What you are buying
z poke lists xStocks and Backpack Securities tokens on Solana, and Robinhood's stock tokens on Robinhood Chain. The issuer, token address and product terms identify what you hold; a matching stock ticker does not make two tokens interchangeable.
xStocks
xStocks are tracker certificates issued by Backed Assets (JE) Limited. Each is a token on Solana designed to track the price of a listed share or ETF: NVDAx tracks NVIDIA, SPYx tracks the S&P 500 ETF, and so on. The issuer holds the underlying securities with a custodian and issues tokens against them.
z poke does not issue these tokens, does not hold the underlying shares, and has no say in the issuer's terms. It is a venue for swapping them. The xStocks product and legal overview is the document that defines your rights.
Backpack Securities
Backpack Securities tokens are a separate issuer family, listed with plain tickers such as AMD rather than AMDx. Backpack describes conversion between its tokenized securities and traditional securities entitlements through its platform. Its redemption, ownership and corporate-action terms are separate from xStocks. A swap on z poke does not open a brokerage account or perform an issuer redemption. Read Backpack's securities overview and the terms for the particular product. Its SPCX explanation describes that product's dividend and corporate-action treatment; do not assume the xStocks mechanism below applies to it.
Robinhood
Robinhood's stock tokens are ERC-20 tokens on Robinhood Chain, an Ethereum L2, issued by Robinhood Assets (Jersey) Limited. Each gives price exposure to a listed share or ETF and no legal or beneficial rights in the share itself. One token holds a number of shares that starts at one: dividends are reinvested into that number, and a split changes it, rather than changing how many tokens you hold. The stock's page shows it under One token. Robinhood's terms for stock tokens define your rights.
Use All, xStocks, Backpack or Robinhood in Markets to filter by issuer. The selected instrument shows its issuer and mint. Quick depends on available routes. ZPOKE requires a separately configured, funded pool and a verified reference; listing a token does not create a pool or guarantee liquidity. Check the terminal for current availability.
xStocks compared with a brokerage share
| A share in a brokerage account | An xStock in your wallet | |
|---|---|---|
| What you own | The share itself | A token issued by a third party that tracks the share |
| Voting | Yes | No |
| Dividends | Paid in cash | Reflected by the issuer through the token's multiplier |
| Who holds it | Your broker, in your name or theirs | You, in a wallet only you control |
| Trading hours | The exchange's | Transfers at any time; on z poke, Quick at any time its route finds liquidity, ZPOKE only while a US session is open |
| Settlement | One business day | About a second |
| Who can take it away | A court, through your broker | The issuer, directly, under its terms |
| Who may hold it | Depends on your broker | Not residents of restricted countries |
xStocks issuer controls
The following controls describe xStocks. For a different issuer, check its own terms and the selected token's verified mint configuration.
| Power | Effect on you |
|---|---|
| Pause the token | All transfers of that token stop, everywhere, until the issuer lifts it. You keep your balance but cannot move it. |
| Move or burn any balance | The issuer can transfer tokens out of any wallet or destroy them, for example to comply with a court order or sanctions. |
| Freeze an account | An individual wallet's tokens can be frozen. |
| Change the multiplier | How dividends and splits are applied. It changes the shares your tokens represent, not the number of tokens you hold. |
How z poke checks a token
Fake tokens with the same ticker exist. z poke never identifies a token by its name. Every market is tied to one mint address taken from the issuer's own registry, and that mint is re-read from the chain every five minutes. It must be the right program, have the right decimals, carry exactly the expected set of extensions, be unpaused, and have no transfer hook active. Any difference stops quotes for that market on both routes. ZPOKE also reads the mint for every quote request, and the settlement program checks it again at every fill. About under the chart on a stock's page shows the mint address, with a link to an explorer, and the result of these checks.
If you hold or send these tokens outside z poke, check the mint address against Markets, not the ticker.
On Robinhood Chain, each market is tied to the contract address in Robinhood's own token list, read again every ten minutes. A token leaves Markets when Robinhood stops listing it as active. About shows its contract address with a link to the explorer.
USDC
The other side of every market is USDC, the dollar stablecoin issued by Circle, in its native Solana form. z poke treats one USDC as one dollar. ZPOKE turns the underlying share's dollar price into a USDC price on that assumption; it does not measure a USDC price. It watches an independent USDC price and stops new quotes if that price leaves $0.99 to $1.01 or is more than 60 seconds old. If USDC trades away from a dollar, prices on z poke are still prices in USDC.
USDG
On Robinhood Chain the other side is USDG, the Global Dollar, at 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168, with six decimals. z poke treats one USDG as one dollar in the same way.