Buy tokenized global stocks in Iran

A token on a blockchain that tracks the price of a company’s share or an exchange-traded fund. The issuer buys the real share, keeps it with a custodian and issues one token per share. Holding the token gives you that share’s price gains and losses, without a foreign brokerage account.

xStocks is the tokenized stock family of Backed, a Swiss company, launched in June 2025. Each token is the share’s ticker with an x at the end, like AAPLx for Apple, and is backed by that company’s real share. The tokens traded on SwapWallet are xStocks.

No. xStocks track the real share’s price and are backed by it, but they aren’t the share. Legally, each token is a tracker certificate issued by the issuer, so your counterparty is the issuer, not the company whose stock you bought.

Real shares of the same company, one to one. The issuer buys the shares, keeps them with licensed custodians apart from its own assets and issues only as many tokens. On-chain proof-of-reserve reports show the tokens never outnumber the shares held, and an independent agent holds rights over that collateral for token holders.

No. You own a token backed by a real Apple share, but your name isn’t on Apple’s register of shareholders. You gain or lose as the share price moves, without a vote at Apple’s meetings or a direct legal relationship with the company; your counterparty is the token’s issuer.

Not in cash. With xStocks, the company’s dividend is reinvested into the same share after tax, and each holder’s token balance grows a little. Ondo reinvests too, through the token price. How the increase shows up in your account depends on the platform holding the token. Many growth stocks, like Tesla, pay no dividend at all.

The token trades on-chain around the clock, weekends included, but the underlying share trades only during exchange hours, Monday to Friday: roughly 17:00 to 23:30 Tehran time, an hour later from early November to mid-March. While the exchange is closed, the token’s price comes from its own trading and may jump a little when the market reopens.

AAPL is Apple’s share on Nasdaq; AAPLx is a token that tracks its price. You buy AAPL only through a broker during exchange hours, and it carries a vote. You trade AAPLx on SwapWallet using USDT or Toman, in fractions, at any hour, and it can move on-chain, but it has no vote and adds the issuer’s risk.

On-chain, xStocks move like any other token (an SPL token on Solana). Withdrawing tokenized stocks from SwapWallet isn’t available yet: to cash out, sell them for Toman or USDT and withdraw that.

SwapWallet’s trading fee for the base account level is 0.2% on the Toman market and 0.1% on the USDT market, and it falls as your 30-day trading volume grows. The full table is on the fees page.

Your holding keeps its value; only the number of units and the price per unit change. With xStocks, if Apple split each share into four, your AAPLx balance would quadruple and each token would cost a quarter. A reverse split works the other way. The issuer applies the change to the token itself.

The backing shares are held in a separate company with a custodian, not on the issuer’s balance sheet. With xStocks, if the issuer defaults, the holders’ independent agent can take control of the collateral, sell it and distribute the proceeds to token holders. It is a legal process that can take time, and full recovery isn’t guaranteed.

A tokenized stock is a crypto token, and buying and selling crypto isn’t prohibited for individuals in Iran. It isn’t opening an account with a foreign broker or buying shares on a foreign exchange; you trade a digital asset that tracks a share’s price.