What you are buying
opcode lists xStocks and Backpack Securities tokens. The issuer, mint address and product terms identify what you hold; a matching stock ticker does not make two tokens interchangeable.
xStocks
xStocks are tracker certificates issued by Backed Assets (JE) Limited. Each is a token on Solana designed to track the price of a listed share or ETF: NVDAx tracks NVIDIA, SPYx tracks the S&P 500 ETF, and so on. The issuer holds the underlying securities with a custodian and issues tokens against them.
opcode does not issue these tokens, does not hold the underlying shares, and has no say in the issuer's terms. It is a venue for swapping them. The xStocks product and legal overview is the document that defines your rights.
Backpack Securities
Backpack Securities tokens are a separate issuer family, listed with plain tickers such as AMD rather than AMDx. Backpack describes conversion between its tokenized securities and traditional securities entitlements through its platform. Its redemption, ownership and corporate-action terms are separate from xStocks. A swap on opcode does not open a brokerage account or perform an issuer redemption. Read Backpack's securities overview and the terms for the particular product. Its SPCX explanation describes that product's dividend and corporate-action treatment; do not assume the xStocks mechanism below applies to it.
Use All, xStocks or Backpack in the market picker to filter by issuer. The selected instrument shows its issuer and mint. Quick depends on available routes. OPmode requires a separately configured, funded pool and a verified reference; listing a token does not create a pool or guarantee liquidity. Check the terminal for current availability.
xStocks compared with a brokerage share
| A share in a brokerage account | An xStock in your wallet | |
|---|---|---|
| What you own | The share itself | A token issued by a third party that tracks the share |
| Voting | Yes | No |
| Dividends | Paid in cash | Reflected by the issuer through the token's multiplier |
| Who holds it | Your broker, in your name or theirs | You, in a wallet only you control |
| Trading hours | The exchange's | Transfers at any time; on opcode, Quick at any time its route finds liquidity, OPmode only while a US session is open |
| Settlement | One business day | About a second |
| Who can take it away | A court, through your broker | The issuer, directly, under its terms |
| Who may hold it | Depends on your broker | Not residents of restricted countries |
xStocks issuer controls
The following controls describe xStocks. For a different issuer, check its own terms and the selected token's verified mint configuration.
| Power | Effect on you |
|---|---|
| Pause the token | All transfers of that token stop, everywhere, until the issuer lifts it. You keep your balance but cannot move it. |
| Move or burn any balance | The issuer can transfer tokens out of any wallet or destroy them, for example to comply with a court order or sanctions. |
| Freeze an account | An individual wallet's tokens can be frozen. |
| Change the multiplier | How dividends and splits are applied. It changes the shares your tokens represent, not the number of tokens you hold. |
How opcode checks a token
Fake tokens with the same ticker exist. opcode never identifies a token by its name. Every market is tied to one mint address taken from the issuer's own registry, and that mint is re-read from the chain every five minutes. It must be the right program, have the right decimals, carry exactly the expected set of extensions, be unpaused, and have no transfer hook active. Any difference stops quotes for that market on both routes. OPmode also reads the mint for every quote request, and the settlement program checks it again at every fill. The Instrument details under the chart show the mint address, with a link to an explorer, and the result of these checks.
If you hold or send these tokens outside opcode, check the mint address against Markets, not the ticker.
USDC
The other side of every market is USDC, the dollar stablecoin issued by Circle, in its native Solana form. opcode treats one USDC as one dollar. OPmode turns the underlying share's dollar price into a USDC price on that assumption; it does not measure a USDC price. It watches an independent USDC price and stops new quotes if that price leaves $0.99 to $1.01 or is more than 60 seconds old. If USDC trades away from a dollar, prices on opcode are still prices in USDC.