A token that stands for something real, like a dollar, an ounce of gold or a share in a company, is only worth what sits behind it. Anyone can see on a blockchain how many tokens exist, but the asset itself sits in a bank or broker account that people outside the firm cannot open.
That is why the word "backed" tells you very little on its own. A firm can say that every token has a share behind it, and that may well be true. The only way to know is a count you can read for yourself, with both sides of the sum on the page and a figure that changes when you read it again.
Crypto calls that count proof of reserves. The firm that issues a token posts how many units of the asset it holds and how many tokens are out in the market. You compare the two numbers, see how fresh they are and read who keeps the assets.
Meta Platforms shares are tokenized this way as METAX. On BloFin it trades as the METAX/USDT Spot pair, while the METAUSDT Perpetual follows Meta's price as a futures contract with no shares behind it. The token's issuer keeps a live reserve count, so a METAX holder can test the one-for-one claim with real numbers.
What is METAX proof of reserves?
METAX proof of reserves is the issuer's public count of the Meta shares it holds against the METAX tokens in the market. At 5.56AM UTC on October 15, 2026, it showed 15,818 Meta shares in custody for 15,737.31 tokens in circulation. That is a ratio of 100.5% (source: xStocks proof of reserves).
The count sits on a page run by xStocks, the range of tokenized shares that METAX belongs to. The page says it gives users read-only access to the issuer's collateral accounts, the accounts where the backing shares are kept. Each token gets a card with four figures: the tokens held by buyers, the shares held for them, the value of those shares, and the ratio between shares and tokens. The cards show no time of reading, but Backed's public data feed behind them stamps each count with the time it was taken.
A ratio of 100% means one share for every token, the level of collateral required by the base prospectus, the legal document that sets the rules for every xStocks token (source: Backed Assets base prospectus). A ratio a little above 100% means the account holds a few spare shares, and one below 100% means it holds fewer shares than there are tokens. On that reading, the shares in custody covered every METAX token in circulation. At Meta's Nasdaq close of $737.54 on October 14, 2026, the 15,818 shares were worth about $11.7 million (source: Stock Analysis).
That pool of shares stands behind every METAX token, whether it sits on BloFin, on another exchange or in a private wallet. The figures come from the issuer's own reading of its accounts, and the page names no audit firm next to them. Before it shows the cards, the page asks you to confirm that you are not a US person and that you accept the risks of using blockchains.
The issuer is Backed Assets (JE) Limited, which writes tokenized Meta as a certificate and keeps the shares behind it with custodians.
How to check METAX backing in three steps
You check METAX backing in three steps. First compare the shares in custody with the tokens in circulation, then read the count again to see that it is live, and finally read who holds the shares and on what terms. The first two steps take minutes on the issuer's page, and the third needs its base prospectus.
Step 1: Open the xStocks proof-of-reserves page and type METAx into the Search by ticker or name... box. Find the Meta xStock card and divide the In Custody figure by the In Circulation figure, or read the Ratio line, which does the sum for you. In the 5.56AM UTC reading, the card held about 81 more shares than there were tokens with buyers.
Step 2: Come back to the Meta xStock card later and read the In Custody and In Circulation figures again. The count moves as tokens are created and redeemed, and the issuer's feed takes a fresh count through the day: at 6.12AM UTC, 16 minutes after the first reading, a new count showed the same 15,818 shares against 15,737.31 tokens. Figures that change between visits, or a newer count time, show the count is being kept up to date. One that stays frozen for days is a reason to ask the issuer why.
Step 3: Open the Base Prospectus on the issuer's legal documents page and read who holds the shares. It says the custodians are financial firms in Switzerland, the United States and the United Kingdom, and that each product's shares sit in their own account (source: Backed Assets base prospectus).
The same document names a security agent that acts for holders as their direct representative. Under the US custody terms, the agent can take sole control of the account only after the issuer defaults, and from then on the custodian follows the agent's orders alone. The xStocks FAQ calls this custody under a bankruptcy-remote structure, a setup that keeps the shares out of reach of the issuer's other creditors (source: xStocks FAQ).
Taken together, the three steps answer the questions a "1:1" label leaves open. You learn how many shares there are, how fresh the count is and who holds them for you.
Why a block explorer shows a bigger METAX supply
A block explorer counts every METAX token that exists on a chain. That includes tokens the issuer has made in advance and keeps in its own wallet. Those tokens are switched off and nobody has paid for them, so an explorer's supply runs far higher than the circulating figure the reserve count uses.
