GM Markets is a permissionless, wallet-native interface to tokenized stocks, ETFs, commodities, and FX, plus on-chain yield vaults across credit, lending, delta-neutral, market-neutral, looping, and active-trading strategies. Connect any supported wallet to trade or allocate. Tokens stay self-custodial in your wallet at all times.
xStocks is a great choice if you want a multi-chain tokenized-equity issuer and you trade on partner DEXs (Bybit, Kraken, Solana DEXs). GM Markets is the right choice if you want tokenized stocks plus commodities, FX, and on-chain yield in one wallet, traded inside a built-in interface designed for spot execution.
Permissionless trading + onchain yield, one wallet.
GM Markets is a permissionless trading interface for tokenized US stocks, ETFs, commodities, FX, and on-chain yield vaults. Underlying for tokenized public assets is held by Flo at Interactive Brokers and Alpaca; the user-facing product is wallet-native, with a built-in trading UI and a growing set of yield vault categories on the same wallet.
Tokenized public equities (formerly Backed Finance)
xStocks (rebranded from Backed Finance) issues tokenized US and European stocks under Switzerland's DLT Act. Tokens are 1:1 backed by the underlying held in segregated custody at InCore Bank and tradeable across multiple chains via partner DEXs and exchanges (Bybit, Kraken, Solana DEXs).
xstocks.com ↗| Dimension | GM Markets | xStocks | Edge |
|---|---|---|---|
| Access model | Permissionless: wallet connect only | Permissionless for non-US persons | Even |
| Account requirement | Wallet connect only | Wallet connect for secondary trading; account required for direct issuance | Even |
| Asset coverage | 8,000+ US stocks, ETFs, commodities, FX | 60+ US and EU stocks, ETFs | GM |
| Yield products | Growing set of vault categories: RWA (private credit, public RWA), DeFi, Trading — same wallet, same UI | No native yield vault layer | GM |
| Custody of underlying | Flo holds underlying at Interactive Brokers and Alpaca | InCore Bank (regulated Swiss bank) holds the underlying | Even |
| Issuance jurisdiction | Switzerland (Flo) under the DLT Act, FINMA-supervised | Switzerland under the DLT Act | Even |
| Trading surface | Native trading interface with depth charts and watchlists | No native trading UI; tokens trade on partner DEXs (Bybit, Kraken, Solana DEXs) | GM |
| Settlement and access | USDC-settled bearer tokens, 24/7 wallet operations on EVM | Trades on partner-DEX hours and assets; bearer-token model varies by venue | GM |
| Product depth across chains | Deep stocks + ETFs + commodities + FX + yield vaults — same product on every supported EVM chain (Ethereum, BSC, Base, Arbitrum) | Equity tokens only, fragmented across many chains and partner DEXs with different liquidity per venue | GM |
| Fees | 0.10–0.20% per transaction (VIP-tiered) | Set by the partner DEX where you trade | GM |
| Supported chains | Ethereum, BSC, Base, Arbitrum (your existing EVM wallet) | Ethereum, Solana, BNB Chain, Polygon, others | Even |
| Composability | ERC-20 standard, EIP-2612, Aave/Morpho/Pendle compatible | ERC-20 + SPL standard | Even |
| Best for | Traders who want stocks + commodities + FX + on-chain yield in one wallet with a single trading UI | Traders comfortable on multi-chain DEXs who only need equities | Even |
Anyone with a wallet can connect and trade. There is no signup, no account, and no identity collection at the GM Markets layer. Restricted-jurisdiction users are gated at the asset level (geo-blocked rows), not at the user level.
Both are bearer claims on real shares held in regulated custody. Differences: custodian (Flo via IB/Alpaca on GM Markets; InCore Bank via Backed/xStocks), and whether you trade in a built-in UI or on a partner DEX.
Yes. They are not mutually exclusive: both issue wallet-portable tokens. Some traders source equity exposure from one and use the other for commodities, FX, or yield in the same portfolio.
A growing set of vault categories on the same wallet, same UI: RWA vaults (private credit and public RWA sub-categories), DeFi vaults (curator-operated across whitelisted protocols), and Trading vaults (programmable, SMA-style). New vaults are added continuously as curators and issuers come online.
You do. GM Markets is non-custodial. Tokens live in your wallet from deposit to withdrawal. The underlying real-world shares behind tokenized public assets sit at Interactive Brokers and Alpaca via Flo's regulated issuance layer. Vault funds use ForDeFi MPC custody with a published signer quorum.
Permissionless. Wallet connect. No signup. Trade tokenized stocks, commodities, FX, and deposit to onchain yield vaults from one wallet.