Woofun AI reports that Backpack has initiated 24/7 trading for select tokenized US equities, granting international investors access to assets including SpaceX, Micron, and SanDisk. This launch establishes direct ownership of underlying securities rather than synthetic exposure, with trades settling instantly and funded via fiat currency or stablecoins.

Structurally, the platform leverages Solana-based infrastructure to facilitate these transactions. The tokenized securities can be transferred between wallets, utilized in decentralized finance applications, and converted 1:1 into corresponding shares through Backpack. This service is now available to investors in more than 150 countries and regions, with trades backed by liquidity from traditional exchanges.

Notably, tokenized SpaceX shares emerged as the most actively traded tokenized version of the private rocket and AI company after launching in June. Earlier this year, Backpack unveiled a token distribution model tied to its planned US initial public offering. Users who stake the exchange's native token for at least one year will be eligible to exchange it for company equity after the IPO, while part of the token supply will remain locked until at least one year after the listing.

Woofun AI data shows the deeper driver is the expansion of the onchain real-world asset (RWA) market. the tokenized stock market has grown from about $379 million to $1.85 billion over the past year. Over the past 30 days alone, distributed value has climbed 28.6%, while monthly transfer volume has surged over 85% to $8.76 billion.

Crypto exchanges have led much of that growth. Kraken, which acquired xStocks developer Backed Finance in late 2025, has expanded the platform across its exchange, while Bybit and Bitget have also integrated xStocks. Coinbase and Binance have likewise rolled out tokenized equity offerings in recent months.

Traditional finance adoption is accelerating alongside crypto-native initiatives. In March, the SEC approved Nasdaq's pilot to trade tokenized stocks alongside conventional securities on the same exchange, while the New York Stock Exchange partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs. The following month, the Depository Trust & Clearing Corporation (DTCC) announced plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms.