# Backed Finance

> Backed Finance: Tokenized equities. Confidentiality status: Exploring.

Part of the Soda Labs Privacy Hub, a neutral directory of the on-chain privacy
landscape: https://www.sodalabs.xyz/privacy-hub

## Key facts

- Entry type: Token issuer or protocol
- Category: Tokenized equities
- Confidentiality status: Exploring
- Tags: RWA, equities
- Canonical page: https://www.sodalabs.xyz/privacy-hub/tok-backed

## Overview

Backed mints its tokenized stocks on Solana with confidential balances initialized but switched off, the same pattern as PYUSD. The capability is permanently baked into the token and unused, while compliance runs through transfer hooks and a permanent delegate instead.

## Sources

- [Case study](https://solana.com/news/case-study-xstocks)

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