A token that claims to track a share is making a promise about something you cannot see. The share sits in a custody account at a broker or a bank, while the token sits in your wallet or on an exchange. The link between the two is a set of records kept by whoever issued the token. Whether the promise holds on any given day is a question about those records, and about whether anyone outside the issuer can read them.
For a share held at a broker, the usual answer is the broker's statement. Tokenized shares change the answer, because the token supply is public on a blockchain and the issuer can publish the custody side next to it, so the two can be compared by anyone who knows where to look.
Tokenized Amazon, traded as AMZNX and listed on BloFin as the AMZNX/USDT Spot pair, is one of those tokens. It is a tracker certificate issued by Backed Assets (JE) Limited under the xStocks name. The issuer publishes a reserve reading that sets the Amazon shares it holds against the tokens in circulation. That reading is the issuer's own answer to whether AMZNX is backed today, and because it is public, you can read it yourself.
Is AMZNX backed 1:1?
On the issuer's own reserve reading, AMZNX was fully backed on September 24, 2026, and slightly more than fully. The issuer's reserve reading that day showed 33,140 Amazon shares held against 32,702.77 AMZNX in circulation, a ratio of about 1.013 (source: xStocks proof of reserves). Each token was set to represent exactly one share (source: xStocks asset data).
Put another way, the custody accounts held about 437 more Amazon shares than the issuer's circulating supply required on that date. A surplus is the safe direction for a holder: on that reading, every token the issuer counts as circulating was covered, with shares to spare.
The reading is a snapshot, and the ratio moves as tokens are created and redeemed. The issuer's FAQ states that each xStock is collateralized on a 1:1 basis, and a reading is how you test that statement on a given day (source: xStocks FAQ). The reading carries its own timestamp, so the date to attach to any reserve figure is the reading's, and never the day someone happens to repeat it.
At Amazon's September 23, 2026 close of $249.27, the last close before that reading, the 33,140 shares were worth about $8.26 million (source: Stock Analysis AMZN history). The tokens in circulation represented about $8.15 million of Amazon stock at the same price, so the surplus was worth roughly $109,000, or a little over 1% more than the tokens required. Backing in that sense is a count of shares against a count of tokens, and a reading you can repeat yourself on any day from the issuer's public figures.
What the reserve check compares
A reserve check for a tokenized share compares the underlying shares held in custody with the tokens in circulation, after adjusting the tokens by a multiplier that says how much of one share each token represents. For AMZNX the issuer publishes all of these, along with a larger total-supply figure that the check does not use.
Figure | What it counts | AMZNX, September 24, 2026 |
|---|---|---|
Shares held | Amazon shares in custody, across all providers | 33,140 |
Circulating supply | Tokens issued to holders and not yet redeemed | 32,702.77 |
Multiplier | Shares each token represents | 1 on Ethereum and Solana |
Total supply | All AMZNX across its blockchains, including the protocol-held balances the issuer excludes from circulating supply | 500,511.30 |
Shares held and circulating supply come from the issuer's reserve reading (source: xStocks proof of reserves). The multiplier and total supply come from its asset data (source: xStocks asset data).
The multiplier exists because companies pay dividends and split their stock, and the token has to keep tracking the right amount of equity when they do. Every xStock launches with a multiplier of 1.0; a dividend is reinvested into more shares of the same stock and raises the multiplier, and a split raises it in proportion to the split (source: xStocks dividends and stock splits). On an Ethereum-based token your wallet balance rises to match, while on Solana the balance stays the same and the multiplier is applied when it is displayed.
For AMZNX the multiplier was still 1, with no change scheduled and none in its history, which fits Amazon's own record: Amazon has never paid a dividend, and its last share split was in 2022. So for AMZNX, "backed 1:1" means shares held are at least equal to tokens in circulation, with nothing to adjust.
