Circle xStock

Circle xStock (CRCLX) is a tokenized representation of a real-world stock, belonging to the BackedFi xStocks product family, which aims to give non-US users access to US-listed equities and ETFs through blockchain networks without going through a traditional broker. Each xStock token is described as backed 1:1 by the underlying asset and as carrying a legal claim to that asset's value. The stated purpose is to lower the geographic, regulatory, and logistical barriers that have historically limited retail participation in US equity markets.

CRCLX tokens exist across multiple blockchains simultaneously, including Ethereum, BNB Chain, Solana, and Arbitrum, and can interact with decentralized finance protocols in the same way any other fungible token can. The 1:1 backing means the issuer holds the corresponding real-world security in custody for each token in circulation; the token itself does not run its own consensus layer, which is reflected in the stored block time of zero. Compliance with EU regulations is built into the issuance framework, which also restricts access to non-US participants.

The data stored for CRCLX does not include a fee stream, revenue figures, or protocol earnings, so no fee-based measures such as price-to-fees or revenue yield can be calculated for this asset. The economics of the product likely depend on issuance and redemption mechanics managed by the issuer rather than on-chain fee collection, but those details are not present in the available data. What is recorded is that circulating supply stands at approximately 1,244,912 tokens at the point-in-time measurement, representing about 35% of the tokens that could theoretically be in circulation based on the fdv-to-mcap ratio of 2.84.