Backpack challenges Wall Street with 24/7 tokenized US stocks

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.

Backpack announced on Thursday that users outside the United States can now trade a group of tokenized U.S. equities around the clock, including shares linked to SpaceX, Micron and SanDisk.

According to the company, investors receive ownership of the underlying securities instead of synthetic exposure, while transactions settle instantly using either fiat currencies or stablecoins. The exchange added that more stocks will be introduced over time.

Built alongside the exchange offering, Backpack also provides Solana-based tokenized versions of the same securities. According to Backpack, 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 its platform. The company said liquidity for trading is sourced from traditional financial markets.

Direct ownership and continuous trading set the model apart

Available across more than 150 countries and regions, the service targets investors seeking access to U.S. equities beyond standard Wall Street trading hours. Backpack said its structure differs from products that only mirror stock prices because buyers obtain ownership of the underlying securities rather than derivative exposure.

Among the first assets listed, Backpack said its tokenized SpaceX shares have become the most actively traded tokenized version of the private aerospace company since their June launch. The company, however, did not publish trading volume figures or compare activity with competing tokenized share platforms.

Earlier this year, Backpack also introduced a token model connected to its planned U.S. initial public offering. According to the company, users who lock its native token for at least one year will be able to exchange those tokens for company equity after the IPO. Backpack added that part of the token supply will remain locked until at least one year following the public listing.

Tokenized equities continue drawing crypto and traditional finance

Growth in tokenized stocks has accelerated alongside rising interest in real-world assets on blockchain networks. According to data from RWA.xyz, the tokenized equity market has expanded from roughly $379 million to $1.85 billion over the past year.

The same dataset shows distributed value has increased 28.6% during the past 30 days, while monthly transfer volume has climbed more than 85% to $8.76 billion.

Crypto exchanges have accounted for much of that expansion. 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 introduced their own tokenized equity products in recent months.

Traditional financial institutions have also moved into the sector. In March, the U.S. Securities and Exchange Commission approved Nasdaq’s pilot program allowing tokenized stocks to trade alongside conventional securities on the same exchange. Separately, the New York Stock Exchange partnered with Securitize to develop a 24/7 marketplace for tokenized stocks and exchange-traded funds.

Momentum has continued beyond exchange operators. The Depository Trust & Clearing Corporation 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, adding another sign that blockchain-based equity infrastructure is moving closer to established capital markets.