Through Backed’s xStocks, Alchemy Pay is preparing to introduce 55 US-tokenized ETFs and stocks across several networks, including Solana.
Alchemy Pay, a cryptocurrency payment platform, announced Thursday that it is entering the real-world assets (RWA) space through a new collaboration with tokenization business Backed.
Through Backed’s xStocks integration, the business intends to introduce 55 tokenized US stocks and exchange-traded funds (ETFs) on its RWA platform.
With an emphasis on areas with restricted access to US investment products, the rollout will facilitate direct fiat-to-RWA trades.
Ailona Tsik, chief marketing officer at Alchemy Pay, stated, “With Backed, we’re removing the legacy barriers that have prevented too many people from accessing top global stocks and ETFs.”
Additionally, Backed supplies the US cryptocurrency market Kraken with tokenized equities and ETFs.
RWAs from Alchemy Pay won’t be accessible in the US.
The future RWA platform from Alchemy Pay will be accessible in areas where xStocks are unrestricted, and the platform enables fiat on-ramps.
In addition to heavily sanctioned nations like Iran, North Korea, and Syria, the US is on the list of countries where xStocks are prohibited, meaning US citizens cannot use Alchemy Pay’s RWAs.
“The truth is that traditional equities, such as stocks and ETFs, are already comparatively easy for users in the US to access through reputable brokerage platforms,” Tsik stated.
“Our mission with this product is to bridge the gap for users outside of the US, especially in regions where direct access to such assets has traditionally been limited or unavailable.”
August is anticipated for the Solana-based RWA premiere.
The RWA platform from Alchemy Pay is now available in prototype form via a dedicated portal, and it is anticipated to launch in August. In May, US exchange Kraken also revealed its impending RWA offering in partnership with Backed.
Alchemy Pay stated that it plans to incorporate additional chains in the future, even though Backed now releases assets on Solana, which is the same blockchain that Kraken will use for its planned tokenized RWA platform.
“We’re not restricting ourselves to a single chain, even though xStocks is a part of the current integration and issues its RWA assets on Solana,” Tsik stated.
“To support different RWA assets on different chains, we will continue collaborating with RWA companies in the future,” Tsik continued.
According to its website, Alchemy Pay’s RWA platform is expected to cover all potential cryptocurrency assets, 50 fiat currencies, 173 countries, and more than 300 payment channels, including Apple Pay and Visa.
