Backpack challenges Wall Street with round-the-clock tokenization of U.S. stocks

Backpack launches 24/7 trading service for tokenized U.S. stocks

Backpack has launched 24/7 trading services for tokenized U.S. stocks in more than 150 countries, allowing eligible investors to directly hold selected stocks and achieve instant settlement.

Core Points

Backpack launches tokenized U.S. stock trading, supporting direct ownership and instant settlement.

The exchange now offers tokenized shares of companies such as SpaceX, Micron Technology, and SanDisk in more than 150 markets.

RWA.xyz data shows that as crypto and traditional institutions continue to expand their businesses, the tokenized stock market has grown to US$1.85 billion.

Backpack announced on July 10 that users outside the United States can now trade a range of tokenized U.S. stocks around the clock, including stocks related to SpaceX, Micron Technology and SanDisk.

Backpack launches the first 24/7 brokerage service for real U.S. stocks. International investors can now buy and sell select U.S. stocks on Backpack all year round. Not synthetic assets, not derivatives, but real stocks-traded around the clock.

According to the company, investors gain ownership of the underlying securities rather than synthetic exposure, and transactions can be settled instantly using fiat or stablecoins. The exchange said it will gradually introduce more stocks in the future.

In addition to exchange services, Backpack also offers a tokenized version of the same securities based on Solana. According to Backpack, these blockchain-based assets can be transferred between compatible wallets for decentralized financial applications and can be redeemed into corresponding stocks on a 1:1 basis through its platform. The company said trading liquidity comes from traditional financial markets.

Build a differentiated model between direct ownership and ongoing trading

This service covers more than 150 countries and regions and is aimed at investors who want to invest in U.S. stocks outside standard Wall Street trading hours. Backpack said its structure is different from products that only track stock prices because buyers gain ownership of the underlying securities rather than derivative exposure.

Backpack said that among its first listed assets, tokenized SpaceX shares have become the most actively traded tokenized version of the private aerospace company since its launch in June. However, the company did not release trading volume data or compare it with rival tokenized stock platforms.

Earlier this year, Backpack also launched a token model related to its planned U.S. initial public offering. According to the company, users who lock in their native tokens for at least a year can exchange those tokens for company equity after the IPO. Backpack added that some token supply will be locked up until at least one year after listing.

Tokenized stocks continue to attract crypto and traditional finance

As interest in real-world assets on blockchain networks grows, the development of tokenized stocks is accelerating. According to RWA.xyz, the tokenized stock market has grown from approximately $379 million to $1.85 billion in the past year.

The same dataset shows that allocated value has increased by 28.6% in the past 30 days, and monthly transfers have increased by more than 85% to US$8.76 billion.

Cryptocurrency exchanges accounted for the majority of this growth. Kraken consolidated its position after acquiring xStocks developer Backed Finance in late 2025 and integrating the platform into its exchange. Bybit and Bitget have also added xStocks support, while Coinbase and Binance have launched their own tokenized stock products in recent months.

Traditional financial institutions have also entered this field. In March, the U.S. Securities and Exchange Commission approved Nasdaq\'s pilot plan to allow tokenized stocks to be traded on the same exchange with regular securities. In addition, the New York Stock Exchange partnered with Securitize to develop a 24/7 tokenized stock and exchange-traded funds market.

The momentum has surpassed that of exchange operators. The Depository Trust and Clearing Corporation announced in April that it plans to launch tokenized securities services in October after a pilot involving more than 50 financial and crypto companies, further demonstrating that blockchain-based equity infrastructure is gradually approaching mature capital markets.