Total supply is the figure most likely to confuse a first reading, because it was about fifteen times the circulating supply. The issuer accounts for the gap between total and circulating supply as protocol-held balances. It publishes the addresses of its own operational wallets so that circulating supply can be worked out by identifying and excluding those balances (source: xStocks system wallets). Tokens sitting with the issuer are not held by any buyer, so the figure to hold the issuer to is the circulating one, which is the figure its own reserve reading uses.
Where the Amazon shares are held
The issuer lists four custodians for AMZNX, but on September 24, 2026 every Amazon share behind the token sat with one of them, Alpaca. The product page names the custodians the issuer is set up to use, and the reserve reading shows where the shares actually are, so the two answer different questions.
The product page lists Alpaca Securities LLC, InCore Bank AG, Maerki Baumann & Co. AG and GTN Europe Financial Services Limited as custodians, with Security Agent Services AG as the security agent (source: Amazon xStock product page). The reserve reading breaks the holding down by provider (source: xStocks proof of reserves):
Custodian listed on the product page | Amazon shares held for AMZNX, September 24, 2026 |
|---|---|
Alpaca Securities LLC | 33,140 |
InCore Bank AG | 0 |
Maerki Baumann & Co. AG | 0 |
GTN Europe Financial Services Limited | 0 |
Alpaca is also one of the three firms the product page lists as brokers among the product's service providers, with InCore Bank AG and Maerki Baumann & Co. AG (source: Amazon xStock product page). The issuer's documentation describes it as the brokerage that facilitates custody and share transfers for the in-kind route, which exchanges tokens and shares directly (source: xStocks in-kind flow).
That matters because it tells you which institution's records the backing rests on today. The breakdown comes in the same public reading as the share count, so checking where the shares sit costs you nothing beyond reading one more field.
The xStocks documentation describes the underlying shares as held in segregated custody accounts under a bankruptcy-remote structure (source: xStocks FAQ). In general, a bankruptcy-remote structure keeps assets in a separate entity so that if a related company, such as its parent or sponsor, goes bankrupt, that company's creditors cannot reach them.
How to check the AMZNX reserves yourself
You can read the AMZNX reserves yourself, without an account, because xStocks documents a public interface on its developer site that returns the shares held, the circulating supply, a timestamp and the holding by custody provider. Separate readings give the multiplier and total supply (source: xStocks asset data).
On the xStocks developer site, open the API Reference, then Proof Of Reserves under Public, and choose Get Proof of Reserves by Symbol (source: xStocks proof of reserves). Press Try it, and in the panel that opens, go to the Path tab and set the value next to symbol to AMZNx, exactly as written with a lowercase x, because the interface matches it letter for letter. Then press Send. The response includes timestamp, sharesHeld, circulatingSupply and holdings, which is the shares broken down by custodian. The multiplier sits under Assets as Get Asset Multiplier, and it asks for the blockchain your tokens are on, such as Ethereum or Solana (source: xStocks asset data).
Reading it takes four checks, in this order:
Note the timestamp. A reserve figure without its time is not evidence about today.
Multiply the circulating supply by the multiplier. That gives the number of shares the circulating tokens require.
Compare the shares held with that requirement. The shares held should be at least that number.
Read the provider breakdown. It tells you whose custody records the backing sits in.
Say you take the reading of September 24, 2026. The circulating supply of 32,702.77 tokens times a multiplier of 1 requires 32,702.77 shares. The shares held were 33,140, so the surplus was 437.23 shares, a ratio of about 1.013, and all of it sat with Alpaca. If a later reading ever showed fewer shares held than the requirement, check its timestamp and take a second reading. A shortfall that persists across readings is the one that matters, and it is a question to put to the issuer.
xStocks also runs a proof-of-reserves dashboard on its own site. It opens with a pop-up asking every visitor to confirm that they are not a US person and that they accept the risks of using blockchain protocols. That check matches the issuer's rule that xStocks are not offered to US persons (source: Amazon xStock product page). The documented public reading carries the reserve figures and asks for nothing.
