The cryptocurrency payment platform Alchemy Pay is expanding its real-world asset (RWA) business through a new partnership with the tokenization company Backed, as announced in a statement shared with Cointelegraph on June 12.

The company plans to launch 55 tokenized U.S. exchange-traded funds (ETFs) and stocks on its RWA platform through Backed's xStocks integration.

This promotion will enable direct fiat-to-RWA transactions, focusing on regions where access to U.S. investment products has been challenging.

Alchemy Pay's Chief Marketing Officer Ailona Tsik stated, "By partnering with Backed, we are enabling ordinary people to access the world's leading stocks and ETFs, breaking down the traditional barriers that have long hindered too many from participating."

Backed currently also provides tokenized stock and ETF services to the U.S. cryptocurrency exchange Kraken.

Alchemy Pay's upcoming RWA platform will be available in regions where fiat support is launched and xStocks is unrestricted.

In addition to strictly sanctioned jurisdictions like Iran, North Korea, and Syria, the list of restricted countries for xStocks also includes the United States, meaning Alchemy Pay's RWA products will not be available to U.S. residents.

Tsik explained to Cointelegraph, "In fact, U.S. users can already access equity assets like traditional stocks and ETFs relatively seamlessly through established brokerage platforms. Our product's mission is to bridge the gap for users outside the U.S., especially in areas where direct access to such assets has been limited or unavailable."

Alchemy Pay's RWA platform is expected to launch in August, with the product already available in prototype form through a dedicated portal. The U.S. exchange Kraken also announced its upcoming RWA product in collaboration with Backed in May.

While Backed is currently issuing assets on Solana—the same blockchain that Kraken's upcoming tokenized RWA platform will use—Alchemy Pay stated that its goal is to integrate more blockchains over time.

Tsik revealed to Cointelegraph, "While xStocks is currently issuing its RWA assets on Solana and is part of the current integration, we are not limited to a single chain."

"In the future, we will continue to collaborate with RWA companies to support various RWA assets across different chains," Tsik added.

According to its website, Alchemy Pay's RWA platform is expected to support 173 countries, 50 fiat currencies, all possible crypto assets, and over 300 payment channels, including Visa and Apple Pay.

Related: Glassnode: "Unique" Bitcoin holding trends indicate BTC will enter a new price discovery phase

Original: “Alchemy Pay Partners with Backed to Expand Access to Tokenized ETFs and Stocks”

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