Stock tokens
No claim on the underlying shares
Holding a coin, or receiving rewards in a stock token, does not make you a shareholder.
What you actually hold
A coin launched on owned is an SPL token created by a Meteora bonding curve. It represents nothing except itself. Its price happens to be quoted in a stock token.
A stock token such as NVDAx or MU is issued by a third party (Backed Finance for xStocks, Backpack Securities via Sunrise for the others). According to the issuers, each token is backed one-for-one by the underlying share held by the issuer or its custodian. Whether you can redeem a token for a share, receive dividends in cash, vote, or transfer the position to a brokerage depends entirely on the issuer's terms and on your eligibility under those terms. Many issuers restrict primary issuance and redemption to verified, non-US customers.
owned is a secondary-market venue for coins quoted in those tokens. It does not:
- issue, redeem, custody or guarantee any stock token;
- hold shares on anyone's behalf;
- pass through dividends, voting rights or corporate actions;
- make any representation about an issuer's solvency, backing or compliance.
Rewards are tokens, not shares
When owned says you "earn the stock", it means your rewards are paid in the stock token. A reward of 0.05 NVDAx is 0.05 units of Backed Finance's NVDAx token. Its value tracks NVIDIA because the issuer backs it, not because owned owns NVIDIA shares.
Where to read the issuers' terms
- xStocks (Backed Finance): the token metadata on each mint links to Backed's legal documentation.
- Backpack Securities: the token metadata links to Backpack's user agreement.
Both are linked from each stock page under the issuer badge.
Why this matters
If an issuer pauses a token, freezes an account, exercises its permanent delegate or stops honouring redemptions, the on-chain token may lose value or become immovable regardless of what the underlying share does. Those risks are described in Issuer controls and risks and in the Risk disclosure.