Crypto exchange Backpack has launched 24/7 trading for select tokenized US equities, allowing international investors to trade stocks including SpaceX, Micron and SanDisk around the clock.
Under the initial offering, Backpack said that investors would receive direct ownership of the underlying securities rather than synthetic exposure, with trades settling instantly and funded in fiat currency or stablecoins. The initial offering includes a limited selection of US equities, with additional stocks planned.
The company also offers Solana-based tokenized versions of the securities, which can be transferred between wallets, used in decentralized finance applications and converted 1:1 into the corresponding shares through Backpack.
Backpack said the service is available to investors in more than 150 countries and regions and that trades are backed by liquidity from traditional exchanges.
The company added that tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after launching in June, though it did not disclose trading volumes or provide comparisons with competing offerings.
Related: Tokenized stock transfers surge 105% in a month to $8.4B
Earlier this year, Backpack unveiled a token distribution model tied to its planned US initial public offering. Users who stake the exchange’s native token for at least one year will be eligible to exchange it for company equity after the IPO, while part of the token supply will remain locked until at least one year after the listing.
Traditional finance joins tokenized equities push
Backpack’s launch comes as tokenized equities have become one of the fastest-growing segments of the onchain real-world asset (RWA) market.
According to RWA.xyz data, the tokenized stock market has grown from about $379 million to $1.85 billion over the past year. Over the past 30 days alone, distributed value has climbed 28.6%, while monthly transfer volume has surged over 85% to $8.76 billion.
Tokenized stocks. Source: RWA.xyz
Crypto exchanges have led much of that growth. Kraken, which acquired xStocks developer Backed Finance in late 2025, has expanded the platform across its exchange, while Bybit and Bitget have also integrated xStocks. Coinbase and Binance have likewise rolled out tokenized equity offerings in recent months.
Traditional exchanges have also embraced tokenization. In March, the SEC approved Nasdaq’s pilot to trade tokenized stocks alongside conventional securities on the same exchange, while the New York Stock Exchange partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs.
The following month, the Depository Trust & Clearing Corporation (DTCC) announced plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms.
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