Coinranking is better without ads. Better without the ads. Elite keeps it that way and unlocks the full Pro Chart and premium features. Elite keeps it that way.

What is USA Rare Earth Inc. xStock (USARx)?

Quick Facts

  • Token type: Tokenized tracker certificate (xStock)
  • Issuer: Backed Assets (JE) Limited, registered in Jersey
  • Underlying: USA Rare Earth Inc. (Nasdaq: USAR)
  • Backing: 1:1 by real USAR shares held with regulated custodians
  • Primary chain: Solana; also on Ethereum and other networks via Chainlink CCIP
  • Trading: Available on Kraken and other xStocks-enabled platforms
  • Eligibility: Non-U.S. persons only
  • Dividends: Automatically reinvested into token value

Introduction

USARx is a tokenized stock — a blockchain token that tracks the price of USA Rare Earth Inc. (Nasdaq: USAR). It is issued as part of the xStocks ecosystem by Backed Finance, a Swiss-based asset tokenization company.

The token gives eligible non-U.S. investors on-chain price exposure to USAR shares without a traditional brokerage account. It can be held in any compatible crypto wallet and traded around the clock.

History & Background

USA Rare Earth Inc. was founded in 2019 and began trading on Nasdaq in 2025. The company is building a vertically integrated domestic supply chain for rare-earth magnets, with mining rights at Round Top Mountain in West Texas and a production facility in Stillwater, Oklahoma.

The xStocks product line launched in mid-2025. Backed Finance AG, co-founded in Zug, Switzerland in 2021 by Adam Levi and Yehonatan Goldman, built the infrastructure, while its Jersey-incorporated entity handles token issuance under a Liechtenstein public offer prospectus.

How USA Rare Earth Inc. xStock Works

For every USARx token in circulation, Backed holds one real USAR share with a regulated third-party custodian — Swiss banks InCore Bank and Maerki Baumann. The token is legally a tracker certificate, a bearer debt instrument that mirrors the share price without conferring equity ownership.

Cross-chain movement is handled via Chainlink's CCIP protocol, enabling USARx to exist across Solana, Ethereum, and other supported networks. Issuance and redemption follow U.S. market hours; secondary trading is available 24/7.

Tokenomics

USARx has no fixed token supply. The number of tokens in circulation directly reflects the number of real USAR shares held in custody. New tokens are minted when shares are purchased and deposited; tokens are burned on redemption.

Dividends from the underlying stock are automatically reinvested into the token's backing value rather than paid out in cash, compounding economic exposure over time.

Circulating Supply ? 107,546 USARx
Total supply ? 4.66 million USARx
Max supply ? -- USARx
Updated 6d ago

Ecosystem & Use Cases

As a DeFi-composable asset, USARx can be traded on supported exchanges, used as collateral in lending protocols, and transferred on-chain with near-instant T+0 settlement. This makes equity exposure programmable and integrable into broader DeFi strategies — a step beyond what traditional brokerage accounts offer.

Team, Governance & Community

The token is issued by Backed Assets (JE) Limited under a regulated prospectus framework. Backed Finance AG, now a Kraken company, provides the underlying infrastructure. Token holders have no governance rights over either the issuer or the underlying company, as USARx is a financial instrument rather than a governance token.

Advantages

  • 1:1 share backing: every token matched by a real USAR share in regulated custody
  • DeFi composability: usable in lending protocols, AMMs, and as collateral
  • 24/7 trading: no market-hours restriction unlike traditional stock exchanges
  • T+0 settlement: on-chain settlement is near-instant versus T+1 in traditional markets
  • Fractional access: tokenized form supports smaller position sizes

Risks & Challenges

  • No shareholder rights: token holders receive no voting rights over USA Rare Earth Inc.
  • Issuer risk: Backed can freeze or burn tokens under a lawful order
  • Regulatory restrictions: unavailable to U.S. persons under current compliance rules
  • Underlying volatility: USAR is a pre-revenue mining stock subject to significant price swings
  • Counterparty exposure: token value depends on Backed's custodial and operational integrity

Long-Term Vision

USARx sits at the intersection of two growing trends: the tokenization of real-world assets and the rising strategic importance of rare-earth supply chains. As on-chain financial infrastructure matures, tokenized equities like USARx aim to make globally listed stocks programmable and accessible within DeFi — part of Backed Finance's broader vision of bringing the entire capital markets stack on-chain.

Frequently Asked Questions

USARx is a tokenized tracker certificate that tracks the share price of USA Rare Earth Inc. (Nasdaq: USAR). It is issued by Backed Finance as part of the xStocks ecosystem, with each token backed 1:1 by a real USAR share held in regulated custody.

USARx is issued by Backed Assets (JE) Limited, a Jersey-incorporated entity, under a Liechtenstein public offer prospectus. The underlying infrastructure is provided by Backed Finance AG, a Zug, Switzerland-based company.

No. USARx is a tracker certificate structured as a bearer debt instrument — it provides price exposure but not legal ownership of shares. Token holders have no voting rights and do not receive cash dividends directly.

No. USARx and other xStocks products are currently restricted to non-U.S. persons under applicable compliance rules. U.S. persons are prohibited from purchasing or holding these tokens.

USARx is primarily issued on Solana as an SPL token and is also available on Ethereum. Cross-chain transfers are facilitated by Chainlink's CCIP protocol.

Dividends paid by USA Rare Earth Inc. are not distributed as cash to token holders. Instead, they are automatically reinvested into the token's backing value, compounding the token's economic exposure over time.

USARx is available on exchanges that support the xStocks platform, including Kraken. It can also be held and transferred in any compatible crypto wallet that supports the relevant blockchain.

USA Rare Earth Inc. (Nasdaq: USAR) is an American mining and manufacturing company founded in 2019, headquartered in Stillwater, Oklahoma. It is building a vertically integrated domestic supply chain for rare-earth magnets, with mining rights at Round Top Mountain in West Texas.