# International Business Machines xStock (IBMX): D-Score 48/100 — Moderately Decentralized

**BlockIndex D-Score: 48/100 (Moderately Decentralized).** International Business Machines xStock (IBMX) is a Layer 2 cryptocurrency using Other consensus. International Business Machines xStock: Tokenized IBM equity exposure issued across Solana and Ethereum for eligible markets.

_Source: https://blockindex.ai/coin/ibmx · 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: N/A
- VC funded: No
- Max supply: N/A
- Circulating: 120,689

## Market data (as of 2026-06-19)
- Price: $249.4
- Market cap: $30.1M
- 24h volume: $816.72
- 24h change: -8.08% · 7d change: -9.63%

## About
International Business Machines xStock, ticker IBMX, is a tokenized stock tracker certificate designed to provide blockchain-based exposure to International Business Machines Corporation equity. It is part of the Backed/xStocks tokenized asset ecosystem and is issued by Backed Assets (JE) Limited, with Backed Finance AG managing tokenization operations. IBMX is not a standalone cryptocurrency network, but a real-world asset token that tracks IBM stock-price exposure for eligible market participants. The product is subject to important jurisdictional restrictions, including prohibitions for U.S. citizens, U.S. residents, and persons otherwise taxable in the United States. Its regulatory framing and issuer-controlled structure make it closer to a tokenized financial instrument than a decentralized public-chain protocol.

Technically, IBMX exists as a token on established blockchain infrastructure rather than maintaining its own consensus system. The provided source identifies IBMX as issued as Solana SPL and Ethereum ERC-20 tokens, with additional explorer visibility across EVM-related networks such as BNB Smart Chain and Arbitrum. Because it has no native validator set, mining process, node network, or block production layer, IBMX inherits settlement characteristics from its parent chains. The confirmed token contracts include the Solana address XspwhyYPdWVM8XBHZnpS9hgyag9MKjLRyE3tVfmCbSr and the Ethereum address 0xd9913208647671fe0f48f7f260076b2c6f310aac. Infrastructure visibility is supported by explorers and analytics services including Solscan, Etherscan, Bscscan, Arbiscan, Ethplorer, Binplorer, Arkham, CoinMarketCap, and CoinGecko.

The principal use case for IBMX is regulated tokenized exposure to IBM equity through crypto-market rails. Eligible users can gain price exposure to the underlying stock while benefiting from token transferability, on-chain settlement, wallet custody options, and exchange integrations. The provided ecosystem data lists exchange availability across Kraken, Binance, Coinbase, Meteora, Uniswap, Curve, and Jupiter, with IBMX/USD as the identified trading pair. Wallet support includes Ledger, Electrum, MyEtherWallet, Argent, MetaMask, and Phantom, reflecting the token's cross-chain presence across Ethereum-style and Solana-style wallet environments. The product also references proof-of-reserve and oracle infrastructure, including Chainlink Proof of Reserve and The Network Firm, which are relevant because IBMX is intended to represent backed exposure to an off-chain financial asset.

IBMX tokenomics differ from native blockchain tokenomics. There is no mining schedule, block reward, staking emission, or fixed native-chain monetary policy. Supply appears tied to tokenized certificate issuance and redemption mechanics rather than algorithmic emission. The master summary reported a snapshot of 120,680 total and circulating tokens, implying 100% circulating supply at that time, while alternate market snapshots showed different total and circulating figures. These differences should be treated as time-sensitive market data rather than permanent fundamentals. No premine, ICO, or public token sale allocation was documented; for extraction purposes, premine is treated as 0% and public initial percentage is treated as 100% because the available supply snapshots showed circulating supply equal to total supply.

Governance is centralized and issuer-administered rather than DAO-based. No IBMX-specific token-holder governance, on-chain proposal system, public voting process, community treasury, or decentralized governance model was confirmed in the supplied material. The controlling legal and operational structure is tied to Backed Assets (JE) Limited and the Backed/xStocks framework, with regulated-product administration and jurisdictional access restrictions playing a central role. Future growth for IBMX depends less on protocol upgrades and more on liquidity, eligible-market access, tokenized equity adoption, integration with wallets and exchanges, and the continued expansion of regulated real-world asset infrastructure.

## Links
- Website: https://assets.backed.fi/products/international-business-machines-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