Backpack Exchange introduces crypto trading for tokenized public stocks in partnership with the digital securities infrastructure provider, Superstate.
- Backpack is part of a few exchanges testing the integration of traditional finance into the blockchain, without violating securities laws.
- Superstate’s platform allows companies to issue SEC-registered shares directly onto blockchain networks like Solana and Ethereum.
- The initiative underlines the growing momentum to merge regulated and digital markets, offering access to stocks, stablecoins, and crypto within a single trading platform.
Backpack will begin offering access to tokenized public equities through a new partnership with Superstate, a digital securities infrastructure provider registered with the US Securities & Exchange Commission (). The integration allows eligible non-US users to trade -based representations of regulated equities alongside crypto and .
The move, announced in a company statement, positions Backpack among a small number of exchanges testing how far can be brought without breaching securities law. Superstate’s Opening Bell platform, described internally as "Nasdaq on ", enables companies to issue SEC-registered shares directly onto blockchain networks such as Solana and . Each represents actual ownership of the underlying stock rather than a synthetic – a distinction that sets it apart from earlier experiments in tokenized assets.
Superstate acts as both transfer agent and infrastructure provider, aiming to merge traditional market safeguards with crypto-native speed and efficiency. Its model promises near-instant settlement and 24-hour trading while preserving existing regulatory protections, the lack of which has long constrained the adoption of tokenized securities.
Bringing Wall Street onchain
Backpack’s participation underlines growing momentum to connect regulated and digital markets. Decentralized platforms have previously offered wrapped or synthetic equity products, but legally recognized, onchain securities remain rare. By integrating with a registered user, Backpack aims to create a compliant bridge between traditional and , offering unified access to stocks, stablecoins, and crypto within a single trading environment.
The development comes amid rising institutional interest in tokenized real-world assets (), a market now valued at over $33bn, according to analytics platform rwa.xyz. Advocates say tokenization could transform capital markets by reducing settlement times and operational friction. BlackRock CEO Larry Fink has called it "the next generation for markets", while Robinhood’s Vlad Tenev has argued that "all assets, from equities to treasuries, will eventually exist in tokenized form."
Global context bitcoin
The US remains ahead on tokenized equities thanks to registered platforms like Superstate, even as broader crypto regulation stalls in Congress. In Europe, the framework and the UK’s planned FCA crypto perimeter expansion are expected to address tokenized securities over the coming year, suggesting an emerging race to define global standards for compliant onchain trading.
"As blockchain technology continues to reshape global markets, the line between traditional finance and crypto infrastructure grows thinner,” Backpack said in its statement.
Still, the boundaries are far from settled. The CLARITY Act, intended to provide a comprehensive US framework for digital-asset oversight, remains gridlocked in the Senate, underscoring how regulation continues to lag innovation.
