Imagine buying SpaceX shares at two in the morning Jakarta time, with no market hours, no Wall Street middlemen, and funds settling in seconds. That scenario is now a reality: crypto exchange Backpack has officially launched 24/7 trading of tokenized US equities for users across more than 150 countries.
What sets this move apart from mere price-tracking products is its core claim: according to Backpack, buyers acquire genuine ownership of the underlying securities rather than synthetic exposure. Transactions settle instantly using either fiat currency or stablecoins. The initial lineup includes shares linked to SpaceX, Micron, and SanDisk - with more listings promised to follow.
Not Just a ‘Price Mirror’
Backpack emphasizes that its structure differs from products that merely reflect stock price movements. On the exchange side, users can trade just like on a standard platform. However, the company also offers Solana-based tokenized versions of the same shares. These assets can be transferred between compatible wallets, utilized in decentralized finance (DeFi) applications, and redeemed 1:1 for actual shares through the Backpack platform. Trading liquidity, the company stated, is drawn directly from traditional financial markets.
Signs of demand are evident in one name: Backpack claims its tokenized SpaceX shares have become the most actively traded tokenized version for the private space venture since launching last June. Even so, the company has not released specific trading volume figures or comparisons with rival platforms - a notable caveat that leaves the ‘most active’ claim difficult to independently verify.
The Tokenization Race Heats Up
Backpack enters an arena experiencing explosive growth. According to data from RWA.xyz, the tokenized equity market surged from around $379 million to $1.85 billion in the past year alone. Monthly transfer volume also jumped over 85% to $8.76 billion.
Major players are already vying for position. Kraken bolstered its standing after acquiring xStocks developer Backed Finance in late 2025. Bybit and Bitget added xStocks support, while Coinbase and Binance launched their own tokenized equity offerings. Traditional institutions are also making moves: the SEC approved Nasdaq’s pilot program in March, and the New York Stock Exchange teamed up with Securitize to build a 24/7 tokenized market. Even clearing giant DTCC plans to launch tokenized securities services in October.
What readers should note: this wave is steadily blurring the lines between traditional ‘trading hours’ and a ‘market that never sleeps.’ If US blue-chip stocks can genuinely change hands at any hour across continents with instant settlement, Wall Street’s long-standing edge - control over time and access - begins to erode. The question is no longer whether tokenization will happen, but who will control the liquidity pipelines.
Reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
