Backpack Launches 24/7 Trading for Tokenized US Equities

Why Is Backpack Moving Into Tokenized Equities?

Crypto exchange Backpack has launched 24/7 trading for select tokenized US equities, giving international investors access to stocks including SpaceX, Micron, and SanDisk outside traditional market hours. The launch puts Backpack into one of the fastest-growing areas of onchain real-world assets: tokenized equities. These products are designed to give investors exposure to traditional stocks through blockchain-based infrastructure, while keeping settlement, transfer, and collateral use closer to crypto market standards. Backpack said the initial offering gives investors direct ownership of the underlying securities rather than synthetic exposure. Trades settle instantly and can be funded in fiat currency or stablecoins. The company is starting with a limited selection of US equities and plans to add more stocks over time. The service is available to investors in more than 150 countries and regions, according to the company. Backpack said trades are backed by liquidity from traditional exchanges, a detail that matters because tokenized equities must still connect to regulated stock-market liquidity if they are to scale beyond crypto-native users.

How Does The Solana-Based Structure Work?

Backpack is also offering Solana-based tokenized versions of the securities. These tokens can be transferred between wallets, used in decentralized finance applications, and converted 1:1 into the corresponding shares through Backpack. That structure gives the product a different profile from a standard brokerage account. Investors are not only buying stock-linked exposure; they are gaining a blockchain-based asset that can move across wallets and potentially interact with DeFi protocols. For crypto-native users, that makes tokenized equities more flexible than traditional shares held inside a brokerage platform. The 1:1 conversion feature is central to the product design. It is meant to preserve a link between the token and the underlying security, reducing the risk that the token becomes detached from the equity it represents. For investors, the key question is whether the redemption process remains efficient during periods of high demand, market stress, or limited liquidity. Backpack said tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after launching in June. The company did not disclose trading volumes or provide comparisons with competing offerings.

Investor Takeaway

Backpack’s launch shows how crypto exchanges are trying to turn tokenized equities into a global, always-on market. The main investor question is not only access, but how ownership, liquidity, redemption, and regulatory protections hold up once these products scale.

Why Are Tokenized Stocks Growing So Quickly?

Backpack’s launch comes as tokenized equities expand across crypto exchanges and traditional market infrastructure. The tokenized stock market has grown from about $379 million to $1.85 billion over the past year, according to RWA.xyz data. The recent pace has been sharp. Over the past 30 days, distributed value has climbed 28.6%, while monthly transfer volume has risen more than 85% to $8.76 billion. That growth shows rising demand for stock-linked assets that can trade, settle, and move more like crypto tokens. Crypto exchanges have led much of the early expansion. Kraken has expanded xStocks across its platform, while Bybit and Bitget have also integrated xStocks. Coinbase and Binance have introduced tokenized equity offerings as well, increasing competition among platforms that want to serve global users seeking US market exposure. The appeal is clear. Tokenized equities can extend access beyond US market hours, reduce settlement friction, and allow users to fund trades with stablecoins. For investors outside the US, the products can also offer a simpler route to US equities, though availability still depends on local rules and platform restrictions.

What Does Traditional Finance’s Entry Change?

The tokenized equity market is no longer limited to crypto platforms. Traditional exchanges and market infrastructure providers are also moving into tokenization, which could change the credibility and scale of the sector. In March, the US Securities and Exchange Commission approved Nasdaq’s pilot to trade tokenized stocks alongside conventional securities on the same exchange. The New York Stock Exchange also partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs. The Depository Trust & Clearing Corporation has separately announced plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms. That matters because DTCC sits at the core of US post-trade infrastructure, and its involvement suggests tokenization is moving from experiment to market plumbing. For Backpack, the opportunity is to compete early in a market where crypto exchanges still have product speed, stablecoin rails, and global distribution advantages. The risk is that tokenized equities may become more heavily shaped by traditional financial institutions once regulated exchanges and clearing infrastructure enter the market. The result is a race between crypto-native platforms and traditional finance to define how tokenized stocks trade. Backpack’s 24/7 model gives investors broader access and faster settlement, but the long-term test will be whether tokenized equities can deliver liquidity, investor protection, and reliable redemption at institutional scale.