Backpack Launches 24/7 Trading for Tokenized U.S. Stocks

Backpack has launched round-the-clock trading for tokenized U.S. stocks, making the service available to users in more than 150 countries. The platform offers instant settlement and says investors gain direct ownership of the underlying shares rather than synthetic exposure through derivatives.

The initial lineup includes tokenized shares of companies such as SpaceX, Micron, and SanDisk, with additional listings expected over time. Trades can be settled using either fiat currencies or stablecoins.

Alongside the launch, Backpack introduced Solana-based stock tokens. These assets can be transferred between compatible wallets, used across DeFi applications, and redeemed on the platform at a 1:1 ratio for the corresponding shares. Trading liquidity is sourced from traditional financial markets.

The service is designed for investors who want access to U.S. equities beyond regular Wall Street trading hours. Backpack argues that its approach differs from products that simply track stock prices, as users become the actual owners of the underlying securities.

The company also stated that its tokenized SpaceX shares have become the most actively traded tokenized version of the private company since their debut in June. However, Backpack did not disclose any trading volume figures.

Earlier, the company unveiled a token model tied to its planned U.S. initial public offering. Users who lock the platform's native token for at least one year will be able to exchange it for company shares after the IPO. A portion of the token supply will remain locked for at least one year following the public listing.

The tokenized equities market continues to expand rapidly. According to RWA.xyz, the sector has grown from approximately $379 million to $1.85 billion over the past year. In the last 30 days alone, the value of tokenized assets increased by 28.6%, while monthly transfer volume exceeded $8.76 billion, representing growth of more than 85%.

Both cryptocurrency exchanges and traditional financial institutions are driving the sector's expansion. In 2025, Kraken acquired Backed Finance, the company behind xStocks, before integrating the platform into its exchange. Bybit and Bitget have also added support for xStocks, while Coinbase and Binance have introduced their own tokenized stock offerings.

Regulatory and market infrastructure developments are also accelerating adoption. In March, the U.S. Securities and Exchange Commission (SEC) approved a Nasdaq pilot program allowing tokenized stocks to trade alongside traditional securities. Meanwhile, the New York Stock Exchange is working with Securitize to develop a 24/7 marketplace for tokenized stocks and ETFs. In April, the Depository Trust & Clearing Corporation (DTCC) announced plans to launch a tokenized securities service in October, following the successful completion of a pilot involving more than 50 financial and crypto industry participants.