Backpack and Superstate: The Tokenized Stock Shift Begins

A major development in October 2025 has reshaped how global investors might access U.S. equities. Backpack Exchange, a Solana-focused centralized platform, has partnered with Superstate’s Opening Bell platform to list tokenized versions of SEC-registered American stocks. This is not a synthetic representation or a wrapped derivative each token corresponds to a real equity backed by an issuer and registered through traditional financial channels. For the first time, a crypto exchange is offering native access to regulated U.S. company shares directly on-chain.

What makes this move significant is that these tokenized equities carry the same identifiers such as CUSIP codes as the shares traded on the Nasdaq and NYSE. That means the assets behave in financial, legal and operational terms like their traditional counterparts, even though they exist on blockchain rails. The move opens the door for non-U.S. investors to access Wall Street instruments through a familiar exchange environment without using legacy brokerage systems.

Superstate handles tokenization through a registered transfer agent, ensuring every equity token corresponds to a real asset with identical ownership rights. The regulatory framework ensures proper custodian management, record-keeping and transparency. Unlike older tokenized products that offered exposure but not legal ownership, this model puts genuine equities on-chain and makes them usable as collateral, tradable around the clock, and transferrable within digital asset ecosystems.

Backpack is the first centralized exchange to adopt this system. Its Solana infrastructure supports low-fee, high-speed transactions, giving tokenized equities the speed advantage of crypto trading. While details about which companies will be listed first have not been announced, the framework is now in place.

The announcement arrives during a time when trading volumes in traditional markets have shown signs of softening. In September, total volumes dipped 17.5 percent to $8.12 trillion, even as open interest hit a record $230 billion. The need for more efficient and globally accessible financial rails is pressing. The integration aligns with a larger movement that includes efforts by Kraken’s xStocks, Gemini, Robinhood and Ondo in the real-world asset (RWA) segment.

Backpack has recently expanded its operations through acquisitions and licenses, including buying FTX Europe, launching a regulated platform in Dubai in 2023, and developing a MiFID II-compliant derivatives platform in Cyprus. This background sets the stage for its shift into tokenized equities with credibility and reach. Superstate, founded by Robert Leshner, brings expertise in bridging regulated finance with blockchain functionality. Leshner has emphasized how tokenized equities can expand collateral markets, improve settlement and connect issuers with liquidity from crypto-native participants.

Enthusiasm across digital finance circles has been intense. Supporters view the move as a rare bridge between legacy market infrastructure and Web3 technology. From the perspective of non-U.S. traders, the chance to access leading Nasdaq and NYSE stocks without relying on traditional brokerage or intermediaries feels transformative. For fund managers and DeFi participants, the idea of using tokenized stocks as collateral introduces a new dimension to capital efficiency.

Criticism, however, has emerged around geographic limitations. U.S. residents are not part of this initial rollout, creating frustration for those who envisioned full global participation. Some fear that regulatory fragmentation could slow adoption if domestic approvals lag behind.

Still, the distinction between issuer-backed assets and synthetic exposure is a major draw. Unlike derivatives, these tokens are tied directly to underlying shares and retain their rights. That credibility distinguishes Backpack’s listings from earlier experiments in tokenized markets.

Momentum will depend on execution and compliance. Early activity could raise trading volumes by late 2025, especially if popular equities are listed. Some analysts expect tokenized equity trading on Backpack to contribute to double-digit growth in platform activity as institutional and retail capital explores the new access route.

By 2026, successful adoption could create a broader tokenization market where traditional and digital assets coexist seamlessly. Estimates of $50 billion in inflows have been floated if the model secures approvals in additional jurisdictions and clears operational hurdles. However, regulatory delays could limit expansion to niche participation. If U.S. access remains restricted, participation rates may flatten and leave the model dependent on overseas volumes alone.

Comparative View

Feature	Traditional Stock Trading	Tokenized Equities on Backpack
Market Access	Regional, broker-based	Global (non-U.S. investors)
Settlement Speed	T+2 or T+1	Near-instant on-chain
Asset Type	Paper/digital entries via brokers	Blockchain tokens with CUSIP rights
Collateral Use	Limited in standard accounts	Designed for DeFi and margin systems
Trading Hours	Market hours only	24/7 potential

A Structural Shift, Not a Side Story

This partnership does more than introduce a new listing. It tests whether regulated financial products can operate efficiently on blockchain infrastructure without losing the protections and legitimacy of traditional markets. If tokenized equities gain traction, they could speed up settlement, reshape collateral markets and give investors new ways to interact with global assets.

Backpack’s integration with Superstate marks the beginning of a phase in which equities may move across digital networks as fluidly as cryptocurrencies. Whether adoption accelerates or stalls will depend on compliance innovation and how quickly additional markets participate. Regardless, the bridge between Wall Street structures and Web3 rails has moved from concept to implementation, setting the tone for the next evolution of capital markets.