Tesla xStock

tslax

Rank #340•Tokenized Assets, BNB Chain Ecosystem, Solana Ecosystem

CoinYQ Dossier

Tesla xStock: the certificate between a wallet and a Tesla share

TSLAx begins with a familiar Nasdaq share, but every step after purchase changes who owes what. Its history is the construction of a product-specific creditor claim across custody accounts, rebasing code and several public ledgers.

Two securities share a price, not an identity

Tesla's registered common stock is TSLA, ISIN US88160R1014. It gives the shareholder one vote per share and the rights attached to Texas common stock. TSLAx is ISIN CH1436219252, an open-ended tracker certificate issued by a Jersey SPV.

The certificate seeks Tesla's economic movement while removing the corporate relationship. A token holder cannot vote Tesla shares, attend as a shareholder, demand the collateral itself or claim Tesla dividends directly. The holder instead becomes a creditor under the TSLAx terms.

A ring around one collateral pool

The issuer buys Tesla shares as Standard Collateral and places each product in segregated accounts. Maerki Baumann, InCore Bank and Alpaca appear as brokers and custodians; Security Agent Services AG holds enforcement powers for investors. The ring is meaningful, but narrow: recovery stops at the product's net realized collateral, and securities lending is permitted.

The narrow gate into the primary market

Issuance begins after KYC/AML, source-of-funds checks, wallet whitelisting and a USD 5,000 minimum. The 2026 Final Terms reserve the issuer's offer to Qualified Professional Investors and let it reject issuance. Tokens already outside that gate can circulate on secondary venues.

Redemption is a different gate. The FAQ says a retail holder may legally apply after KYC and the USD 5,000 minimum, but the issuer can reject a request after negative findings, sell collateral, deduct up to 0.5% with at least USD 100, and choose settlement currency. Secondary-market liquidity is not the same promise.

Corporate actions become balance arithmetic

Dividends received by the custodian are reinvested net of taxes; splits and reverse splits also change a multiplier. EVM balanceOf rebases, while Solana and TON present a scaled display over raw balances. Tesla's 2025 Form 10-K says the company has never paid a cash dividend, so this machinery is preparedness rather than a record of TSLA cash distributions.

The keys remain part of the instrument

The shared EVM address and the Solana, Tron and TON ledgers widen portability. They do not remove administration. The tokenizer controls minting, pausing and updates; sanctions or legal process can restrict addresses; the issuer may migrate the ledger and terminate the whole product. Solana's Token-2022 mint visibly retains specialized authorities.

A suffix is a legal map

TSLAx should not be merged with Tesla's TSLA, Binance's separately structured Tesla bStock, or Ondo's TSLAon. Similar price charts conceal different issuers, collateral documents, eligible users, contracts and remedies.

The useful question is therefore not whether a token looks like Tesla on a screen. It is whether its ISIN, contract, issuer and final terms lead to a claim the holder understands—and whether that limited claim remains usable when markets, custodians or code stop behaving normally.

How the project changed

2010-06-29
Tesla common stock begins Nasdaq trading
Tesla's later 10-K records its IPO history; this is the underlying corporate security, not TSLAx.
2020-08
Tesla completes a five-for-one split
The later TSLAx multiplier architecture is designed to pass through this type of corporate action.
2022-08
Tesla completes a three-for-one split
Tesla's 2025 10-K preserves both split events in the underlying's history.
2025-06-30
Tesla xStock product record is published
The issuer page identifies TSLAx, its ISIN, service providers and first public-ledger addresses.
2026-05-06
Issuer directors authorize the current issue
The current Final Terms cite the Backed Assets (JE) Limited board resolution.
2026-05-08
Current prospectus framework takes effect
The Final Terms must be read with the 8 May 2026 issuer information and base prospectus, later supplemented in July.

