Question 1

What is Mastercard xStock?

Accepted Answer

Mastercard xStock (MAx) is a tokenized tracking certificate issued by Backed Assets (JE) Limited, in Solana SPL and ERC-20 token forms, that tracks the share price of Mastercard Inc. It provides tracking exposure to the underlying price performance; it is not common stock issued by Mastercard Incorporated itself. The product page positions it as a tokenized stock product for eligible crypto-market participants. Its on-chain form changes how it is delivered and held, but does not change its product identity as a “tracking certificate” rather than company stock.

Question 2

What asset does MAx track?

Accepted Answer

The underlying tracked by MAx is Mastercard Incorporated Class A, ticker MA and ISIN US57636Q1040. That underlying is Class A stock issued by Mastercard Incorporated; MAx itself is issued by Backed Assets (JE) Limited. Therefore, when reading price information, corporate events, or market materials, distinguish the two layers: MA is the underlying stock, while MAx is a tokenized certificate targeting that stock's price. The underlying stock price is an important basis for MAx's price target, but the two are not the same legal asset.

Question 3

Does holding MAx mean holding Mastercard stock?

Accepted Answer

It is not equivalent to directly holding Mastercard common stock. MAx is a certificate that tracks the price of Mastercard Inc., and its issuer differs from the underlying stock issuer; holding MAx should not be described as directly obtaining Mastercard shareholder status or shareholder rights. This distinction particularly affects the understanding of product rights and corporate events: what token holders can receive must be determined from MAx's formal product and legal documents, rather than automatically attributing all rights of the underlying stock to MAx holders merely because it tracks the MA share price.

Question 4

How can MAx be subscribed to directly?

Accepted Answer

Direct-client subscriptions follow a cash market process: from a whitelisted wallet, a client sends supported stablecoins to the subscription collection address for that product and chain; the issuer then places a market buy order through a broker, the broker purchases the underlying stock, and the corresponding MAx is subsequently delivered to the client's whitelisted wallet. The issuer does not maintain internal underlying inventory. The minimum transaction value is $5,000, with USDC, USDG, and USDT supported; the service is available 24/5 and aligned with U.S. stock-market hours. The documents list average settlement times of about 30 seconds for amounts no greater than $200,000 and about 2 minutes for amounts above $200,000. These parameters apply to the direct-client process and do not mean every secondary-market user can subscribe through this route.

Question 5

What is the direct redemption process for MAx?

Accepted Answer

For direct redemption, a client sends xStock tokens from a whitelisted wallet to the designated redemption collection address on the relevant blockchain. The issuer places a market sell order through a broker, the broker sells the corresponding underlying stock, and the stablecoin proceeds are returned to that client's whitelisted wallet. Like subscriptions, redemptions are cash processes executed at the prevailing market price, and the issuer does not deal directly against proprietary inventory. The minimum transaction value, supported stablecoins, 24/5 availability, and document-listed average settlement times also apply to this market flow; sending to an incorrect address or from a wallet that does not satisfy whitelisting conditions does not constitute a valid redemption.

Question 6

Which blockchain networks can MAx be used on?

Accepted Answer

MAx is issued under two token standards: ERC-20 on Ethereum and compatible EVM networks, and SPL on Solana. The network selected determines the required address format, wallet, and transfer route; sending an asset with the same name to an incompatible network may prevent it from arriving as expected. The product page lists Ethereum and EVM-compatible networks, as well as Solana, as network information. Before an actual operation, still verify the specific network supported by the recipient and the token contract on that network rather than transferring based only on the name “MAx.”

Question 7

What primarily affects MAx's price?

Accepted Answer

MAx's price target is primarily related to the market price of Mastercard Inc.'s underlying stock, because direct subscriptions and redemptions cause the broker to buy or sell the underlying security at the prevailing market price. This creation and redemption route explains why the product targets the underlying price, but does not guarantee that the token's executed price in every market always exactly equals the underlying price. Actual trading results are also affected by secondary-market liquidity, the relevant chain and transfer conditions, available trading hours, and product-process restrictions. Therefore, an increase in the underlying stock price does not mean MAx will trade at the same proportion or the same price at every time and on every trading venue.

Question 8

What product fees does MAx have?

Accepted Answer

The product page currently lists no management fee for MAx, while retaining the possibility of a future management fee of up to 0.25% annually; subscription and redemption fees may be up to 0.50% of transaction value. The market-flow documentation separately states that the applicable fees for its direct process are currently set to 0. These statements use different bases: the product page's “up to 0.50%” is the issuance/redemption fee cap, while the market flow's “currently 0” is the applicable fee listed for that market process at the time. A user's actual costs may also include stablecoin transfer and blockchain network fees and should be confirmed against the product documents and interface applicable when the operation is performed.

Question 9

Who can directly use MAx's subscription and redemption process?

Accepted Answer

Not everyone can subscribe to or redeem directly with the issuer. Backed's product page states that its tokenized financial assets are offered only through licensed entities and that direct purchases must meet the eligible-investor conditions defined in its terms; the direct market process also requires a whitelisted wallet. The page also lists regional restrictions, including no sale to or for the benefit of U.S. persons, and notes that offers or sales may be restricted in certain jurisdictions. Whether a holder can trade through other channels and whether the holder can use the issuer's direct process are different questions; local rules, platform rules, and product documents should be checked separately.

Question 10

How does MAx's tokenized structure work?

Accepted Answer

The key change in MAx is not moving Mastercard stock itself on-chain, but using an on-chain token to represent a certificate that tracks the stock's price, and connecting direct subscriptions and redemptions through stablecoins, whitelisted wallets, and broker market trades. The underlying stock is bought or sold by the broker at market price, while the tokens are delivered or reclaimed after the corresponding steps. Accordingly, the transferability of a blockchain token should not be misunderstood as removing the eligibility, regional, fee, or market-hours restrictions of a securities product. Whether the direct process can be executed still depends on whitelisting, minimum amounts, supported stablecoins, and U.S. stock-market availability.

Mastercard xStock (MAX) Price

Price of Mastercard xStock (MAX) Today in USD