1. Project Overview
Amazon.com Inc. (Nasdaq code: AMZN) is one of the highest market capitalization companies globally and is also one of the core U.S. stock assets tokenized in the RWA (Real World Assets) space. As of the writing of this report, the stock price of AMZN oscillates in the range of 230–246 USD, corresponding to a total market capitalization of approximately 2.5 trillion USD, with average daily trading volume reaching several billion USD.
In contrast, the on-chain portion is much smaller, with 24-hour on-chain trading volume between several million to over ten million USD. Among the more noteworthy products is AMZNX (xStocks series) issued by Backed Finance, with a circulation of approximately 158,596 tokens, a total supply of about 300,884 tokens, and a market capitalization of approximately 38.98 million USD. AMZNX is deployed in the Solana ecosystem and has an ERC-20 version, with no upper limit on maximum supply.
It is important to clarify that AMZN itself is not a cryptocurrency project; the "project" discussed in this report actually contains two layers: the equity of Amazon as the underlying asset and the on-chain tokenized products built around that equity. Additionally, there are other tokenized versions from issuers like bStocks in the market, but this article primarily references the xStocks version.
2. Project Introduction
Amazon was founded by Jeff Bezos in 1994, originally as an online bookstore. It went public in 1997 under the code AMZN, headquartered in Seattle, with approximately 1.56 million full-time employees. After thirty years of development, the company has expanded from an e-commerce platform to a diversified technology giant spanning e-commerce, cloud computing, advertising, logistics, streaming media, and AI infrastructure.
In terms of financial performance, Amazon's net sales for fiscal year 2025 (calendar year) reached 716.9 billion USD, a year-on-year increase of 12%, with net profit of 77.7 billion USD and total operating profit of 80 billion USD. As it entered fiscal year 2026, growth further accelerated: in the first quarter of 2026 (ending March 31, 2026), net sales reached 181.5 billion USD, a year-on-year increase of 17% (15% excluding exchange rate impacts), with operating profit of 23.9 billion USD and an operating profit margin of 13.1%, the highest level in the company's history. It is important to note that during this quarter, the net profit of 30.3 billion USD and earnings per share of 2.78 USD included approximately 16.8 billion USD in pre-tax earnings from the investment in Anthropic; the actual profitability level of the core business should be measured by operating profit.
On the on-chain side, the rise of tokenized U.S. stocks began in 2025. The xStocks series launched by Backed Finance is based on a 1:1 real stock custody model, providing compliant on-chain stock exposure to non-U.S. users, with AMZNX as one of its components.
3. Products and Technology
Amazon's business matrix is supported by three major segments: North American and international e-commerce retail, cloud computing AWS, and rapidly growing advertising businesses. In 2025, AWS generated revenue of 128.7 billion USD for the full year, accounting for about 18% of the company's total sales but contributing the majority of operating profit; the advertising business had an annual revenue exceeding 68 billion USD. Additionally, the company has established a Prime membership system, Prime Video streaming, Whole Foods offline retail, Kuiper/Leo satellite internet, and healthcare among other sectors.
From a technical perspective, in the first quarter of 2026, AWS revenue grew by 28% year-on-year, the fastest growth in 15 quarters, with an annualized revenue run rate of about 150 billion USD. The main driver comes from AI-related computing power demand: the company's self-developed Trainium series AI chips have surpassed an annualized run rate of 20 billion USD, Trainium2 is basically sold out, and Trainium3 started shipping in early 2026; AWS's AI-related revenue run rate has exceeded 15 billion USD. The backlog of AWS disclosed by management is large, reflecting strong long-term demand reserves. At the same time, the company had capital expenditures of up to 43.2 billion USD in the first quarter of 2026, primarily directed towards AWS and generative AI infrastructure, putting short-term free cash flow under pressure.
The technical structure of the tokenized product is relatively clear: when authorized participants initiate minting, the issuer buys a corresponding amount of real AMZN stocks and hands them over to a regulated custodian to mint an equal amount of tokens on-chain; during redemption, tokens are destroyed, and the underlying stocks are sold. The entire process is constrained by a tripartite account control protocol, and through public reserve proofs (Proof of Reserves) for on-chain verification, ensuring that the quantity of on-chain tokens corresponds exactly to off-chain holdings. AMZNX can be traded on centralized exchanges and DEX, and it has combinability as DeFi collateral.
4. Economic Model
Here, it is necessary to distinguish between two completely different models.
At the level of Amazon, unlike many mature technology companies, the company does not distribute cash dividends in the long term and conducts fewer regular buybacks, instead reinvesting the vast majority of cash flow back into AWS, AI infrastructure, logistics networks, and emerging businesses. Therefore, shareholder returns mainly depend on capital gains from the stock price rather than dividends. This "heavy investment, light dividends" model makes the rhythm of capital expenditures and free cash flow key variables in measuring its economic model.
