Backpack launches 24/7 trading for tokenized US equities including SpaceX
In brief
- Backpack launches 24/7 trading for tokenized US equities including SpaceX, Micron, and SanDisk with instant settlement.
- Tokenized shares offer direct ownership of underlying securities rather than synthetic exposure via Solana-based tokens.
- Tokenized stock market grew from $379M to $1.85B in one year, with monthly volume up 85%.
- Kraken, Coinbase, and Binance recently launched competing tokenized equity offerings.
Backpack's Tokenized Offering
Backpack's service leverages Solana-based tokenized versions of securities that can be transferred between wallets and converted 1:1 into corresponding shares. This structure removes geographic and time-zone barriers that traditionally constrain stock trading. Tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after launching in June.
The timing reflects Backpack's broader strategy. Earlier this year, Backpack unveiled a token distribution model tied to its planned US 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.
Market Momentum Accelerates
The tokenized stock market has grown from about $379 million to $1.85 billion over the past year, according to RWA.xyz data. Growth is accelerating. Over the past 30 days alone, distributed value climbed 28.6%, while monthly transfer volume surged over 85% to $8.76 billion.
Traditional finance and crypto platforms alike are racing to capture this growth. Kraken acquired xStocks developer Backed Finance in late 2025 and expanded the platform across its exchange, while Bybit and Bitget have also integrated xStocks. Coinbase and Binance have likewise rolled out tokenized equity offerings in recent months.
Regulatory Tailwinds
Regulatory approval is fueling the expansion. In March, the SEC approved Nasdaq's pilot to trade tokenized stocks alongside conventional securities on the same exchange. The New York Stock Exchange partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs. Most significantly, the Depository Trust & Clearing Corporation announced plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms.
Tokenized stocks have become one of the fastest-growing segments of the onchain real-world asset market. Backpack's launch underscores how the infrastructure for 24/7 equity trading is moving from fringe crypto feature to mainstream financial rails.
