without naming it; the endpoint’s provider field says Alpaca |
| How often it updates | Published weekly onchain | The documentation gives no frequency; the endpoint’s timestamp is the day you open it |
| Who verifies it | verified by third-party auditors, with no firm named | The endpoint has no auditor field; the documentation FAQ says publicly verifiable, meaning anyone can look it up |
Only one of the three can be matched across two official sources, and that is the custodian:
- Custodian: the endpoint’s provider field and the Kraken page both point to Alpaca.
- Update frequency: “published weekly onchain” and “the endpoint shows today’s time” may not describe the same thing at all. One is an onchain publication, the other is API data, and no document explains how the two relate. To know what time the figure in front of you belongs to, go by the timestamp in the response and nothing else.
- Verifier: none of the official pages names a firm. “Publicly verifiable” means you can look; it doesn’t mean anyone has checked it on your behalf.
Two claims that circulate have no source on the official pages. One names a specific bank as the custodian. The other says the Chainlink onchain reserve feed updates daily and whenever the figure moves by more than 10%. That second one traces back to a Backed announcement from March 2025, but the announcement was about the bTokens bIB01, bIBTA and bCSPX, not about xStocks.
The documents that carry the most weight are the prospectus and the legal documentation. The documentation homepage gives assets.backed.fi/legal-documentation as the entry point for legal documents, and that page is restricted by visitor region: from some regions it only shows Access Restricted. If it opens for you, read it. If it doesn’t, stop at the points where the official pages above agree.
What still goes unchecked once the numbers match
The endpoint answers exactly one question: at a given moment, how many shares the issuer reports holding, and with which custodian. Who legally owns those shares, what happens if the issuer or the custodian gets into trouble, whether any other protection sits outside the structure: no line of JSON can answer that, and it is covered separately in Tokenized stocks: what happens to your money if the issuer fails.
One more layer has nothing to do with reserves. The xStocks documentation states that the tokens are not offered in the United States or to US persons, and the Kraken Support Center lists Canada, the United Kingdom and Australia among the regions where they are unavailable as well. Whether you can buy them anywhere else depends on the current rules of the platform you use.
Open the endpoint once before you buy, and again every so often while you hold, to see whether the provider has changed and whether the gap between shares held and circulating supply has suddenly widened.
What people ask about xStocks reserves
Are xStocks backed 1:1?
That is what the official pages state. The xStocks documentation FAQ says “Each xStock is collateralized on a 1:1 basis”, and Kraken Support Center’s getting-started page says each one is backed 1:1 by the underlying share. Both are statements by the issuer and the platform selling the tokens; to check for yourself, open the official public reserves endpoint and compare two numbers, sharesHeld and circulatingSupply.
How do I check xStocks proof of reserves?
The documentation FAQ points to the xStocks DeFi portal; the more direct route is the public API described in the developer documentation, which needs no login. First add the token’s symbol to the end of the assets endpoint, api.xstocks.fi/api/v2/public/assets/, to confirm the symbol and the contract; then open api.xstocks.fi/api/v2/public/proof-of-reserves/ with the same symbol on the end, and the browser shows shares held, circulating supply, the custodian and the time. The figures change over time, and the timestamp in the response tells you which moment they belong to.
Who is the xStocks custodian?
Kraken Support Center’s xStocks FAQ names Alpaca Securities LLC, and the provider field in the official reserves endpoint also says Alpaca. The xStocks documentation and the Backed website only say the shares are held by a regulated, licensed third-party custodian, without naming it.
Are the figures in the reserves endpoint audited?
The response has no field for an auditor or an attestation report. Kraken Support Center says the reserves are “verified by third-party auditors” but does not say which firm. The figures in the endpoint are best read as holdings data the issuer reports about itself, not as an audit finding.
How often are xStocks reserves updated?
Kraken Support Center’s xStocks FAQ says “Published weekly onchain”; the xStocks documentation gives no update frequency. No document makes clear whether the weekly onchain publication and the data in the public endpoint are the same thing. To know which moment a set of figures refers to, look at the timestamp in the reserves response.
Pages checked for this piece (opened 2026-09-22): the xStocks documentation FAQ, homepage, dividends and stock splits page, and developer documentation; the product legal overview; the Backed website; the Kraken Support Center xStocks getting-started page and FAQ; the public endpoints /assets, /multiplier and /proof-of-reserves.