The base prospectus explains where the extra tokens come from. Tokens for each product are made ahead of time and left inactive in a wallet held for the issuer. They are switched on and sent to a buyer only once the issuer has bought or ordered the matching shares (source: Backed Assets base prospectus). Redeemed tokens go back into the same wallet, so its balance rises and falls with demand.
Solana shows the effect clearly: minutes after that reserve reading, the explorer Solscan showed a supply of 72,583.04 METAx on Solana. An address it labels "xStocks Minter", the token's creator, held 58,025.00 of those tokens across two accounts (source: Solscan). That is 79.9% of the Solana supply, which leaves 14,558.04 tokens spread across exchanges, trading pools and private wallets.
Solana's supply alone is 4.6 times the 15,737.31 tokens the issuer counts in circulation. The issuer also puts METAX on Ethereum as an ERC-20 token, the standard token format on that chain, and on other chains besides (source: Backed). If you added up explorer totals across chains, METAX would look badly short of shares. In fact the gap is made of tokens that were never handed to a buyer.
The same gap swells the market value that explorers show. Solscan multiplied its full Solana supply by its price of $727.72 and showed a market cap of $52.8 million. That is about 4.5 times the $11.7 million value of the shares in custody. For a holder, the number that matters is the custody figure, because it is the one matched against tokens that buyers actually own.
What 1:1 backing covers for a METAX holder
1:1 backing for METAX means the issuer must hold one Meta share as collateral for each token in the market. The number of shares follows the number of tokens in buyers' hands. What you get is a claim on the issuer, secured by those shares, while the shares themselves and their votes stay in the issuer's accounts.
The prospectus states the rule in plain numbers. A product's collateral is the number of shares that matches the tokens out in the market. That number changes only with new tokens, redemptions, fees and dividends that the issuer puts back into more shares. Meta pays a dividend every quarter, so the custody figure also moves each time Meta's dividend is paid and the cash becomes shares.
The same rule explains small gaps either side of 100%. Under one of the issuer's two ways of creating tokens, the new tokens go out first and the shares reach the custody account on a settlement date the prospectus calls T+2. Until they arrive, the cash set aside for the shares counts as backing (source: Backed Assets base prospectus). That cash can be dollars or stablecoins.
Say a large buyer orders 50 new METAX from the issuer this way. Until the T+2 settlement date the card can show 50 more tokens than shares, so the ratio dips under 100% for those days. The opposite happens when shares arrive before tokens go out, so the share count rises while the tokens stay put. Either way, expect the ratio to sit within a fraction of a percent of 100%.
The backing covers the value of the share and nothing more. METAX is a tracker certificate, a form of debt owed by the issuer, so it carries none of the rights of a real Meta share, such as a vote at the annual meeting.
Tokens you keep on an exchange add one more layer, the exchange's own custody. BloFin publishes its own proof of reserves for that layer, and the safety of holding tokenized Meta depends on the exchange as well as on the issuer's legal structure.
BloFin lists METAX and leaves its backing to the issuer. Its xStocks risk disclosure gives no guarantee on how any xStocks token is backed or redeemed (source: BloFin xStocks risk disclosure). You can follow its live price and order book on the METAX/USDT Spot page, or trade Meta's price with leverage on the METAUSDT Perpetual page.
Backed Assets and its September 2026 prospectus supplement
On September 29, 2026, Backed Assets (JE) Limited published a second supplement, an official update to its base prospectus, approved by Liechtenstein's financial regulator, the FMA (source: Backed Assets second supplement). It adds a risk about the issuer's money. Payward, the group that owns Kraken, has committed to cover the issuer's running costs, but Payward has not guaranteed what the issuer owes holders.
The base prospectus already describes the issuer as a special purpose company. It was set up only to issue and redeem its products, and it was not yet making a profit. The same document traces its owners through Backed Finance AG and Payward Europe Limited up to Payward, Inc. in the United States (source: Backed Assets base prospectus). Payward describes itself as the parent company behind Kraken (source: Payward).
The supplement dates Payward's commitment to an agreement signed on January 5, 2026, and says the issuer has also received about $16.8 million in further funding (source: Backed Assets second supplement). If the issuer could not carry on, the supplement warns, holders could lose all or much of their money.
