Crypto exchange 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 (SEC). The integration allows eligible non-US users to trade blockchain-based representations of regulated equities alongside crypto and stablecoins.
The move, announced in a company statement, positions Backpack among a small number of exchanges testing how far traditional finance can be brought onchain without breaching securities law. Superstate’s Opening Bell platform, described internally as "Nasdaq on Solana", enables companies to issue SEC-registered shares directly onto blockchain networks such as Solana and Ethereum. Each token represents actual ownership of the underlying stock rather than a synthetic derivative – 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 decentralized finance, 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 (RWAs), 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
The US remains ahead on tokenized equities thanks to registered platforms like Superstate, even as broader crypto regulation stalls in Congress. In Europe, the MiCA 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.