Proof of reserves for the token and for the exchange
Two checks share the name proof of reserves, and an AMZNX balance held on an exchange depends on both. The token's reserve reading sets the issuer's Amazon shares against the tokens in circulation. An exchange's proof of reserves sets the exchange's own holdings against what it owes its users at a snapshot in time (source: proof of reserves explained).
BloFin builds its exchange proof in two parts. It confirms ownership of its on-chain wallet addresses and sets those holdings against total user assets to give a reserve ratio. It also turns a snapshot of every user balance into a Merkle tree, a structure that hashes each balance and combines the hashes into one root. That lets you confirm your own balance is included without anyone else seeing it (source: BloFin proof of reserves). The ratios BloFin's guide published as of May 15, 2026 were 105.77% for USDT, 149.67% for BTC and 162.97% for ETH, and BloFin's reserve data is also tracked by Nansen, a blockchain analytics firm (source: BloFin proof of reserves).
Say you hold AMZNX in an exchange account. The issuer's reading is the check that Amazon shares stand behind the tokens in circulation. Whether the exchange holds the tokens it owes you is answered only by an exchange proof of reserves that includes that token, so the first thing to check about any exchange's proof is which assets it covers. A sound result on one side tells you nothing about the other. BloFin's guide also marks the limit of its own proof: it confirms that assets exist at a point in time, and it does not cover liabilities or off-balance-sheet obligations. That is why the guide points readers to the wider picture of how the exchange secures funds. It also walks through confirming your own balance is included, from Audits under Assets to the Verify button on the Proof of Reserves page (source: BloFin proof of reserves).
Who can redeem AMZNX for its value
Only holders onboarded with the issuer can redeem AMZNX directly, after identity checks and for at least $5,000 (source: xStocks FAQ). They must also redeem from a wallet the issuer has whitelisted (source: xStocks issuance and redemption). Most holders never use that route and sell the token on a secondary market instead (source: xStocks FAQ).
The onboarding includes anti-money-laundering checks as well as identity checks (source: xStocks issuance and redemption). Retail holders are legally permitted to redeem directly, subject to the identity checks (source: xStocks FAQ).
Primary issuance and redemption run 24 hours a day, five days a week, in line with the market for the underlying share, while trading of the token itself on exchanges can run longer depending on the venue (source: How xStocks work). The product page sets an issuance and redemption fee of up to 0.50% of the investment's value on the way in and on the way out. It charges no management fee at present, and says a fee of up to 0.25% a year may be introduced in the future (source: Amazon xStock product page).
For most AMZNX holders, then, redemption is a mechanism working in the background. Onboarded clients create and redeem tokens at the prevailing market price of the underlying share, and the issuer describes that process as supporting price alignment between the token and the share (source: xStocks issuance and redemption).
On BloFin the token trades as AMZNX/USDT, where buying tokenized Amazon is an ordinary spot order and exiting is a sale on the same book. That route costs the venue's trading fee instead of the issuer's redemption fee, and the rates for every tier sit in the BloFin fee schedule.
The limits of a reserve check
A reserve reading counts shares, and it is good evidence that they exist in the quantity the tokens require. It leaves open four other things that affect whether you get your money back: your legal claim on those shares, an independent audit, the exchange where you hold the token, and every day after the reading was taken.
The legal claim is the largest of these. An xStock is a tracker certificate that gives you economic exposure to the share without making you a shareholder (source: xStocks FAQ). That is the main way tokenized Amazon differs from the real stock. If the issuer fails, what stands between you and the custody accounts is a three-party agreement between the issuer, the custodian and an independent security agent (source: xStocks product legal overview). That structure is what decides whether tokenized Amazon is safe.
The reading also comes from the issuer's own system, on both sides of the ratio. The shares held are what the issuer reports its custodians hold, and the circulating supply is its own count, worked out by excluding the balances it classifies as protocol-held (source: xStocks system wallets). That is evidence of what the issuer reports, which is a narrower thing than a statement an independent auditor has signed, so it is only as independent as whoever checks the underlying records.
