Backpack leads DEX trading volume growth for tokenized stocks by $193M

st0x: st0x is a tokenized equities platform operating on the Base blockchain that issues on-chain tokens representing direct claims on underlying listed stocks, ETFs, and commodities, designed for composable DeFi use. It provides 24/7 trading access through intent-based mechanisms supported by oracles. In the context of this news, st0x placed third in the week-over-week DEX volume growth among tokenized stock issuers. Backpack: Backpack Securities is the regulated brokerage arm of the Solana-native Backpack exchange, focused on issuing tokenized versions of stocks and ETFs that can be traded 24/7 on decentralized exchanges. It has been actively expanding its roster of tokenized equities available for on-chain trading and collateral use in perpetual futures markets. In the context of this news, Backpack leads other issuers in the recent week-over-week growth of DEX trading volume for its tokenized stock products. Coinbase: Coinbase is a major cryptocurrency exchange that has launched its own line of tokenized U.S. stocks on its Base blockchain, enabling 1:1 backed on-chain representations tradable in DeFi environments. The platform has rolled out additional tokenized equities in recent months while navigating evolving U.S. regulatory frameworks for such products. In the context of this news, Coinbase ranks second among issuers in the reported DEX trading volume increase for its tokenized stocks. Adoption: Solana and Base blockchains have become primary venues for DEX trading of tokenized equities from multiple issuers, reflecting growing integration between traditional assets and on-chain markets. Regulation: The SEC recently issued a five-year conditional exemption allowing qualified platforms to offer on-chain trading of tokenized U.S. stocks under specific safeguards. Infrastructure: Tokenized stock issuers are expanding features such as equity collateral for perpetual futures and broader asset lineups to support 24/7 DeFi composability.