Backpack launches 24/7 trading in select U.S. equities for international investors

Backpack said on July 10 it launched a 24/7 trading market for select U.S. equities, expanding its tokenized stock offering with SpaceX, Micron and SanDisk for investors in more than 150 countries and regions. The company said the products provide direct ownership of the underlying securities rather than synthetic exposure, with trades settling instantly and funded in fiat currency or stablecoins. Backpack said it also offers Solana-based tokenized versions of the securities that can be transferred between wallets, used in decentralized finance applications and converted 1:1 into the corresponding shares through its platform. The company said tokenized SpaceX shares became its most actively traded tokenized version of the private company after launching in June, though it did not disclose volume figures or comparisons. The launch comes as tokenized equities have become one of the fastest-growing segments of the onchain real-world asset market. RWA.xyz data cited by the company showed the tokenized stock market growing from about $379 million to $1.85 billion over the past year, with distributed value up 28.6% in the past 30 days and monthly transfer volume rising more than 85% to $8.76 billion. Backpack also said earlier this year it introduced a token distribution model tied to a planned U.S. IPO, under which users who stake its native token for at least one year would be eligible to exchange it for company equity after the listing.