# Goldman Sachs xStock (GSX): D-Score 48/100 — Moderately Decentralized

**BlockIndex D-Score: 48/100 (Moderately Decentralized).** Goldman Sachs xStock (GSX) is a Layer 2 cryptocurrency using Other consensus. Goldman Sachs xStock: Tokenized Goldman Sachs equity exposure issued by Backed across Solana and Ethereum rails.

_Source: https://blockindex.ai/coin/gsx · Data by BlockIndex.AI · Updated 2026-06-19_

## D-Score breakdown (0-100, higher means more decentralized)
| Component | Score |
| --- | --- |
| Overall D-Score | 48 |
| Node distribution | 0 |
| Initial distribution | 25 |
| Governance | 16 |
| Age and history | 7 |
| Autonomy | 0 |

## Key facts
- Layer: Layer 2
- Consensus: Other (N/A)
- Launch: Other (2025)
- Founder: Backed Assets (JE) Limited / Backed Finance AG
- VC funded: No
- Max supply: N/A
- Circulating: 56,419

## Market data (as of 2026-06-19)
- Price: $1,123.02
- Market cap: $63.36M
- 24h volume: $1,535.45
- 24h change: +0.67% · 7d change: +8.75%

## About
Goldman Sachs xStock, traded under GSX or GSx, is a tokenized stock tracker certificate issued by Backed Assets (JE) Limited and tokenized by Backed Finance AG. The product tracks the price of The Goldman Sachs Group, Inc. common share and is part of the broader xStocks product line. It is not a standalone blockchain, mined cryptocurrency, or decentralized base-layer network. Instead, it is a regulated real-world asset token that brings equity-price exposure into crypto-market infrastructure for eligible non-U.S. participants. The public launch context in the provided master summary is June 30, 2025, when Backed launched more than 60 tokenized equities through Kraken, Bybit, and Solana DeFi.

Technically, GSX is issued on existing blockchain rails rather than operating its own validator set or consensus system. The summary identifies Solana SPL / token-2022 and Ethereum ERC-20 issuance, with additional explorer visibility on BNB Smart Chain and Arbitrum. Because GSX depends on parent-chain infrastructure, its project-level consensus, mining algorithm, block production, TPS, block size, and node count are not independently applicable. Its core technical design is the tracker-certificate model: tokenized exposure is intended to be backed 1:1 by the relevant underlying financial instrument or equivalent arrangement under Backed's issuer structure.

The primary use case is regulated tokenized access to Goldman Sachs equity-price exposure inside crypto trading, custody, and DeFi environments. GSX is listed in market-data systems including CoinMarketCap, CoinGecko, CryptoCompare, and TradingView chart integrations, and it has exchange visibility through Kraken, Binance, Bybit, Bitget, Coinbase, Uniswap, Curve, and Jupiter in the provided verified ecosystem data. Wallet support spans Ledger, Electrum, MyEtherWallet-style desktop support, Argent, MetaMask, and Phantom, reflecting its multi-chain token footprint rather than a proprietary wallet stack.

GSX tokenomics differ from native crypto assets because issuance and redemption are issuer-driven. The provided CoinMarketCap snapshot showed 56.41K GSX total supply and 56.41K circulating supply, implying 100% of that reported supply was circulating at the time of the scrape, though CoinGecko supply figures in the master summary conflicted with CoinMarketCap. There is no crypto-style premine, mining reward schedule, staking emission, or independent monetary policy. Market data in the summary showed a latest price of $1,051.47, market cap of $59.32 million, 24-hour volume of $8.92 thousand, and an all-time high of $1,091.92 on June 3, 2026.

Governance is issuer-managed and off-chain. The product is controlled through Backed-related legal entities and product terms rather than DAO voting, token-holder governance, or a community treasury. Regulatory restrictions are central to the product: Backed states that its products are not offered directly to the public, are subject to investor eligibility restrictions, and are prohibited for U.S. persons. The main risks are therefore issuer, custodian, broker, liquidity, market-price, regulatory, and parent-chain availability risks rather than native-chain security or consensus risks.

## Links
- Website: https://assets.backed.fi/products/goldman-sachs-xstock
- Whitepaper: https://docs.backed.fi/
- GitHub: N/A

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About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore