Compared to traditional stock trading, xStocks offers a more flexible trading approach, supporting 24x7 free trading, second-level settlements, and allowing fractional coin purchases, with a minimum investment threshold of just 10 dollars.
What is xStocks? When stocks meet blockchain
xStocks is a tokenized stock solution launched by the Swiss compliant platform Backed Finance. It transforms the stocks of companies listed on the New York Stock Exchange and NASDAQ into digital assets through blockchain technology.
Each token is backed by 1:1 real stock collateral. For example, one CRCLx token corresponds to one share of Circle Inc., and these underlying stocks are held by licensed banks in Switzerland (such as InCore Bank) and are regularly subjected to on-chain audits to ensure transparency.
xStocks token is based on ERC-20 and Solana SPL dual standard issuance. This design allows users to not only trade on the exchange but also transfer tokens into their own crypto wallets, and even connect to DeFi protocols to participate in staking, lending, and other scenarios, achieving broader asset applications.
CRCL and CRCLX: Understanding Circle’s On-chain Stocks
CRCL is the official trading code for Circle Internet Financial on the Nasdaq stock exchange. CRCLX, on the other hand, is its tokenized representation on the blockchain, closely tracking the price performance of CRCL.
Circle was founded in 2013 and operates around Bitcoin and blockchain technology. Its mission is to increase global economic prosperity through frictionless exchange of value, and it launched the USDC stablecoin in 2018.
USDC has become a core pillar of Circle’s business. As of December 31, 2024, USDC has been used for approximately $20.0 trillion in on-chain transactions, demonstrating its foundational role in the crypto ecosystem.
The stock performance of Circle is closely tied to the crypto industry’s prosperity, and holding CRCLX is equivalent to gaining "exponential exposure" to the crypto ecosystem. The company’s financial report for the second quarter of 2025 shows a revenue of $658 million, exceeding market expectations.
CRCL latest stock price and market performance
As of August 20, 2025, the trading volume of Circle (CRCL) was $1.273 billion, ranking 54th in the US stock market for that day. The trading volume increased by 1.15% compared to the previous day, with a trading volume of 9.3161 million shares that day.
Recently, the price of CRCL has fluctuated significantly. On August 15, 2025, the trading volume reached 3.379 billion USD, while on August 18, the trading volume was 1.258 billion USD.
Investment banks have differing ratings on CRCL. On August 19, 2025, JP Morgan maintained a "Underweight" rating on Circle with a target price of $89. Meanwhile, the average 12-month target price given by market analysts is around $191.25.
How to buy CRCLX in the Gate xStocks section
Preparation
First, visit Gate.com and complete the account registration. Users need to confirm whether their region is within the service area.
After successful registration, you need to deposit USDT into Gate’s 【Spot Account】 (multi-chain deposit supported) as the base currency for purchases.
Purchase Process
After logging into your Gate account, click on the 【Trading】 option at the top, then select 【xStocks Spot Zone】 or 【Alpha Spot Zone】.
Enter the CRCLX/USDT trading pair in the search box, or directly visit the CRCLX page in the xStocks section.
You can choose between a market order or a limit order when placing an order:
- Market order: Executes immediately at the current best price.
- Limit order: Set an ideal buy price (e.g., 160 USD) and wait for market fluctuations to trigger.
Enter the purchase quantity (supports fractional shares, minimum 10 USD), and you can complete the transaction after confirming the order information.
Advanced Features (Optional)
The Gate platform also offers some advanced features:
- Contract Trading: In the Gate xStocks contract market, you can go long or short on CRCLX with up to 10x leverage.
- DeFi Value Added: You can withdraw CRCLX to supported wallets to participate in scenarios such as staking, lending, or liquidity mining.
The advantages and investment value of xStocks
The core advantage of xStocks lies in its borderless investment experience. Users can purchase global stocks with just one click using USDT, without the need to open a traditional US stock brokerage account, significantly lowering the investment barriers.
The innovation of the trading mechanism is another major highlight. xStocks breaks through the time limitations of traditional stock markets from 9:30 AM to 4:00 PM EST, achieving24⁄7All-weather trading allows investors to respond to major market movements at any time.
Settlement efficiency has also seen a revolutionary improvement. Transaction confirmation has been shortened from the traditional financial T+2 days to seconds on-chain, supporting cross-chain transfers, and significantly increasing asset utilization.
From a more macro perspective, xStocks represents the future trend of financial democratization. It allows small amounts of capital to invest in the growth dividends of core companies in sectors like Circle, incorporating stocks into a crypto asset portfolio to hedge against industry volatility risks.
Investment Risks and Precautions
Although xStocks brings many conveniences, investors must be fully aware of its risks. First is the most fundamental equity difference: holding CRCLX does not grant shareholder voting rights in Circle, and dividends are indirectly reflected through token value adjustments (no cash dividends).
Regulatory uncertainty is a significant challenge currently facing tokenized stocks. The U.S. SEC has not yet recognized the legality of tokenized stocks, and policies in places like Switzerland and Singapore are still evolving.
Technical and liquidity risks cannot be ignored. In extreme market conditions, a short-term price difference of 2%-5% may occur. Some tokens have insufficient on-chain liquidity, and data from August 2025 shows that 60% of xStocks’ daily trading volume is concentrated in the top 6 underlying assets.
The platform also clearly reminds investors that investments may face risks such as market volatility, liquidity (which may prevent immediate sale), technology and platform issues (including system failures, hacking attacks), and regulatory changes, which may result in partial or total losses.
Future Outlook
As of August 2025, xStocks’ average daily trading volume has surpassed $100 million, and tokens like CRCLX are driving the transition of crypto finance from "fringe experimentation" to "institutional integration."
As more traditional assets enter the blockchain in tokenized form, the seamless experience of "one wallet, investing globally" is no longer just an imagination, but has become the standard configuration for a new generation of investors.