What to verify before relying on the token story

TSLAx is exposed to Tesla share-price volatility without Tesla shareholder voting rights.
Secondary-market prices can diverge from Nasdaq while primary issuance or redemption is closed or inaccessible.
Only product-specific net realization proceeds support the creditor claim; no residual issuer claim remains after distribution.
Collateral brokers, custodians, paying agents and the security agent introduce operational and insolvency dependencies.
The Final Terms permit lending of the underlying Tesla shares.
Issuer discretion can reject issuance or redemption after compliance review.
Fees include up to 0.5% with at least USD 100 on entry or exit and a possible annual management fee up to 0.25%.
The issuer can terminate the entire product and determine values during disruption or illiquidity.
Tokenizer keys can mint, pause and update contract logic.
Sanctions or future legally compelled freeze and recovery functions can restrict transferability.
Bridge or multi-chain accounting errors can create settlement or supply inconsistencies.
Rebasing and scaled-display handling can cause exchanges or wallets to show incorrect balances.
Dividend reinvestment is net of tax and can differ from the gross dividend received by a Tesla shareholder.
The website's service-provider and chain summaries can lag the newer Final Terms, so current legal documents must control the reading.

Evidence and primary sources

Last evidence review: 2026-09-05

Evidence status

Official sources conflict

The 2026 Final Terms and current documentation establish the creditor claim, collateral, eligibility, fees and control surface. Two official presentation layers lag or differ: the product header still says Ethereum and Solana while its own address list spans more networks, and it names Backed Finance AG as tokenizer whereas the newer Final Terms name the issuer using Payward Group infrastructure. The dossier treats the dated Final Terms as controlling and preserves those discrepancies.

Last evidence review: 2026-09-05Sources reviewed:assets.backed.fi sppdownloaddocumentservice.l-p-a.com docs.xstocks.fi docs.xstocks.fi docs.xstocks.fi docs.xstocks.fi docs.xstocks.fi etherscan.io solscan.io sec.gov sec.gov binance.com ondo.finance assets.backed.fi github.com safe-transaction-mainnet.safe.global

What is Tesla xStock?

Tesla xStock, symbol TSLAx and ISIN CH1436219252, is an open-ended bearer debt instrument issued by Backed Assets (JE) Limited. Its securities ledger includes the shared EVM address 0x8ad3c73f833d3f9a523ab01476625f269aeb7cf0, Solana Token-2022 mint XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB, Tron address TTfj39Vm7ATpNJMsfDUWYVzxK8mPPA4yYE, and TON address EQB4IwqWZPUczntdry8vSN2tsJKt-9F7iIb7gEFREYYOB563. The product page also maps the EVM address to Ethereum, Arbitrum, BNB Chain, Mantle, Ink, Optimism and X Layer.

TSLAx tracks Tesla common stock, ISIN US88160R1014, listed as TSLA on the Nasdaq Global Select Market. It is not that share. Tesla shareholders have one vote per share and a residual right to declared dividends and liquidation assets; the TSLAx terms expressly exclude voting, attendance, pre-emption, direct dividends and any claim to Tesla shares.

What problem does Tesla xStock solve?

Stock exchanges, brokers and shareholder registers do not settle natively in public wallets. xStocks package the economic value of a listed security into a transferable ledger-based certificate, allowing fractional and secondary-market movement outside exchange hours. The bridge solves portability, not the legal distance between a token holder and Tesla.

That distance matters when prices diverge or an intermediary fails. A secondary buyer trades at supply-and-demand prices and does not automatically receive primary-market execution. The enforceable claim is against TSLAx's product-specific collateral through its security structure, capped after pro-rata net realization proceeds; it is neither a government guarantee nor a residual claim on the issuer, brokers, custodians or Tesla.

How does Tesla xStock work?

For primary issuance, a direct client completes KYC/AML, has a wallet whitelisted and submits at least USD 5,000. The current Final Terms say the issuer itself offers new products exclusively to Qualified Professional Investors. The issuer buys an equivalent amount of Tesla common stock and activates ledger securities; issuance is discretionary. Redemption is an investor put process subject to screening, sale of collateral, cash or cryptocurrency settlement at issuer discretion, and a fee of up to 0.5% with a USD 100 minimum. The FAQ separately says retail holders may legally seek direct redemption after KYC and the USD 5,000 threshold, so eligibility to redeem should not be confused with eligibility for the issuer's primary offer.

Tesla shares are Standard Collateral in segregated product accounts. The Final Terms name Maerki Baumann, InCore Bank and Alpaca Securities as brokers and custodians, while the product page additionally lists GTN Europe as a custodian. Security Agent Services AG represents investors over the collateral. Backing is intended to be 1:1, but tokens are a creditor instrument and collateral lending is expressly allowed. The issue is open-ended, with up to USD 500 million total issue volume rather than a fixed token cap.

