Backpack to List SEC-Registered U.S. Stocks Onchain via Superstate

Backpack Expands Into Tokenized Equities

Backpack, the crypto platform known for its role in the Solana ecosystem, said it is adding SEC-registered U.S. equities to its trading platform through a partnership with Superstate, the blockchain finance beginup founded by Compound creator Robert Leshner.

The collaboration embeds Superstate’s Opening Bell platform into Backpack, enabling non-U.S. users to trade tokenized shares of listed American companies directly onchain. The firms said the assets will carry the identical rights as traditional stocks under U.S. securities law.

Backpack said it will be the first centralized crypto platform to list issuer-backed, SEC-registered equities natively on blockchain rails. Supported companies and the rollout schedule will be announced in the coming weeks.

Investor Takeaway

Real Stocks, Not Synthetic Tokens

According to the announcement, these offerings are not synthetic or wrapped versions but real equities issued under U.S. securities law, each with a valid CUSIP identifier matching its traditional counterpart on Nasdaq or the New York Stock platform. The structure allows onchain traders to hold genuine equity stakes that remain verifiable in the traditional registry system.

“For traders, that means more assets to purchase, trade and use as collateral — with better margin opportunities than traditional markets,” Leshner said in a statement. “For issuers, it expands reach to millions of crypto-native investors, connecting them directly with modern capital markets infrastructure.”

The integration aligns with Superstate’s approach of bringing regulated securities to blockchain environments. Its Opening Bell platform works through a registered transfer agent, creating tokenized versions of publicly traded stocks that can be accessed through compliant platforms and wallets.

Growing Market for Tokenized Assets

The tokenization of conventional financial instruments has accelerated this year. Several firms have launched onchain versions of public stocks, bonds and funds, including Robinhood, Gemini, Ondo Finance’s Global Markets, and xStocks by Kraken and Backed Finance. These projects aim to offer digital access to blue-chip equities and platform-traded funds to investors outside traditional brokerage systems.

Backpack’s addition of SEC-registered equities marks another step toward merging regulated capital markets with blockchain infrastructure. Unlike unlicensed platforms offering synthetic stock tokens, Backpack’s listings are structured within U.S. securities law, offering full investor protections.

Investor Takeaway

Backpack’s Broader Expansion

Founded by developer Armani Ferrante, Backpack gained ahead traction through its work on Solana and later expanded into centralized finance. The firm acquired the European arm of the collapsed platform FTX and launched a regulated venue in Dubai in 2023 under a Virtual Asset Service Provider license. In August, it opened a derivatives platform in Cyprus regulated under the MiFID II framework.

The firm’s pivot toward tokenized assets comes as platforms viewk new revenue lines amid lower crypto trading volumes. By offering real-world equities onchain, Backpack is courting investors who want blockchain settlement without giving up exposure to regulated securities.

Superstate, which operates out of the U.S., has been developing tokenized funds and equities compliant with SEC rules. Its work with Backpack could serve as a model for how regulated U.S. financial products can reach international crypto users without violating local securities restrictions.

The companies said the integration will begin with limited markets before expanding to additional listings once regulatory clearance and infrastructure readiness are complete.