This week, Switzerland-based Backed Finance launched a tokenized version of a BlackRock ETF (CSPX) that includes tons of big names like Apple, Microsoft, Amazon, Alphabet, and 496 other large American companies. The token is called bCSPX, and runs on Ethereum as an ERC-20 token. The token is backed 1:1 by shares of those stocks, and the shares are held by a licensed custodian, according to Backed. In terms of who can get a hold of these tokens, it looks like there’s three kinds of users. You can't get the token in the United States—likely a decision by Backed Finance to avoid having to navigate the SEC's choppy regulatory waters right now.

Source: The Nation February 11, 2023 15:11 UTC