Backpack announced on July 10, 2026 that it has launched 24/7 tokenized trading of selected U.S. equities, allowing investors in more than 150 countries to buy and sell shares of companies such as SpaceX, Micron Technology and SanDisk with instant settlement.

The tokenized equity market has grown to approximately $1.85 billion, according to data from RWA.xyz, as crypto and traditional firms expand offerings.

Backpack’s platform provides ownership of the underlying securities rather than synthetic exposure, and settles transactions instantly using fiat currency or stablecoins. Liquidity is sourced from traditional financial markets. The exchange also offers Solana‑based tokenized versions of the same securities, which can be transferred between compatible wallets, used in decentralized finance applications and redeemed for the corresponding shares on a 1:1 basis.

More tokenized stocks are expected to be added over time. Since their June launch, tokenized SpaceX shares have become the most actively traded tokenized version of the private aerospace company. Backpack did not disclose trading volume figures or compare activity with other platforms.

The company previously introduced a token model tied to its planned U.S. initial public offering, under which users who lock its native token for at least one year may exchange the tokens for company equity after the IPO. A portion of the token supply will remain locked for at least one year following the public listing.

Other exchanges have also expanded tokenized equity offerings. Kraken acquired xStocks developer Backed Finance in late 2025 and integrated the platform into its exchange, while Bybit, Bitget, Coinbase and Binance have launched their own tokenized equity products. Nasdaq received SEC approval for a pilot program allowing tokenized stocks to trade alongside conventional securities, and the New York Stock Exchange partnered with Securitize to develop a 24/7 marketplace for tokenized stocks and ETFs. The Depository Trust & Clearing Corporation announced in April that it will launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms.

The expansion reflects rising interest in real‑world assets on blockchain networks, though specific trading volumes remain undisclosed and the long‑term impact will depend on regulatory developments and market adoption.