Circle xStock crclx

Circle xStock (ticker CRCLx) is a tokenized tracker certificate issued by Backed Assets (JE) Limited. It is designed to track the price of Circle Internet Group, Inc. (NYSE symbol CRCL), the digital-financial-infrastructure company associated with USD Coin (USDC). CRCLx is not Circle Internet Group's native equity share and is not a Circle-issued cryptocurrency; it is a Backed product providing on-chain exposure to the underlying stock.

The product is represented as both a Solana SPL token and an ERC-20 token on Ethereum and compatible EVM networks. Backed describes the broader xStocks program as 1:1-backed tokenized U.S. equities and ETFs that can trade 24/7 and across chains, subject to the applicable product and jurisdictional restrictions.

The product page lists ISIN CH1436219773 for CRCLx and identifies Circle Internet Group's underlying ISIN as US1725731079. The page's last-updated date is June 30, 2025.

Traditional U.S. equity markets operate through brokerage and market-hour infrastructure, while crypto users generally seek programmable, transferable assets that can be used on-chain. A tokenized tracker certificate addresses this access and composability gap by putting exposure to a listed equity into blockchain-token form.

CRCLx does not remove equity-market or issuer risk. Its value depends on Circle Internet Group, the certificate issuer and service providers, market liquidity, pricing, custody, smart-contract and chain infrastructure, and the legal terms of the security. It also is not universally available: Backed's notice says the product is not for U.S. persons or prohibited jurisdictions and is intended for professional or otherwise qualified investors through permitted channels.

Backed's product documentation says CRCLx tracks the price of Circle Internet Group. The underlying security is identified as Circle Internet Group, Inc., with symbol CRCL and ISIN US1725731079. Backed Finance AG is listed as tokenizer, while listed broker/custody providers include Alpaca Securities, InCore Bank, Maerki Baumann and GTN Europe Financial Services; Security Agent Services AG is the security agent.

The certificate is issued in blockchain form as ERC-20 and Solana SPL tokens. The page lists Ethereum/EVM-compatible networks and Solana, while the xStocks ecosystem supports cross-chain distribution. Token holders therefore interact with transferable on-chain representations, but the legal claim, eligibility and transferability remain governed by the certificate documentation rather than by the token format alone.

The current product page says there is no management fee at present, although a fee of up to 0.25% per year may be introduced. Issuance and redemption may cost up to 0.50% of investment value. Investors should rely on the final terms, factsheet and applicable key-information documents; the website explicitly warns that past performance is not indicative of future performance and that an investor may lose principal.