Key facts
- Crypto exchange Backpack has launched 24/7 trading for tokenized US equities.
- International investors can trade stocks like SpaceX, Micron, and SanDisk around the clock.
- Investors receive direct ownership of the underlying securities, not synthetic exposure.
- Trades settle instantly and can be funded in fiat currency or stablecoins.
- The service is available in over 150 countries and regions.
- Backpack's tokenized SpaceX shares became its most actively traded tokenized security.
Crypto exchange Backpack has launched 24/7 trading for select tokenized US equities, enabling international investors to trade stocks such as SpaceX, Micron, and SanDisk around the clock. This move positions Backpack to capitalize on the rapidly growing market for tokenized real-world assets.
The service provides investors with direct ownership of the underlying securities, with trades settling instantly and funded in either fiat currency or stablecoins. Initially, the offering includes a limited selection of US equities, with plans to add more stocks in the future. Backpack also offers Solana-based tokenized versions of these securities, which can be transferred between wallets, utilized in decentralized finance applications, and converted 1:1 into the corresponding shares.
Backpack stated that the service is accessible to investors in over 150 countries and regions, and that trades are supported by liquidity from traditional exchanges. Following its launch in June, tokenized SpaceX shares quickly became the most actively traded tokenized version of the company on the platform, although specific trading volumes were not disclosed.
This development occurs amid a significant surge in the tokenized stock market, which has grown from approximately $379 million to $1.85 billion over the past year, according to RWA.xyz data. In the last 30 days alone, the distributed value in tokenized stocks increased by 28.6%, with monthly transfer volume rising by over 85% to $8.76 billion.
Major cryptocurrency exchanges are actively participating in this trend. Kraken, after acquiring xStocks developer Backed Finance, has expanded its platform, while Bybit and Bitget have also integrated xStocks. Coinbase and Binance have similarly introduced their own tokenized equity offerings recently.
Traditional financial institutions are also embracing tokenization. Nasdaq received SEC approval in March for a pilot program to trade tokenized stocks alongside conventional securities. The New York Stock Exchange has partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs. Furthermore, the Depository Trust & Clearing Corporation (DTCC) announced plans to launch its own tokenized securities service in October, following a successful pilot involving numerous financial and crypto firms.