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What is KLA Corporation xStock (KLACx)?

Quick Facts

  • Issuer: Backed Finance AG (a Kraken company)
  • Underlying asset: KLA Corporation common stock (NASDAQ: KLAC)
  • Backing ratio: 1:1 — one token equals one real share
  • Custodians: Regulated Swiss financial institutions
  • Blockchains: Solana, Ethereum, and others
  • Trading: 24/7, with instant on-chain settlement
  • Shareholder rights: Not conveyed to token holders

Introduction

KLA Corporation xStock (KLACx) is a tokenized equity that gives crypto-native users on-chain exposure to KLA Corporation, one of the world's leading semiconductor process-control equipment manufacturers. It is issued by Backed Finance as part of the xStocks product suite — a collection of fully collateralized tokenized stocks and ETFs designed for the decentralized finance era.

KLACx lets users hold, trade, and interact with a token that closely tracks the value of KLAC shares — without ever leaving the blockchain ecosystem.

History & Background

Backed Finance AG was founded in 2021 in Zug, Switzerland, by Adam Levi and Yehonatan Goldman. The company built its flagship xStocks platform, launching it in June 2025 with over 60 tokenized U.S. equities available on Solana. KLACx was included among those initial offerings.

In December 2025, crypto exchange Kraken agreed to acquire Backed Finance, bringing the xStocks platform fully under its roof and expanding distribution to eligible users across Europe and beyond.

How KLA Corporation xStock Works

The mechanism is straightforward. Backed Finance purchases actual KLA Corporation shares through traditional brokerages and deposits them with a regulated third-party custodian in Switzerland. For every share held in custody, exactly one KLACx token is minted on-chain.

When a holder wishes to exit, the reverse process applies — tokens are burned and the underlying share is released or sold. This ensures the 1:1 collateralization ratio is maintained at all times, keeping the token price closely in line with the real-world KLAC share price.

KLACx tokens are transferable, self-custodied, and composable with DeFi protocols.

Tokenomics

KLACx follows a demand-driven issuance model — tokens are minted only when new shares are purchased and placed into custody, and burned upon redemption. There is no fixed or pre-set supply.

The token does not carry inflationary emissions or governance rewards. Its economic value is derived entirely from the price performance of the underlying KLA Corporation stock. Fractional purchases are supported, making the token accessible at small investment sizes.

Circulating Supply ? 1,944 KLACx
Total supply ? 354,149 KLACx
Max supply ? -- KLACx
Updated 2w ago

Ecosystem & Use Cases

KLACx trades 24/7 on supported exchanges such as Kraken and Bybit, removing the traditional time and geography constraints of stock markets. Key use cases include:

  • Price exposure to KLAC without a brokerage account
  • DeFi integration — usable as collateral in lending and other on-chain protocols
  • Fractional ownership of a high-value stock
  • Portfolio diversification within a crypto wallet

Team, Governance & Community

KLACx is issued and managed by Backed Finance AG, now a Kraken company. The issuing legal entity for xStocks is Backed Assets (JE) Limited, a Jersey special-purpose vehicle registered with the Jersey Financial Services Commission. There is no decentralized governance or community voting for xStocks — the platform operates under a regulated, centralized issuer model with compliance oversight.

Advantages

  • 1:1 collateralization ensures the token is fully backed at all times
  • 24/7 trading beyond traditional market hours
  • Self-custody — tokens live in a personal wallet, not an exchange account
  • DeFi composability enables use as collateral and in other protocols
  • Fractional access lowers the barrier to entry
  • Regulated framework under Swiss and Jersey financial oversight

Risks & Challenges

  • No shareholder rights — holders do not receive voting rights or direct dividends
  • Custodian risk — the model depends on the security and solvency of the custodian
  • Regulatory risk — the tokenized equity space is evolving, and rules may change
  • Geographic restrictions — not available to U.S. residents
  • Liquidity risk — on-chain liquidity may not always reflect traditional market depth
  • Issuer risk — token integrity relies on Backed Finance / Kraken operational continuity

Long-Term Vision

KLACx is part of a broader push to bring the entire global equities market on-chain. Backed Finance envisions xStocks as a neutral, multi-chain standard for tokenized securities — composable with DeFi infrastructure and accessible to users worldwide. As the tokenized real-world asset (RWA) sector matures and regulatory frameworks like MiCA continue to develop, xStocks products like KLACx are positioned to serve as foundational building blocks for a fully on-chain financial system.

Frequently Asked Questions

KLACx is a blockchain token issued by Backed Finance that tracks the price of KLA Corporation common stock (KLAC). Each token is backed 1:1 by a real KLAC share held by a regulated custodian.

KLACx is issued by Backed Finance AG, a Swiss-based asset tokenization company now owned by Kraken. The legal issuing entity is Backed Assets (JE) Limited, a Jersey special-purpose vehicle.

No. Holding KLACx provides price exposure to KLAC shares but does not confer shareholder rights such as voting or direct dividend entitlement. Token holders are not legal shareholders of KLA Corporation.

KLACx is available on Solana and Ethereum, among other supported networks. The multi-chain approach allows users to self-custody tokens and use them across different DeFi ecosystems.

Backed Finance purchases real KLAC shares through traditional brokerages and deposits them with regulated custodians in Switzerland. A new token is minted for each share placed in custody, and burned when redeemed.

Yes. KLACx tokens are composable and can be used as collateral in lending protocols and other DeFi applications, bringing traditional equity exposure into on-chain financial infrastructure.

KLACx is available to non-U.S. users who pass KYC verification on supported platforms such as Kraken and Bybit. Direct primary-market access through Backed is reserved for qualified investors.

Key risks include custodian and issuer operational risk, regulatory changes in the tokenized-equity space, geographic restrictions, and the absence of traditional shareholder rights. On-chain liquidity may also differ from traditional equity markets.