Procter & Gamble xStock (PGX) is a tokenized-stock wrapper that tracks shares of The Procter & Gamble Company (NYSE: PG), a global consumer-goods company. P&G's brands span Beauty (Pantene, Olay, SK-II) and other household-goods segments.
In fiscal year 2026, organic sales grew more than 1% and core earnings per share rose to $6.89, with e-commerce sales up 6% to 20% of total company sales. PGX itself is issued by Backed Finance as a 1:1 asset-backed token, primarily on Solana.
PGX gives on-chain access to Procter & Gamble shares, a well-established equity, rather than a broad index or a native crypto asset. It settles on Solana for low fees and fast settlement.
The wrapper is backed 1:1 by shares held with regulated custodians and redeemable through the issuer, distinguishing it from purely synthetic derivatives. Across the wider xStocks product line covering 60+ U.S. stocks and ETFs, combined exchange and on-chain trading volume surpassed $10 billion since its 2025 debut, though PGX itself trades thinly, with roughly $937 in 24-hour volume.
PGX is neither a governance token nor a utility token; it carries no voting rights, staking function, or fee-payment role within a protocol.
It is a tokenized-debt instrument representing a 1:1 claim on a custodied Procter & Gamble share. Holders can hold, transfer, or trade the token on supporting venues, or redeem it through Backed Finance's issuance and custody process; it confers no governance rights over Backed Finance, Procter & Gamble, or any blockchain protocol.
PGX has no fixed maximum supply; the Solana instance held a circulating supply of approximately 3,014 tokens against a total supply of about 106,584 tokens, as of 2026-09-02.
PGX launched on Solana on 2025-06-11, with no ICO or public token sale; xStocks tokens are minted on demand rather than sold through a fundraising event.
Each token is created only after Backed Finance purchases the corresponding Procter & Gamble share on a traditional exchange, places it with a regulated custodian, then mints a matching token 1:1.
PGX is issued natively as an SPL token on Solana.
The identical wrapper is also deployed at the same contract address, 0xa90424d5d3e770e8644103ab503ed775dd1318fd, on Ethereum, BNB Chain, Arbitrum, and Mantle, and at a separate address on TON. Solana is the primary issuance venue and the only instance showing active trading volume; the bridged instances on other chains show no reported trading activity.
PGX tracks The Procter & Gamble Company (NYSE: PG) and is issued by Backed Assets (JE) Limited, a Jersey-based entity. Backed Assets operates under a Base Prospectus approved by Liechtenstein's Financial Market Authority on May 8, 2025.
The tokenizer entity operates in Switzerland, and custody of the underlying Procter & Gamble shares sits with Clearstream Banking and InCore Bank. On December 2, 2025, Kraken announced it would acquire Backed Finance outright, bringing issuance, custody, and settlement of xStocks in-house ahead of Kraken's planned 2026 initial public offering.
PGX carries no on-chain or token-holder governance; it is a regulated, asset-backed instrument rather than a governance token.
Oversight operates at the regulatory and corporate level: Backed Finance's Base Prospectus is supervised by Liechtenstein's Financial Market Authority, and Backed publishes monthly attestations reconciling custodied share counts against on-chain token supply. Following Kraken's December 2025 acquisition announcement, control of the issuing platform is set to pass to Kraken, with no DAO or community vote involved in that decision.
Kraken announced on December 2, 2025 that it would acquire Backed Finance, the issuer behind xStocks and PGX. The deal will bring xStocks issuance in-house ahead of Kraken's targeted 2026 initial public offering.
Backed Finance's monthly attestation process, reconciling custodied Procter & Gamble shares against on-chain token supply, continues as an ongoing operational practice.
No published third-party smart-contract audit specific to PGX or the broader xStocks token contracts has been identified, despite the product line reportedly building on OpenZeppelin's base contract libraries.
CertiK maintains a Skynet "Project Insight" monitoring page for xStocks, but this provides on-chain monitoring rather than a completed audit report. Structurally, the Solana instance of PGX shows high liquidity risk, with on-chain liquidity equal to roughly 0.13% of market capitalization, only 89 token holders, and about $1,900 in on-chain liquidity, indicating thin, illiquid trading.