The supplement makes three more changes that a holder can feel:
Two Payward companies, one in Bermuda and one in Cyprus, become authorized participants, the regulated firms the issuer approves to offer its products.
The promise of at least 30 business days' notice before a product ends now applies only "if possible".
If a corporate deal ever swapped Meta's shares for a different security, the issuer may take the new security as the underlying asset and keep the token running.
This is where the reserve count and the company behind it meet, because the count shows shares sitting in accounts pledged for holders. The supplement shows that the company running those accounts relies on its parent group for money. A careful holder reads both, because a full custody account answers one question and a well-funded issuer answers another.
How often to recheck METAX backing
Recheck METAX backing each time you add to a holding, each time the issuer posts a new supplement, and any time the ratio on its page reads below 100%. The count changes through the day, so one reading tells you about one moment. The prospectus behind it has changed twice since May 8, 2026, through its two supplements.
A ratio under 100% that clears within two business days fits the T+2 settlement window the prospectus sets for share purchases. One that stays under 100% for longer is a question to put to the issuer. A sudden jump in the circulating figure usually follows a large creation of tokens, and the share count should catch up within the same window. After each Meta dividend, expect the custody figure to move as well, because the issuer turns the cash into extra shares.
The documents are the slower check, and the issuer's legal documents page lists the base prospectus, which it says stays valid until May 7, 2027, along with its two supplements (source: Backed legal documentation). When a new supplement appears, read the part that gives its purpose first. That is where the September 2026 supplement listed its changes in a few lines.
Once you have read the count, buying tokenized Meta on BloFin starts from a USDT deposit and ends with a single buy order for METAX.
Looking to trade tokenized Meta with its backing in view? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and go to the METAX/USDT Spot trading page or the METAUSDT Perpetual trading page.
Frequently asked questions
What does Liechtenstein's FMA approve in the METAX prospectus?
The FMA approves the base prospectus only as meeting the European Union standards of completeness, comprehensibility and consistency. The document itself says this approval is no endorsement of the issuer or of the quality of its products. The issuer has also asked the FMA to pass the approval on to regulators across the European Economic Area, from Austria to Sweden, so the same document can be used there.
Can the custodians lend out the Meta shares behind METAX?
The custody terms in the base prospectus bar it. The Swiss custodian may not lend the shares at all, and the US terms forbid the custodian to lend, pledge or use them for its own account. The issuer itself may lend a product's shares only where that product's final terms, the document that sets that product's own details, allow it, and only against cash collateral checked against market prices every day.
How long does the issuer take to buy Meta shares for new METAX?
The base prospectus gives the issuer two ways of creating tokens, and each product's final terms say which one applies. In the first, it buys the shares on the business day after payment and switches the tokens on only once the purchase succeeds. If it cannot buy them in time, it cancels the order and returns the payment minus a fixed fee. In the second, the tokens go out straight away and the shares follow on the T+2 settlement date.
What happens to the reserve count when METAX is redeemed?
A redeemed token goes back to the wallet that holds the issuer's inactive tokens, where it is switched off. The issuer then sells the same number of Meta shares from the collateral account to pay the holder, and it has until the fifth business day after it receives the tokens to finish (source: Backed Assets base prospectus). Both sides of the count fall by the same amount once the redemption is done.
Where can you read the METAX base prospectus?
The issuer posts the base prospectus and its supplements on its legal documents page at assets.backed.fi. The prospectus lists Meta xStock as product number 22, with the International Securities Identification Number (ISIN) CH1436219229, and it must be read together with each product's final terms. Supplements follow the base document in date order, so the newest one carries the latest changes.
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 page and FAQ, the Backed Assets base prospectus dated May 8, 2026 and its second supplement of September 29, 2026, Backed's legal documentation page, Solscan, Payward, Stock Analysis market data and BloFin's METAX/USDT Spot page and xStocks risk disclosure, current as of October 2026.
Nothing in this article constitutes financial advice, and nothing in it is a recommendation to buy, sell or hold METAX or Meta in any form. A full reserve count shows shares in custody at one moment, and it does nothing to protect you from a fall in Meta's share price. Your claim still runs against an issuer that relies on its parent group for funding, a group that has not guaranteed the issuer's debts, and the issuer may now end the product with less notice than before. Tokens held on an exchange also depend on that exchange. Past performance does not indicate future results. Do your own research and consider your risk tolerance before you trade on BloFin.