A reading also describes only the moment it was taken. Say you took the reading of September 24, 2026 and bought AMZNX a week later. That reading told you about September 24, and the one that bears on your purchase is a reading taken that week, which costs nothing to take.
Looking to gain exposure to Amazon? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the AMZNX/USDT Spot trading page or AMZNUSDT Perpetual page.
Frequently asked questions
How do you check the proof of reserves for other xStocks?
The issuer's public reserve reading works for any xStock under its own symbol, such as AAPLx for Apple or GOOGLx for Alphabet (source: xStocks proof of reserves). A companion request, List Proof of Reserves, returns readings across the issuer's assets, up to 100 records to a page, and each record carries its own timestamp and custodian breakdown (source: xStocks proof of reserves). The multiplier is read separately for each stock, because reinvested dividends raise it for companies that pay them (source: xStocks dividends and stock splits).
What happens to AMZNX backing if Amazon splits its stock?
The multiplier rises in proportion to the split, so the tokens keep representing the right amount of Amazon. In the issuer's own worked example, for a stock whose multiplier already stood at 1.008, a 4-for-1 split takes it to 4.032 (source: xStocks dividends and stock splits). The new multiplier is published on-chain before the split takes effect, and activates at 00:30 UTC on the day after the ex-date. Trading venues are advised to pause the token briefly around that moment (source: xStocks dividends and stock splits).
Does AMZNX's proof of reserves cover every blockchain the token is on?
Yes. The circulating supply in the reading is one figure aggregated across all of the token's chain deployments (source: xStocks circulating supply). AMZNX is deployed on eleven networks, including Ethereum, Solana, Arbitrum, BNB Smart Chain and TON (source: xStocks asset data). The multiplier is the one figure published network by network, and on September 24, 2026 it was 1 on all eleven, so every token represented one share wherever it was held.
Can I redeem AMZNX for real Amazon shares?
Only through the issuer's in-kind flow, which requires onboarding with both the issuer and Alpaca and returns the shares to an Alpaca brokerage account (source: xStocks in-kind flow). The issuer lists market makers, trading firms, institutional clients, and brokerages and wealth platforms among the users it suits, and the in-kind flow's fee was set to zero as of September 24, 2026 (source: xStocks in-kind flow). The product page separately allows an issuance and redemption fee of up to 0.50% (source: Amazon xStock product page), so confirm with the issuer which applies before redeeming.
Does the AMZNX reserve reading change during the day?
Yes, because tokens are created and redeemed around the clock on weekdays (source: How xStocks work). On September 24, 2026, the reading taken at 02:18 UTC showed 33,140 shares against 32,702.77 tokens, and the one taken at 11:26 UTC showed 33,203 shares against 32,762.58, both a ratio of about 1.013 (source: xStocks proof of reserves). Each reading carries its own timestamp, which is the date and time to attach to its figures.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. All facts independently verified. Primary sources include the xStocks proof-of-reserves, asset, circulating-supply and system-wallet interfaces; the xStocks documentation on the product's legal structure, dividends and stock splits, issuance and redemption and the in-kind flow; Backed's Amazon xStock product page; Stock Analysis's AMZN price history; and BloFin's proof-of-reserves guide, read on September 25, 2026.
Nothing in this article constitutes financial advice, and nothing in it recommends buying, selling or holding Amazon in any form. A reserve reading is a snapshot the issuer publishes about its own custody accounts; it is not an audit, it describes only the moment it was taken, and it does not change the legal nature of AMZNX, which is a claim on its issuer rather than a share of Amazon. An exchange's proof of reserves is a separate check. Tokenized shares are not offered to US persons. Past performance does not indicate future results. Do your own research and consider your risk tolerance before you trade on BloFin.