Backpack tokenized US stocks are now live across more than 150 countries, with the exchange offering direct ownership of underlying securities and instant settlement via fiat or stablecoins, according to the company’s official press release. CEO Ferrante described the platform as ‘the first 24/7 price discovery and hedging venue for real U.S. equities.’
The offering is not synthetic exposure. Buyers hold the underlying securities through established US securities infrastructure, not a derivative that tracks price. Liquidity is sourced from traditional financial markets.
The Backpack Securities platform launched on 2 June 2026 with two components: a regulated brokerage for direct equity ownership, and a complementary Solana-based tokenisation layer. The tokenised versions can be transferred between compatible wallets, deployed in DeFi applications, and redeemed 1:1 for the underlying shares on the platform.
What Makes Backpack Tokenized US Stocks Different
The initial listed assets include SpaceX, Micron, and SanDisk. Backpack’s tokenised SpaceX position has attracted the most attention: per The Defiant as reported by Solana Compass, the listing crossed 10,000 on-chain holders within six days of launch, roughly double the holder count of xStocks’ competing SPCXx token at the time, and has accumulated more than $350 million in cumulative volume since its June debut.
Backpack is currently in public beta. Its Stock Screener went live on 16 July 2026, giving users preset market signal screens and custom fundamental filters across roughly 1,000 US-listed stocks and ETFs. Full market expansion is planned once the beta closes, per Solana Compass.
The BP token responded accordingly. According to the Bitcoin Foundation, BP surged more than 87% following the June 2026 securities announcement. Backpack was founded by former FTX employees. The company has also introduced a token-to-equity conversion model: users who lock BP for at least one year will be able to exchange those tokens for company equity after a planned US IPO.
Solana Dominates On-Chain Equity Volume as the Market Grows
Backpack’s Solana integration is not incidental. According to rwa.xyz data reported by Solana Compass, Solana accounts for 95% of all on-chain tokenised equity volume globally, with 2,613 equities catalogued on the network. Ondo Finance leads protocol market share with 406 tokenised assets totalling $850.4 million, a 46.6% share of total distributed value.
The broader tokenised equity market has expanded from roughly $379 million to $1.85 billion over the past year. Per KuCoin News citing RWA.xyz data from the period 31 May to 9 July 2026, tokenised stocks grew 28.6% while tokenised US Treasuries, at $15.16 billion, grew just 0.74% over the same window. Monthly transfer volume for tokenised equities has climbed more than 85% to $8.76 billion.
The competitive field has widened on both sides of the TradFi divide. Kraken acquired xStocks developer Backed Finance in late 2025 and integrated the platform into its exchange. Bybit and Bitget followed with xStocks support. Coinbase and Binance have added their own tokenised equity products. On the infrastructure side, the Depository Trust & Clearing Corporation plans a tokenised securities service in October following a pilot with more than 50 financial and crypto firms. The SEC approved Nasdaq’s pilot allowing tokenised stocks to trade alongside conventional securities, and the NYSE partnered with Securitize on a 24/7 tokenised equity and ETF marketplace.
A BeInCrypto Intelligence report built on rwa.xyz data, covered by Yahoo Finance, tracks roughly $60 billion in tokenised real-world assets across more than 7,000 products and 12 asset classes. Experts quoted in the report note that much of the institutional tokenisation activity has been focused on upgrading issuance infrastructure, compliance, and settlement, rather than opening retail access. Backpack’s 24/7, 150-country structure is explicitly targeting the latter. Whether the liquidity depth at those hours holds up under stress is the next test.