Corporate actions pass through a multiplier. Cash dividends received on collateral are reinvested net of tax; EVM balances rebase, while Solana and TON keep raw balances and apply display multipliers. Tesla itself reported never paying a cash dividend through 2025. A future dividend policy belongs to Tesla's board, whereas the issuer calculates the TSLAx rebasing result.

The ledger is administered. The terms reserve mint, burn of issuer-held units, relay settings, pausing and code updates to the tokenizer, and permit sanctioned-address blocking. The issuer may migrate ledgers, add networks, terminate the entire product without a specific reason under its call option, and propose future court- or regulator-directed freeze/recovery logic. Solana currently exposes separate mint, freeze, pause, metadata and multiplier authorities; public transfers therefore coexist with operational keys. On 2026-09-05 the shared EVM ledger was an EIP-1967 proxy pointing to implementation 0x65c40d624af3b18c109fbf87b7deff34cdc5f19b; token ownership and the ProxyAdmin owner resolved to the same 0x49754062e35f7591b93cc4f9915965be89643a65 2-of-3 Safe. Dedicated minter, burner/multiplier-updater and pauser roles divide routine operations, but the owner can replace those roles and the proxy admin can replace implementation logic.

Key facts

TSLAx is Backed Assets (JE) Limited's debt tracker certificate, ISIN CH1436219252; it is not Tesla common stock.
Its named ledgers are one shared EVM address plus Solana, Tron and TON addresses; the product page maps the EVM address across seven networks.
Tesla stock trades as TSLA on Nasdaq and carries one vote per share; TSLAx expressly carries no Tesla voting or direct dividend rights.
Standard Collateral is Tesla common stock in product-specific accounts, with a security agent enforcing collateral rights.
Primary subscription has a USD 5,000 minimum and is offered by the issuer to Qualified Professional Investors; direct redemption requires KYC and screening.
Issue and redemption fees may reach 0.5% with a USD 100 minimum; management fees may reach 0.25% annually.
The issue-volume ceiling is USD 500 million, while circulating token supply expands and contracts with issuance, redemption, fees and rebasing.
Dividends, if any, are reinvested net of tax and reflected by multiplier-based rebasing; Tesla reported no cash dividends through 2025.
The shared EVM ledger is upgradeable; a common 2-of-3 Safe owns token administration and the ProxyAdmin, while separate roles handle minting, burning/multiplier updates and pauses.
Recovery after default is limited to pro-rata net proceeds of TSLAx-specific collateral, with no residual claim after distribution.

Official links

Official website Whitepaper Block explorer X / Twitter GitHub

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Frequently asked questions

Do TSLAx holders own Tesla shares?

No. TSLAx is a bearer debt tracker certificate. Its holders receive contractual economic exposure and a product-collateral claim, without Tesla shareholder voting, attendance, pre-emption or direct dividend rights.

Who issues and safeguards TSLAx?

Backed Assets (JE) Limited issues it. The Final Terms name Maerki Baumann, InCore Bank and Alpaca Securities as brokers and custodians, and Security Agent Services AG as investors' collateral representative.

Can anyone mint or redeem directly?

Primary access requires KYC/AML, a whitelisted wallet and at least USD 5,000. The Final Terms restrict the issuer's offer to Qualified Professional Investors; the FAQ says retail holders may request redemption after KYC and the same minimum.

How are Tesla dividends handled?

Any cash received on collateral is reinvested into more Tesla shares net of tax, then reflected through a multiplier. Tesla reported that it had never paid a cash dividend through 2025.

Can transfers be stopped or contracts changed?

Yes. The tokenizer has pausing and updating powers, sanctions screening can block addresses, and the issuer may migrate or add ledgers. Solana also retains mint, freeze, pause, metadata and multiplier authorities.

Is TSLAx guaranteed 1:1 under every failure?

No. The structure targets 1:1 collateral, but realization costs, fees, custody, lending, market and insolvency risks remain. After pro-rata net collateral proceeds are paid, holders have no residual claim.

Is TSLAx the same as Tesla bStock or TSLAon?

No. TSLAx is the Backed Assets product with the x suffix and ISIN CH1436219252. Binance bStocks use a separate BTech structure and Ondo's Tesla product is TSLAon, issued under Ondo's separate framework.

External trackers

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