SK Hynix has officially launched its tokenized stock, denoted as $SKHY, on the Solana network, marking a significant milestone in the tokenization of traditional equities. The launch was facilitated by Backpack Securities and announced via SolanaFloor on July 10, 2026. Simultaneously, the tokenized shares became available to Telegram's massive user base through the xStocks feature within the Wallet in Telegram app, a native crypto wallet embedded in the messaging platform.
The move comes immediately after SK Hynix's blockbuster $26.5 billion Nasdaq listing, which is recorded as the largest share sale by a foreign issuer in the U.S. market. The company's American Depositary Receipts (ADRs), trading under the ticker SKHYV, surged over 13% on their first day. According to Reuters, demand for the U.S. shares was seven times higher than the available supply.
Wallet in Telegram's Chief Strategy Officer Halil Mirakhmed commented, “Tokenized equities are redefining how people access global capital markets. We're seeing growing demand from retail investors who want the same opportunities traditionally available only to institutions.” The platform previously delivered a 60% allocation to retail investors in a SpaceX offering, highlighting its commitment to democratizing access.
Solana further noted that besides Backpack, Ondo Finance also enables acquisition of the tokenized SK Hynix shares. Separately, Backpack launched 24/7 stock trading for international investors, initially offering tokenized versions of SpaceX, Micron, and SanDisk. This broader push into tokenized equities underscores a growing trend of bridging traditional finance with blockchain technology, potentially boosting Solana's ecosystem and DeFi protocols like Ondo.
