Backpack offers 24/7 trading for tokenized U.S. equities

Backpack has launched round-the-clock trading for a limited slate of tokenized U.S. equities, including SpaceX, Micron and SanDisk. Trades execute 24/7 and settle instantly, and investors receive direct ownership of the underlying shares. Accounts can be funded in fiat currency or stablecoins.

The exchange issues Solana-based tokens that represent each security. Those tokens can be moved between wallets, used in decentralized finance applications and converted one-for-one into the corresponding shares through Backpack’s platform.

The service is available to investors in more than 150 countries and regions, with trading supported by liquidity sourced from traditional exchanges. Backpack did not disclose trading volumes or market-share figures for its tokenized listings.

Tokenized SpaceX shares became the most actively traded tokenized representation of the private company after their June debut, the firm reported, though it did not provide volume data or comparisons with rival offerings.

Backpack described a token distribution model linked to a planned U.S. initial public offering. Users who stake the exchange’s native token for at least one year will be eligible to exchange it for company equity after the IPO, and part of the token supply will remain locked for at least one year following the listing.

Market data from RWA.xyz show the tokenized stock market expanded from about $379 million to roughly $1.85 billion over the past year. Distributed value rose about 28.6% in the last 30 days, and monthly transfer volume increased roughly 85% to about $8.76 billion.

Several crypto exchanges have added tokenized equity products. Kraken integrated an xStocks platform after an acquisition, and Bybit, Bitget, Coinbase and Binance have also rolled out or expanded tokenized stock offerings. Traditional market infrastructure has moved toward tokenization as well: a regulator approved a Nasdaq pilot to trade tokenized stocks alongside conventional securities; the New York Stock Exchange partnered with Securitize on a 24/7 platform for tokenized stocks and ETFs; and the Depository Trust & Clearing Corporation plans to launch a tokenized securities service in October after a pilot involving more than 50 firms.

Backpack did not provide detailed transaction figures or direct comparisons with other tokenized equity products.