At the token level, AMZNX does not have the conventional "token economics" — no pre-mining, no release curve, no governance token, no protocol incentives. Its supply is entirely determined by market subscriptions and redemptions: When users subscribe, the issuer mints an equal amount of tokens; when redeeming, tokens are destroyed, so the maximum supply displays as unlimited, and circulation adjusts dynamically with demand. The token price anchors to the underlying stocks, and there is usually only a small premium or discount between the two; when on-chain liquidity is insufficient, the price difference can be magnified.
Token holders gain exposure to the economic value of the stocks and corresponding legal claims, rather than direct shareholder identity on exchange seats. Shareholder rights such as voting rights do not typically transfer with the tokens; since Amazon itself does not pay dividends, the handling of dividends, a common point of contention in other assets, has limited influence on AMZNX (some issuers adopt an automatic reinvestment mechanism for dividend-paying assets, reflected in the token's net value).
5. Team and Investors
Amazon’s management structure is stable. Founder Jeff Bezos stepped down as CEO in 2021 to serve as executive chairman; the current CEO is Andy Jassy (former head of AWS), and the chief financial officer is Brian Olsavsky. This handover has been completed for several years, contrasting with the management turmoil experienced by some peers.
In terms of shareholder structure, Amazon's equity is held collectively by the founder, large index funds, and institutional asset management, making it a core weight stock in major indices such as the S&P 500 and Nasdaq 100; therefore, the subscription and redemption of passive funds significantly affects its short-term liquidity.
On the token issuance side, xStocks is issued by entities related to Backed Finance, distributed through centralized exchanges and the DEX in the Solana ecosystem. Additionally, there are other tokenized AMZN products provided by other issuers like bStocks in the market, forming a coexistence of multiple issuers.
6. Roadmap
Amazon's strategic focus is clear: first, to continue heavily investing in AWS and self-developed AI chips to convert AI computing power demand into long-term revenue; second, to advance the commercialization of Kuiper/Leo satellite internet (contracts have been signed with clients like Delta Airlines); third, to deepen logistics automation and same-day/next-day delivery capabilities; fourth, to expand into emerging retail scenarios such as fast-moving consumer goods, fresh produce, and healthcare. The company has stated that it will maintain high-intensity capital expenditures in 2026, which may lead to short-term fluctuations in profit margins.
The pace on the tokenized side is equally tight: Kraken and Backed have completed the launch of 100 xStocks and have set a goal to expand to over 500 by the end of 2026; the U.S. DTCC plans to promote the production environment trading and commercial promotion of tokenized securities within 2026; Nasdaq’s proposal regarding the rules for tokenized securities is still in progress with regulators. These developments determine whether tokenized U.S. stocks can move from being "niche products" to mainstream infrastructure.
7. Risks and Opportunities
In terms of risks, the primary pressure on Amazon's fundamentals comes from the extremely high capital expenditures and the resulting strain on free cash flow — several institutions expect its free cash flow to remain negative in 2026 and 2027; at the same time, the company is pursuing multiple lines in AI infrastructure, satellite internet, and agency commerce, creating uncertainty about the simultaneous realization of these efforts. Furthermore, the cloud computing sector faces fierce competition from Azure and Google Cloud, and the e-commerce and advertising businesses are sensitive to macro consumer sentiment; antitrust and regulatory scrutiny is also a long-term variable.
The risks at the tokenized layer are even more unique and warrant closer attention: first, the credit risk of the issuer and custodian, as token value ultimately depends on the solvency of centralized institutions; second, regulatory risk, as xStocks is clearly aimed at non-U.S. users and has not registered with U.S. securities regulators, policy changes in various jurisdictions may directly impact the product's continuity; third, liquidity risk, with approximately 40 million USD in tokenized market cap relative to the underlying market cap of 2.5 trillion USD being almost negligible, insufficient depth could lead to slippage and expanded price differences; fourth, price decoupling risk, as on-chain trading can occur 24/7 even during U.S. stock market closures, the lack of arbitrage channels could significantly amplify premiums or discounts.
In terms of opportunities, the core value of tokenization lies in breaking regional, time, and account-opening barriers, allowing non-U.S. users to gain fragmented exposure to blue-chip stocks and connecting them to DeFi lending and settlement scenarios. As an asset with simultaneous growth logic in cloud computing, AI, and e-commerce, Amazon holds significant representation in the tokenized blue-chip basket. If the tokenization paths of traditional infrastructures like DTCC and Nasdaq proceed smoothly, the compliance and liquidity of the entire sector are expected to see substantial improvement.
8. Conclusion
AMZN is an asset with strong growth logic that is currently in a heavy investment cycle. Amazon AWS’s growth is coming back to acceleration, operating profit margins have reached a historical high, and simultaneously, with record capital expenditures, it is betting on long-term directions such as AI and satellites, starkly contrasting short-term cash flow pressure with long-term potential. Its tokenized version offers a new access path — 1:1 real stock support, 24/7 trading, DeFi compatibility — but the current tokenization scale of approximately 40 million USD and limited on-chain depth indicates that this is still a product form in the validation stage.
For researchers, observing AMZN's on-chain progress is essentially observing the maturity of the entire field of tokenized stocks: the quality of underlying assets no longer needs to be proven; the real variables lie in whether the issuance structure, regulatory framework, and liquidity construction can keep pace.
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