Backpack has launched 24/7 trading for tokenized U.S. stocks across more than 150 countries, giving eligible investors direct ownership of selected equities with instant settlement. The exchange announced Thursday that users outside the United States can now trade tokenized shares of SpaceX, Micron and SanDisk around the clock, with more stocks to be added over time.
Direct ownership and instant settlement
Unlike products that only mirror stock prices, Backpack's tokenized equities provide actual ownership of the underlying securities rather than synthetic exposure. Transactions settle instantly using either fiat currencies or stablecoins, and liquidity is sourced from traditional financial markets.
The exchange also offers Solana-based tokenized versions of the same securities. These blockchain-based assets can be transferred between compatible wallets, used in decentralized finance applications, and redeemed on a 1:1 basis for the corresponding shares through Backpack's platform. The company said its tokenized SpaceX shares have become the most actively traded tokenized version of the private aerospace company since their June launch, though it did not disclose trading volume figures.
Expanding tokenized equity market
Tokenized stocks have seen rapid growth as both crypto exchanges and traditional financial institutions embrace real-world assets on blockchain. According to RWA.xyz, the tokenized equity market has expanded from roughly $379 million to $1.85 billion over the past year. Monthly transfer volume has climbed more than 85% to $8.76 billion, while distributed value has increased 28.6% in the past 30 days.
Backpack joins a growing list of platforms offering tokenized equities. Kraken acquired xStocks developer Backed Finance in late 2025, while Bybit, Bitget, Coinbase and Binance have all introduced similar products. Traditional finance has also moved in: the SEC approved Nasdaq's pilot program allowing tokenized stocks to trade alongside conventional securities, and the NYSE partnered with Securitize to develop a 24/7 marketplace for tokenized stocks and ETFs.
Backpack's IPO-linked token model
Earlier this year, Backpack introduced a token model connected to its planned U.S. initial public offering. Users who lock the exchange's native token for at least one year will be able to exchange those tokens for company equity after the IPO. Part of the token supply will remain locked until at least one year following the public listing.
The Depository Trust & Clearing Corporation also announced in April that it plans to launch a tokenized securities service in October following a pilot involving more than 50 financial and crypto firms, signaling that blockchain-based equity infrastructure is moving closer to mainstream capital markets.