Backpack launches 24/7 trading in tokenized US equities with direct share ownership

Backpack has launched 24/7 trading for a limited selection of tokenized US equities, enabling international investors to access stocks such as SpaceX, Micron and SanDisk around the clock. The exchange said participants receive direct ownership of the underlying securities rather than synthetic exposure, with trades settling instantly and funded in fiat currency or stablecoins—an approach aimed at aligning equity trading with crypto’s continuous market structure.

The Development

Under the initial rollout, Backpack is listing a curated set of US equities, with more stocks planned. The exchange emphasized that investors would hold the underlying securities directly. Settlement is instant, and users can fund trades in either fiat or stablecoins, a design intended to streamline flows between on- and off-chain capital.

Backpack also offers Solana-based tokenized representations of the listed securities. These tokens can move between user wallets, interact with decentralized finance applications and be converted on a 1:1 basis into the corresponding shares through the exchange. According to Backpack, the new service is available to investors in more than 150 countries and regions. It added that liquidity for the products is backed by traditional exchanges, positioning the venue to offer pricing and execution that mirror conventional markets while remaining accessible at all hours.

The exchange said tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after they launched in June. Backpack did not disclose trading volumes or provide comparisons with rival offerings.

Trading Volume and Activity

The launch lands in a phase of accelerated growth for tokenized equities. RWA.xyz data cited in the source indicates the tokenized stock market has expanded from about $379 million to $1.85 billion over the past year. Over the last 30 days, distributed value climbed 28.6%, and monthly transfer volume surged more than 85% to $8.76 billion.

Backpack did not publish venue-specific volumes for its new products. For professional traders, the absence of disclosed figures means attention will likely turn to observable liquidity conditions—such as spreads, depth and fill quality—especially during periods when legacy markets are closed. With instant settlement and funding in fiat or stablecoins, the exchange is aligning operational rails with crypto-native trading, but execution quality will depend on realized liquidity and order flow.

Market and User Impact

Continuous access to select US equities is designed to bridge time-zone gaps for international investors and reduce reliance on off-hours price discovery via derivatives or informal markets. By structuring the products as direct ownership instead of synthetic exposure, Backpack is targeting users who want an equity claim rather than a derivative representation. For traders managing cross-venue strategies, the ability to fund and settle instantly in stablecoins may facilitate faster collateral rotation and reduce operational friction across crypto and tokenized TradFi exposures.

Backpack’s tokenized shares on Solana can be transferred between wallets and used in DeFi applications, creating optionality for portfolio management and collateralization. The 1:1 convertibility into corresponding shares through the exchange implies a path back to traditional settlement. That convertibility will be a focus point for professional participants evaluating redemption mechanics and operational timelines as determinants of basis stability between on-chain tokens and off-chain equities.

Global availability in more than 150 countries and regions broadens the reachable user base. At the same time, professional users typically assess jurisdiction-specific onboarding, instrument eligibility and product disclosures before deploying capital at scale. Backpack’s statement that liquidity is backed by traditional exchanges suggests a linkage to established market centers for pricing and execution support, a factor that can influence slippage and tracking during volatile periods.

Competitive Landscape

Crypto exchanges have driven much of the recent expansion in tokenized equities. Kraken, which acquired xStocks developer Backed Finance in late 2025, has extended the platform across its exchange. Bybit and Bitget have also integrated xStocks. Coinbase and Binance have similarly introduced tokenized equity offerings in recent months. Backpack’s move adds another venue competing on 24/7 access, settlement speed and the ability to bridge on-chain and off-chain capital.

Traditional exchanges are simultaneously testing tokenization. In March, the US Securities and Exchange Commission approved a Nasdaq 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. The Depository Trust & Clearing Corporation said it plans to launch a tokenized securities service in October following a pilot involving more than 50 financial and crypto firms. This combined push from both crypto-native and traditional venues underscores a structural shift toward always-on rails for securities and settlement.

Regulatory and Compliance Context

Backpack’s launch arrives amid increased regulatory engagement with tokenized equities. The SEC’s approval of a Nasdaq pilot signals growing openness to testing tokenized instruments within existing market infrastructure. The NYSE’s collaboration with Securitize on a continuous platform and DTCC’s planned tokenized service further indicate that key pieces of the US equity market’s post-trade and listing ecosystem are exploring 24/7-compatible models. While regulatory frameworks and operational standards continue to evolve, the presence of pilots and partnerships at major institutions is shaping expectations for how tokenized securities might coexist with, or be integrated into, traditional market venues.

Implications for Traders

For market participants, Backpack’s offering introduces several potential advantages. Continuous trading windows can improve reaction times to corporate events, macro headlines and crypto-led cross-asset flows, while instant settlement may reduce operational drag between positions held on centralized exchanges and on-chain venues. Direct share ownership—rather than synthetic exposure—can also matter for those seeking alignment with underlying corporate actions tied to the securities.

Key watch points include realized liquidity outside US market hours, bid-ask spreads during low-activity windows, and the robustness of redemption mechanics for 1:1 conversion between Solana-based tokens and underlying shares through Backpack. Institutional and active retail users will likely test execution against these criteria and monitor any basis behavior between the tokenized representations and prices in legacy markets, particularly during earnings cycles or market stress.

Competitive Positioning

Backpack is entering a field where exchanges are racing to offer deeper tokenized equity menus and tighter integration with both crypto collateral and traditional rails. Kraken’s xStocks expansion, integrations by Bybit and Bitget, and programs at Coinbase and Binance illustrate that product breadth and liquidity density are emerging differentiators. Backpack’s emphasis on direct ownership, stablecoin and fiat funding, and instant settlement outlines a clear value proposition, while the claim that tokenized SpaceX shares quickly became the most actively traded tokenized version of the company highlights early user interest—albeit without disclosed volumes.

What’s Next

Backpack indicated that more US equities will be added beyond the initial, limited selection. Earlier this year, the company unveiled a token distribution model linked to a 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, while part of the token supply will remain locked until at least one year after the listing. For traders, roadmap clarity around listing cadence, conversion processes for tokenized shares and any forthcoming integrations with DeFi protocols on Solana will influence adoption curves.

With RWA.xyz showing rapid growth in tokenized equities over the past year and a sharp rise in recent transfer volumes, market structure appears to be tilting toward constant availability and faster settlement cycles. Backpack’s 24/7 launch, paired with traditional-exchange-backed liquidity and direct share ownership, positions the venue to compete for order flow as tokenized markets move further into the mainstream of exchange offerings.