xStocks (xstocks.fi, DeFi portal at defi.xstocks.fi) are tokenized stocks. Each token represents the economic value of a specific share or ETF, held 1:1 in custody by a regulated institution. They trade on public chains, settle in seconds, sit in self-custody and can be used in DeFi.
The reason this guide is longer on mechanics than on rewards is simple. xStocks publishes detailed documentation about the product and almost nothing about the points program behind its referral link. You can compare it with every other deal on our crypto referral codes page.
The fine print
This link carries the ReferralLinks referral, and the code is NXDU7L1Z. It points at the xStocks DeFi portal’s points page, so the code is the referral identifier for that program.
What the program pays is not in the public documentation. There is no published reward rate, no qualification threshold and no payout schedule that we could verify from the docs. Treat the link as an identifier and check the points page itself for terms, rather than trusting a percentage quoted anywhere else.
What is an xStock, in plain words?
An xStock is a tracker certificate, not a share. Each token represents the economic value of one underlying stock or ETF, fully collateralized 1:1, with the underlying held in segregated custody by a regulated institution. Holding it gives you price exposure. It does not give you shareholder rights such as voting.
The structure behind that is the part worth understanding before you size a position. The issuer uses a bankruptcy-remote SPV: a separate legal entity whose assets stay out of the issuer’s estate if it fails. Collateral is kept segregated asset by asset, with no commingling.
A three-party Account Control Agreement sits on top. It is a contract between the issuer, the custodian and an independent security agent. That agreement gives the agent control of the collateral accounts if the issuer defaults. Proof of reserves is published through the DeFi portal, and the contracts are audited.
That is a stronger structure than most tokenized-asset products, and it is still not a bank deposit. If the issuer defaults, the security agent can take control of the collateral accounts and distribute proceeds under the prospectus terms. That is a legal process, not an instant redemption.
Dividends and splits: rebasing, not a payout
Corporate actions are handled by rebasing rather than by sending you a separate payment. Dividends received on the underlying equity are reinvested into additional units of the same asset, net of applicable taxes. A stock split multiplies your balance, a reverse split divides it, and you do not have to do anything.
The implementation differs by chain, and this matters if you are reconciling balances. On EVM chains the token contract adjusts balances automatically, so your wallet shows a new number. On Solana the raw onchain balance stays constant.
A multiplier is applied for display through the Scaled UI extension, so a block explorer and your wallet can disagree until the interface applies it. Neither case is a bug.
The practical consequence: do not treat a static balance snapshot as your holdings on Solana, and do not be surprised when an EVM balance changes overnight after a dividend.
Two markets, two sets of rules
The primary market is where tokens are issued and redeemed with the issuer. It requires KYC/AML onboarding, runs 24/5 alongside US equity market hours, and has a $5,000 minimum transaction size. Issuance and redemption work with stablecoins, or in kind with the underlying equity through the xPort flow.
The secondary market is everything else. Once issued, the tokens trade freely on supported exchanges and DeFi venues, potentially 24/7 depending on the platform. There is no interaction with the issuer and no minimum imposed by the issuer.
For a retail user, the honest picture is the secondary market. There, price comes from supply and demand on that venue, not from the issuer. The issuer states it does not control secondary pricing. That means a thin pool can trade at a noticeable premium or discount to the underlying share.
The gap is widest at weekends, when the equity market is closed and the token is not.
Multi-chain, and what bridging does not change
xStocks are issued natively on Ethereum, Solana, Arbitrum, Mantle, TON, Ink and other EVM-compatible networks, and a cross-chain bridge moves them between supported chains. Bridging changes the network the token sits on, not the product, the collateral or your economic exposure.
It does add the usual bridge risk to the usual custody risk. Each additional chain is another contract deployment and another set of liquidity conditions, which is why the same xStock can trade at slightly different prices on different venues.
DeFi composability is the real differentiator
A tokenized stock that can only be held is a novelty. xStocks are designed to be used: as collateral in lending markets, in liquidity pools, and inside structured products. The issuer runs an alliance of exchanges, chains and DeFi protocols to standardize that integration.
That is also where the risk concentrates. Using a tokenized equity as loan collateral means a liquidation engine can sell it while the underlying market is shut. It sells against thin liquidity, at whatever the pool will pay. The token being 1:1 backed does not protect you from a bad liquidation price.
Who cannot use this
xStocks are not intended for distribution in the United States, to any US person, or in any other prohibited jurisdiction. The issuer directs readers to assets.backed.fi/legal-documentation for the full restricted list. That is an eligibility rule, not a suggestion, and a referral link does not change it.
The same documentation says the site is informational and is not an offer or solicitation to buy or sell any financial product. It also says xStocks does not provide investment advice. Nothing on this page is advice either.
What the points link actually gets you
The link goes to the points page on the DeFi portal. That is where any program terms, eligibility rules and reward details would live. It is also where you should look, because the product documentation does not describe them at all.
Two things are worth being careful about. First, a points program is not a fee discount. Points usually convert into something later, on terms the operator sets and can change, and their value can be zero.
Second, a code in a URL is an identifier, so anyone can hand out a similar-looking link and quietly redirect your activity. Type defi.xstocks.fi yourself and check the ref parameter character by character.
How to start
Open the link on this page, or type defi.xstocks.fi into the address bar and confirm the ref reads NXDU7L1Z. Connect a wallet on a chain where the xStock you want actually exists, and check the venue’s price against the underlying share before you buy, particularly at weekends.
If you want direct issuance or redemption, expect onboarding and the $5,000 minimum, and treat 24/5 as the operating window. If you only want exposure, the secondary market is simpler, cheaper and available around the clock, with the trade-off that price is whatever that pool says it is.
Frequently asked questions
What is the xStocks referral code?
The ReferralLinks code is NXDU7L1Z, built into the sign-up button on this page. It points at the points page of the xStocks DeFi portal, and the program terms are published there rather than in the product documentation.
What do I earn from the xStocks points link?
The public documentation does not say. There is no published reward rate, threshold or payout schedule that we could verify. Treat the link as an identifier and read the points page for the actual terms.
What do I own when I hold an xStock?
A tracker certificate that gives you economic exposure to one underlying stock or ETF, fully collateralized 1:1 and held on a public blockchain. It does not carry shareholder rights such as voting.
How are dividends and splits handled?
Through an onchain rebasing mechanism. Dividends are reinvested into additional units net of applicable taxes, and splits or reverse splits adjust balances proportionally. On EVM chains the contract updates balances, while on Solana the raw balance stays constant and a multiplier is applied for display.
Are xStocks available in the United States?
No. xStocks are not intended for distribution in the United States, to any US person, or in any other prohibited jurisdiction. The issuer maintains a restricted list at assets.backed.fi/legal-documentation.
Before you commit
These answers do not depend on the current rate, so they stay true when the numbers above them move.
How to check that the xStocks code actually applied
Check on the platform, not on a code list. Open defi.xstocks.fi from its own domain, start the sign-up (or the first deposit) and read the confirmation screen before you approve anything.
A referral that registered shows up as one of three things: a reduced fee in the order preview, a rebate line in the account, or a visible referral tag next to your address.
If none of the three is there, stop and reopen the link from this page instead of signing up and looking for a code field afterwards.
Almost every program in this list attaches the referral at registration only; a code typed later, or a page refreshed later, cannot retroactively claim an account that was created without one. This site re-tests each flow by hand and prints the date in the sidebar.
How we test codes describes what that involves.
What happens if the xStocks program changes or ends
Two different things end at two different times. The terms you signed up under usually keep applying to your account while the program runs, and the platform can change those terms with notice, so a rate you earned last month is not a rate you are owed next month.
When a program ends, the code field stops accepting new codes and new sign-ups stop being attributed; existing balances revert to the standard rate on the platform’s own schedule.
Commission already credited is the platform’s obligation to the person who referred you, not something this site can recover or guarantee. If a page here is out of date, it is because the change has not been re-checked yet, not because the number was invented: every figure carries the date it was last confirmed.
