Backed CSPX Core S&P 500 (BCSPX)

Backed’s model is part of the broader real-world asset tokenisation market, which seeks to represent securities, funds, and other off-chain assets as transferable tokens. The company issues bTokens that represent ownership of structured products. According to Backed, these tokens are backed 1:1 by the relevant underlying assets, which are held with Swiss third-party custodians, and are designed as bankruptcy-remote book-entry securities under the project’s legal framework.

bCSPX is intended for users and protocols that want traditional market exposure while remaining within crypto infrastructure. It can be used in decentralised finance integrations, treasury management, collateral strategies, and other on-chain applications where tokenised exposure to broad equity markets is useful. Backed has stated that its tokenised products are used by a range of crypto protocols and are available across multiple blockchains.

The product is not issued by BlackRock, and Backed is not affiliated with BlackRock or its related entities. Access is also jurisdiction-dependent: Backed does not offer its tokens to US persons or in prohibited regions. As a crypto asset, bCSPX combines traditional market risk from the referenced ETF exposure with tokenisation, custody, smart contract, and regulatory considerations.