Crypto Platform Alchemy Pay Expands into Real-World Assets via Backed Partnership

Cryptocurrency payment platform Alchemy Pay has announced a strategic expansion into real-world assets (RWA) through a partnership with tokenization firm Backed, according to a statement released Thursday.

Under the agreement, Alchemy Pay will launch 55 tokenized US exchange-traded funds (ETFs) and stocks on its RWA platform via Backed’s xStocks integration. The initiative aims to enable direct fiat-to-RWA transactions primarily targeting regions with limited access to US investment products.

Exclusion from US Market

Notably, Alchemy Pay’s RWA platform will exclude US residents. The rollout will be available in regions where the platform supports fiat on-ramps and where xStocks is not restricted. While the company avoids highly sanctioned jurisdictions like Iran, North Korea and Syria, the US remains restricted.

*xStocks-restricted countries as of June 12, 2025. Source: Backed Docs*

“The reality is that users in the US already have relatively seamless access to traditional equities through established brokerage platforms,” explained Ailona Tsik, Alchemy Pay’s chief marketing officer. “Our mission with this product is to bridge the gap for users outside of the US, especially in regions where direct access to such assets has been limited or unavailable.”

Solana-Based Debut Expected in August

Alchemy Pay’s RWA platform is expected to go live in August, with a prototype available through a dedicated portal. This development follows Kraken’s recent announcement of a similar partnership with Backed.

While Backed currently issues assets on Solana, the blockchain powering Kraken’s upcoming tokenized RWA platform, Alchemy Pay indicates plans to integrate more chains over time. “We’re not limiting ourselves to a single chain,” stated Tsik.

Alchemy Pay's fiat-to-RWA investment gateway scheme. Source: Alchemy Pay — *Alchemy Pay’s fiat-to-RWA investment gateway scheme. Source: Alchemy Pay*

Alchemy Pay’s platform aims to support approximately 173 countries, 50 fiat currencies, various crypto assets, and over 300 payment channels including Visa and Apple Pay.

This expansion represents another move by major cryptocurrency platforms into traditional finance (TradFi) assets, following broader industry trends toward tokenizing real-world assets including stocks, bonds and commodities.