What is SK hynix tokenized stock (xStock) (SKHYx)?

Quick Facts

• Issuer: xStocks, powered by Backed Finance AG
• Underlying asset: SK Hynix ADR (SKHY) shares
• Backing ratio: 1:1 with real shares held in segregated custody
• Launch date: July 2026
• Networks: Solana, Ethereum, BNB Chain, Arbitrum, TON, and more
• Dividends: Reinvested as additional tokens; no voting rights
• Annual fee: 0%

Introduction

SKHYx is a tokenized stock that tracks the price of SK Hynix, one of the world's largest memory chip manufacturers and a key supplier of High Bandwidth Memory (HBM) to Nvidia. It is part of the xStocks ecosystem, which brings publicly traded equities and ETFs onto blockchain rails so that anyone — anywhere — can access them 24/7.

By holding SKHYx, users gain economic exposure to SK Hynix stock without opening a traditional brokerage account, and can use that exposure natively within DeFi protocols.

History & Background

xStocks was launched by Backed Finance AG, a Swiss-based regulated entity, in partnership with Kraken. The broader xStocks product line debuted in mid-2025, with SKHYx specifically launching in July 2026. SK Hynix was tokenized from its very first day of availability on the platform, reflecting strong market interest in the semiconductor and AI hardware sector.

The issuing entity is Backed Assets (JE) Limited, a Jersey special purpose vehicle registered with the Jersey Financial Services Commission, operating under a Liechtenstein FMA-approved base prospectus.

How SK hynix tokenized stock (xStock) Works

Each SKHYx token is backed 1:1 by a real SK Hynix share held in custody by regulated brokers, including Alpaca Securities LLC, InCore Bank AG, and Maerki Baumann & Co. AG. Collateral is held in accounts segregated from the issuer's own funds, governed by a three-party Account Control Agreement.

The token is a tracker certificate — a structured financial instrument — not direct equity ownership. Token holders do not receive voting rights, and dividends from the underlying shares are reinvested as additional tokens rather than distributed as cash.

Backed publishes continuous, publicly verifiable proof of reserves so that anyone can confirm the on-chain supply is fully covered by real-world collateral.

Tokenomics

SKHYx has no fixed issuance cap. Tokens are minted when new collateral (real shares) is deposited and burned when redeemed. This ensures the circulating supply always reflects the amount of actual SK Hynix shares held in custody. Dividends from the underlying stock are reinvested, incrementally adding tokens to holders' balances. There is no annual management fee charged to holders.

Ecosystem & Use Cases

SKHYx is designed for DeFi composability. Holders can:

• Trade SKHYx on centralized exchanges like Kraken, around the clock
• Use it as collateral in lending protocols such as Kamino on Solana
• Supply it to liquidity pools on decentralized exchanges like Raydium and Jupiter
• Transfer it freely to any compatible self-custody wallet

The token is available across ten blockchain networks, making it one of the most widely distributed tokenized equities in the market.

Team, Governance & Community

SKHYx is issued under the xStocks brand, a collaborative product between Backed Finance and Kraken. Backed Finance AG handles the regulatory and issuance infrastructure, while distribution partners include major brokers and custodians across multiple jurisdictions. There is no decentralized governance for SKHYx — token parameters and compliance are managed centrally by the issuer, as required by the structured product framework.

Advantages

• 24/7 market access: Trade SK Hynix exposure outside traditional exchange hours
• 1:1 collateralization: Each token is fully backed by a real share held in regulated custody
• DeFi composability: Use as collateral, in liquidity pools, or in structured yield products
• Fractional ownership: Buy and hold fractions of a share with no minimum lot size
• Multi-chain availability: Accessible on ten blockchains, including Solana, Ethereum, and TON
• Proof of reserves: Collateral is publicly verifiable on-chain at any time

Risks & Challenges

• No direct equity ownership: SKHYx is a tracker certificate, not a registered share — holders have no shareholder rights
• Issuer counterparty risk: Backed Assets (JE) Limited acts as the legal issuer; its solvency matters
• Regulatory risk: Availability varies by jurisdiction; US residents are excluded from most access paths
• Freeze and seizure powers: The issuer retains the ability to pause or move tokens under lawful order
• Weekend price gaps: The token trades around the clock while the underlying stock does not, creating potential price discrepancies
• Smart contract risk: As with any on-chain asset, vulnerabilities in smart contracts represent a tail risk

Long-Term Vision

SKHYx represents a broader movement to make global equities accessible to anyone with a crypto wallet. As the xStocks ecosystem grows — with over 100 tokenized stocks and ETFs already available — the vision is a world where the boundaries between traditional finance and DeFi dissolve entirely. SKHYx positions SK Hynix as a native DeFi asset, enabling programmable finance on top of one of the most strategically important companies in the AI era.