TLDR:
- xBridge allows 50+ tokenized stocks to transfer between Ethereum and Solana while tracking corporate actions.
- Chainlink CCIP ensures tokenized equities maintain behavior of real-world stocks across different blockchains.
- LINK reclaimed its 30-day EMA after a falling wedge breakout, signaling potential upside toward $22.
- Backed plans to expand xBridge to additional chains including Mantle and TRON in the coming weeks.
Chainlink has gained fresh attention after Backed Finance introduced xBridge, a new bridge designed to support the movement of tokenized stocks across blockchains.
The platform uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to maintain the behavior of real-world assets as they move between Ethereum and Solana. Backed confirmed that the system mirrors corporate actions such as stock splits and dividends during transfers.
The launch comes as Backed Finance continues expanding its tokenized equities product, known as xStocks.
These assets are fully backed by traditional stocks or ETFs and aim to operate consistently whether held on Ethereum or Solana. xBridge is currently available in pilot mode, with additional blockchains expected soon.
Chainlink Partnership Supports xStocks Cross-Chain Movement
Chainlink stated that xBridge is now live through a collaboration with Backed Finance. The bridge enables the transfer of more than 50 xStocks across chains using CCIP.
This ensures that each token retains its link to the underlying stock and maintains behavior associated with corporate events.
Backed explained that Ethereum uses an updatable multiplier to adjust balances, while Solana relies on Token2022 features and automatic rebasing.
Both methods are designed to update user balances when an equity undergoes a split or a dividend event. These adjustments remain consistent after a token moves between chains.
The initiative follows Backed’s recent acquisition by Kraken. With this new bridge active, Backed is preparing to expand xBridge support to Mantle, TRON and other networks.
The company confirmed that several centralized exchanges already support xStocks, including Kraken.
LINK Price Action Shows Renewed Strength
Market attention also shifted to Chainlink’s native token after a pattern breakout. According to the market commentary by mrxtraders, LINK has moved above its 30-day EMA following a rebound from the $11.80 support level.
The analyst noted that the token is trading near $14 and consolidating in a zone where previous rallies started.
The post added that a break above $16 and then $17.20 could open a path toward the $22 region.
This potential move aligns with earlier breakout patterns that produced similar surges. The recent 1-month falling wedge breakout was identified as an early sign of renewed bullish control in the market.
The current price behavior appears to be developing alongside broader interest in Chainlink’s expanding role in powering real-world asset infrastructure.
The introduction of xBridge has reinforced the protocol’s position within tokenization-focused applications across multiple chains.
The post Chainlink Powers Backed Finance xBridge for Cross-Chain Tokenized Stocks appeared first on Blockonomi.
Source: https://blockonomi.com/chainlink-powers-backed-finance-xbridge-for-cross-chain-tokenized-stocks/
