What is Zoom Communications tokenized stock (xStock) (ZMx)?

Quick Facts

• Issuer: Backed Assets (JE) Limited, a Jersey-registered entity
• Parent company: Backed Finance AG, headquartered in Switzerland
• Underlying asset: Zoom Communications Inc. (ZM) stock
• Collateralization: 1:1 backed by the real underlying share held in custody
• Legal structure: Bearer debt instrument classified as a tracker certificate
• Blockchains: Ethereum, Solana, BNB Smart Chain, Arbitrum, Mantle, TON, and more
• Cross-chain transfers: Enabled via Chainlink CCIP
• Dividends: Automatically reinvested into token value

Introduction

Zoom Communications tokenized stock — ZMx — is a blockchain-based token that tracks the price of Zoom Communications Inc., the widely known video communications company. It is part of the xStocks suite, a family of tokenized tracker certificates issued by Backed Assets (JE) Limited.

ZMx lets eligible investors gain economic exposure to ZM's stock price entirely on-chain, without going through a traditional brokerage. It is freely transferable and available across multiple blockchain networks.

History & Background

Backed Finance AG, a Swiss company, developed the xStocks infrastructure to bring publicly traded equities and ETFs on-chain. The formal issuer entity, Backed Assets (JE) Limited, is registered in Jersey and licensed by the Jersey Financial Services Commission.

The xStocks product suite launched in 2025, initially covering hundreds of popular stocks and ETFs. ZMx was introduced as part of this broader rollout, offering on-chain access to Zoom Communications stock.

How Zoom Communications tokenized stock (xStock) Works

When an investor acquires ZMx, they hold a tracker certificate — a bearer debt instrument whose value is contractually linked to the ZM share price. The actual Zoom Communications shares are held 1:1 in custody at regulated third-party custodians and brokers.

ZMx does not represent direct equity ownership. Holders are creditors of the issuer, not shareholders of Zoom Communications. This means there are no voting rights attached to the token.

Cross-chain movement of ZMx is handled through Chainlink's CCIP protocol, allowing the token to move freely between supported blockchains without being siloed on a single network.

Tokenomics

ZMx tokens are minted and redeemed by Backed Assets (JE) Limited on demand, maintaining the 1:1 collateralization ratio. The token supply is dynamic and reflects the amount of ZM shares held in custody.

Dividends from the underlying Zoom Communications shares are not paid out in cash. Instead, they are automatically reinvested into the token's value, meaning the token price gradually incorporates dividend yield over time.

Ecosystem & Use Cases

As a freely transferable token, ZMx is designed to integrate natively with DeFi protocols, wallets, and exchanges. Key use cases include:

• On-chain stock exposure without a traditional brokerage account
• DeFi collateral in protocols that accept tokenized real-world assets
• 24/7 trading on decentralized exchanges, unlike traditional stock markets
• Cross-chain portfolio management via multi-network availability

Team, Governance & Community

Backed Finance AG in Switzerland manages the xStocks infrastructure, while Backed Assets (JE) Limited in Jersey handles the regulated issuance and redemption of the certificates. The xStocks community and announcements are coordinated through the official @xStocksFi channels on X and Telegram.

The token itself has no on-chain governance mechanism, as it mirrors a regulated financial instrument rather than a community-governed protocol.

Advantages

• 1:1 collateralization — each ZMx is backed by a real Zoom Communications share in custody
• Permissionless secondary trading — freely transferable without KYC after initial issuance
• Multi-chain availability — accessible across Ethereum, Solana, BNB Smart Chain, Arbitrum, and more
• DeFi composability — designed to work within existing DeFi infrastructure
• 24/7 market access — trade Zoom stock exposure at any hour via decentralized venues
• Regulated framework — issued under a formal prospectus with licensed custodians

Risks & Challenges

• Not direct ownership — holders are creditors of the issuer, not shareholders of Zoom Communications
• Issuer credit risk — if Backed Assets (JE) Limited defaults, holders rely on collateral liquidation proceeds
• No voting rights — ZMx confers no shareholder rights in Zoom Communications
• Jurisdiction restrictions — not available to US persons; eligible jurisdictions are limited
• Price dislocation — on-chain price may temporarily diverge from the real ZM stock price
• Regulatory risk — evolving global rules on tokenized securities could affect availability or structure

Long-Term Vision

ZMx sits at the intersection of traditional finance and decentralized infrastructure, representing the broader RWA (real-world asset) tokenization trend. Backed Finance's goal is to make any publicly traded equity or ETF accessible on-chain, composable with DeFi protocols, and tradeable globally around the clock.

As institutional and retail interest in on-chain finance grows, tokenized stock products like ZMx are positioned to become a bridge between conventional equity markets and the open, programmable world of blockchain.