Crypto Exchange Backpack has launched 24/7 trading in select tokenized US stocks, enabling international investors to trade stocks including SpaceX, Micron and SanDisk around the clock.
Under the initial offering, Backpack said investors would receive direct ownership of the underlying securities, rather than synthetic exposure, and transactions would settle immediately and be financed in fiat currency or stablecoins. The initial offering includes a restricted selection of U.S. shares, with additional shares planned.
The company also offers Solana-based tokenized versions of securities that can be transferred between wallets, used in decentralized finance applications, and converted 1:1 to corresponding stocks via Backpack.
Backpack said the service is available to investors in more than 150 countries and regions, and trades are supported by liquidity from time-honored exchanges.
The company added that SpaceX’s tokenized shares became the most actively traded tokenized version of the privately held rocket and artificial intelligence company after its launch in June, although it did not disclose trading volume or provide comparisons to competing offerings.
Related: Tokenized share transfers increased 105% in the month to $8.4 billion
Earlier this year, Backpack presented a token distribution model tied to its planned initial public offering in the US. Users who stake the exchange’s native token for at least one year will be entitled to exchange it for shares of the company after the IPO, with part of the token supply remaining locked for at least one year after listing.
Traditional finance is joining tokenized stocks
Backpack’s launch comes as tokenized shares have become one of the fastest-growing segments of the onchain real asset (RWA) market.
The tokenized stock market has grown from about $379 million to $1.85 billion over the past year, according to RWA.xyz data. In the last 30 days alone, distributed value has increased by 28.6%, while monthly transfer volume has increased by over 85% to $8.76 billion.
Tokenized shares. Source: RWA.xyz
Cryptocurrency exchanges are responsible for much of this growth. Kraken who acquired xStocks developer Backed Finance expanded the platform on its exchange in tardy 2025, and Bybit and Bitget have also integrated xStocks. Coinbase and Binance have also introduced tokenized stock offerings in recent months.
Traditional exchanges have also embraced tokenization. In March, the SEC approved Nasdaq’s pilot program for trading 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 over 50 financial and crypto companies.
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