Backpack stated that it plans to launch the tokenized stock SPCX on the Solana network on the same day that SpaceX stock debuts on Nasdaq. This move aims to achieve "on-chain listing on day one," enabling newly listed U.S. stocks to enter on-chain circulation simultaneously.
SPCX supports 24/7 trading
According to Backpack, SPCX will trade 24/7 on Solana, including after traditional U.S. stock market hours. Users can hold the token in a self-custody wallet or trade it on supported Solana exchanges.
Backpack also stated that SPCX holders will have a direct path to redeem for the underlying securities. This means the product is not merely a price-mapping tool, but aims to establish a more direct correlation with actual stocks.
Tokenized stocks target global investors.
This release comes as interest in the tokenization of real-world assets continues to grow within the crypto industry. Stablecoins have become one of the most mature applications on blockchain, and an increasing number of companies are betting that U.S. stocks could follow a similar trajectory if tokenized shares become accessible to a broader global investor base.
Supporters believe that tokenizing stocks has the potential to increase accessibility to U.S. capital markets and extend trading hours from traditional timeframes to 24/7. However, it remains to be seen whether such products can generate large-scale demand like stablecoins.
RWA competition continues to expand into equities
In recent times, industry efforts around RWA have continued to expand, with focus no longer limited to tokenized government bonds and cash-like assets, but gradually extending to higher-frequency trading instruments such as stocks. Backpack’s decision to begin with SpaceX demonstrates the platform’s aim to extend on-chain trading scenarios beyond crypto-native assets into the U.S. stock market.
If the relevant model gains user adoption, tokenized stocks could become the next major frontier in competition for on-chain financial infrastructure, beyond stablecoins.