Odaily News Crypto KOL @ _FORAB published an article on the X platform to analyze the principle behind the currency-stock circulation after Kraken, Bybit, Jup and other platforms connected to xStocks, saying that (the tokenization of US stocks is mainly) controlled by the parent company registered in Switzerland, Backed Assets in Jersey. They buy stocks in the US stock market through the channel of IBKR Prime under Interactive Brokers, and then transfer them to the segregated account under Clearstream. Clearstream is the depository under the Deutsche Börse, helping them to store these stocks. When the above buying, transfer, and deposit operations are completed, the contract deployed on the Solana chain will be triggered, corresponding to the issuance of stock tokens, that is, for every 1,000 Tesla shares purchased and stored, 1,000 TSLAx tokens will be minted on the chain at a 1:1 ratio. The control address of the token contract belongs to 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 or market makers buy TSLAx tokens greater than or equal to 1, they can apply to Backed to exchange them for actual Tesla shares under the brokerage. In this way, the entire process of mortgaging, minting, issuing, and redeeming the tokens is completed.