# TBLL xStock / TBLL tokenized ETF (xStock) (TBLLX): D-Score 45/100 — Moderately Decentralized

**BlockIndex D-Score: 45/100 (Moderately Decentralized).** TBLL xStock / TBLL tokenized ETF (xStock) (TBLLX) is a Layer 2 cryptocurrency using Other consensus. TBLLX: Multi-chain tokenized Treasury ETF exposure backed by xStocks infrastructure and real-world asset collateralization.

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

## D-Score breakdown (0-100, higher means more decentralized)
| Component | Score |
| --- | --- |
| Overall D-Score | 45 |
| Node distribution | 0 |
| Initial distribution | 25 |
| Governance | 16 |
| Age and history | 4 |
| Autonomy | 0 |

## Key facts
- Layer: Layer 2
- Consensus: Other (N/A)
- Launch: Other (2026)
- Founder: N/A
- VC funded: No
- Max supply: N/A
- Circulating: 5,397,389

## Market data (as of 2026-06-19)
- Price: $106.39
- Market cap: $574.23M
- 24h volume: $59.11
- 24h change: +0.00% · 7d change: +0.91%

## About
TBLLX is a tokenized real-world asset product known as TBLL xStock or TBLL tokenized ETF (xStock), designed to provide blockchain-based exposure to the Invesco Short Term Treasury ETF / TBLL. It is part of the xStocks framework powered by Backed and is described by public market sources as a wrapped xStock backed 1:1 by underlying assets. The available data identifies Backed Assets (JE) Limited in Jersey as the registry entity associated with TBLLx, with ISIN CH1473121007. TBLLX is therefore best understood as a tokenized ETF exposure product rather than a native cryptocurrency network.

Technically, TBLLX is a multi-chain token issued on existing blockchain infrastructure. The strongest source data identifies Solana as a primary deployment, with additional support across Ethereum, BNB Smart Chain, Arbitrum, Mantle, TON, and Ink. CoinCodex describes the instrument as issued as Solana SPL and ERC-20 tokens, while CoinGecko and other sources expose EVM contract information. Because TBLLX does not operate its own consensus network, mining system, validator set, or block production, native blockchain metrics such as node count, block timing, TPS, chain size, and mining algorithm do not apply directly to the asset.

The main use case is tokenized access to short-term U.S. Treasury bill exposure through a transferable on-chain instrument. xStocks are described as composable with DeFi protocols, allowing the product to be held, transferred, tracked, and potentially integrated like other supported tokens where jurisdictional rules and exchange availability allow. Infrastructure visibility is strongest through Etherscan, BscScan, Ethplorer, Binplorer, Arkham, CoinMarketCap, CoinGecko, TradingView, Backed documentation, and Backed supply endpoints. Chainlink Proof of Reserve plus The Network Firm is referenced as part of the proof or attestation context for backing.

Tokenomics are tied to the backed asset model rather than a mined cryptocurrency emission schedule. Market snapshots in the provided data show prices around $104-$106, with CoinMarketCap reporting a current snapshot of $106.35 on June 4, 2026, market capitalization near $574.01 million, 24-hour volume of $116.83, and total or circulating supply around 5.39 million TBLLX. The product is not described as fair-launched, mined, staked, or governed by a token-holder DAO. No explicit premine percentage, PIP value, ICO, or public sale allocation was found in the supplied material.

Governance and operations appear issuer-centered and off-chain. The DScore extraction identifies Backed / xStocks as the company context and describes governance as centralized issuer or off-chain product governance. No TBLLX-specific CEO, DAO voting mechanism, community-governed treasury, open-source repository, or venture funding information was found. Regulatory restrictions are a material part of the profile: supplied official-site context states that Backed products are prohibited for U.S. persons and that the securities are not registered under the U.S. Securities Act of 1933.

## Links
- Website: https://xstocks.fi/
- 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