Tokenization infrastructure firm Superstate has partnered with crypto exchange Backpack, claiming to bring natively tokenized public equities to centralized trading for the first time. While Kraken and other exchanges already offer tokenized stocks like xStocks, those assets are custodial wrappers that track real equities rather than the equities themselves — meaning holders don’t have direct shareholder rights or onchain registration under the same identifier.
By contrast, Superstate and Backpack’s collaboration involves issuer-led, Securities and Exchange Commission-registered equities that exist natively onchain and confer direct ownership, as well as potential dividend and voting rights. In other words, xStocks are tokenized representations of equities, whereas on Superstate’s Opening Bell platform, the assets are the equities — issued, transferred, and settled entirely onchain through Superstate’s SEC-registered transfer agent.
According to a statement shared with The Block, the integration will allow eligible non-U.S. users on Backpack to trade and cross-margin real, SEC-registered public company shares, not wrappers, alongside crypto and stablecoins.
“Through Opening Bell, the same stock that trades on Nasdaq or NYSE can move to crypto-native platforms like Backpack,” Superstate CEO Robert Leshner said. “For traders, that means more assets to buy, sell, and use as collateral — with better margin opportunities than traditional markets. For issuers, it expands reach to millions of crypto-native investors, connecting them directly with modern capital markets infrastructure.”
Launched by Superstate in May, Opening Bell will initially focus on bringing shares like APPL and TSLA onchain using Solana. Galaxy Digital, Ethereum treasury firm SharpLink, and Solana treasury company Forward Industries also recently announced their intention to tokenize their stocks using Superstate’s Opening Bell. Forward, for its part, is working with Drift, Kamino, and Jupiter Lend to expand the functionality of its onchain FORD shares.
“The future of finance is the future of crypto, and bringing Superstate assets to Backpack brings us one step closer to our vision of becoming a primary financial services provider for crypto native generations,” Backpack CEO Armani Ferrante said. “By listing real tokenized stocks alongside crypto, we’re giving users more markets, more opportunities, and more assets so that they can trade on one platform seamlessly.”
Backpack and Superstate are expected to announce the supported tokenized shares and rollout timing in the coming weeks, while also setting the stage for future DeFi interoperability through Backpack Wallet. Backpack was founded by former FTX and Alameda Research employees and valued at $120 million during its Series A financing round in 2024. Earlier this year, the firm acquired FTX EU, the European arm of the crypto exchange that infamously collapsed in late 2022.
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