Backpack said users outside the United States can now trade tokenized U.S. stocks on a 24/7 basis across more than 150 countries and regions. The initial lineup includes tokenized shares tied to SpaceX, Micron, and SanDisk. According to the company, eligible buyers receive ownership of the underlying securities rather than synthetic exposure, while trades settle instantly in either fiat currencies or stablecoins.
Exchange trading and Solana-based transfers run side by side
Alongside the exchange listing, Backpack is also issuing Solana-based versions of the same securities. The company said those blockchain assets can be moved between compatible wallets, used in DeFi applications, and redeemed on its platform on a 1:1 basis for the corresponding shares. Liquidity for trading, it added, comes from traditional financial markets. More tokenized stocks are expected to be added over time.
The product is aimed at investors looking for access to U.S. equities outside standard Wall Street hours. Backpack said the structure differs from offerings that only track a stock price, because buyers hold rights to the underlying securities themselves. The company also said its tokenized SpaceX shares, launched in June, have become the most actively traded tokenized version of the private aerospace company, though it did not disclose trading volumes or provide comparisons with rival platforms.
Backpack previously outlined an IPO-linked token model
Earlier this year, Backpack introduced a token structure connected to its planned U.S. IPO. Under that model, users who lock the platform’s native token for at least one year would be able to exchange those tokens for company equity after the public offering. Backpack also said part of the token supply will remain locked until at least one year after the listing.
Tokenized equities market reaches $1.85 billion
Data from RWA.xyz shows the tokenized equities market has expanded from about $379 million to $1.85 billion over the past year. The same dataset shows distributed value rose 28.6% in the last 30 days, while monthly transfer volume climbed more than 85% to $8.76 billion.
Crypto exchanges have driven much of that growth. The report notes that Kraken strengthened its position after acquiring xStocks developer Backed Finance in late 2025 and later integrating the platform into its exchange. Bybit and Bitget have also added xStocks support, while Coinbase and Binance have launched their own tokenized equity products in recent months. Traditional finance firms are moving in as well: in March, the U.S. Securities and Exchange Commission approved Nasdaq’s pilot for trading tokenized stocks alongside conventional securities on the same exchange, and the New York Stock Exchange partnered with Securitize to build a 24/7 marketplace for tokenized stocks and ETFs. Separately, DTCC said in April that it plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms.