SP500 xStock is a tokenized fund share issued by Backed Finance (xStocks) that tracks S&P 500 (SPY) 1:1. Each token is backed by the underlying security held by a regulated custodian and can be traded on Solana around the clock, including when traditional markets are closed.
Every SPYx is backed 1:1 by a real SPY share held by a regulated custodian for the issuer. Supply on-chain can never exceed shares in custody.