Backpack has introduced a continuous trading platform for tokenized US stocks, accessible in over 150 countries globally. This initiative allows international investors to trade actual shares, rather than synthetic derivatives, providing instant transaction settlement.
Key Features of Backpack's Trading Model
The Backpack platform offers direct ownership of underlying securities, setting it apart from competitors who rely on synthetic or derivative products. The current stock offerings include shares associated with companies like SpaceX, Micron, and SanDisk, with plans to expand the list in the future. Users can finance trades using either fiat currencies or stablecoins.
Market Growth and Partnerships
The tokenized stock market has seen significant growth, increasing from $379 million to $1.85 billion within the last year. In just the past month, the total distributed value has surged by 28.6%, while the monthly trading volume spiked over 85%, reaching $8.76 billion. Major exchanges including Kraken and Coinbase have developed their own tokenized equity offerings, which has contributed to this rapid expansion.
Furthermore, major financial institutions are venturing into this arena as well; for instance, the SEC authorized Nasdaq's pilot program to trade tokenized stocks alongside standard securities. The New York Stock Exchange is also exploring collaborations to integrate tokenized equity into their offerings.
- Users can lock Backpack's native tokens for potential conversion into equity following an IPO.
- Tokenized SpaceX shares have emerged as the most actively traded among private company representations since their release in June.
This content is for informational purposes only and should not be construed as financial advice.
