Tokenized equities took a notable step into self-custody and decentralized finance this week, as Ledger integrated Payward’s xStocks and Backpack outlined an expansion path for stock tokens on Solana.
Ledger adds xStocks: Payward, the company behind xStocks and parent of Kraken, said eligible Ledger users can now trade hundreds of U.S. and international tokenized equities directly through Ledger Wallet. The integration provides 24/7 market access without users surrendering wallet keys. Payward said xStocks are 1:1-backed representations of publicly traded shares, and transactions may require physical confirmation on a Ledger device before assets move. The companies are trying to link self-custody to trading and the wider financial system, Payward co-CEO David Ripley said.
Payward also stated xStocks has surpassed $42 billion in cumulative transaction volume, underscoring growth in tokenized equities. The company has been expanding beyond U.S. stocks, partnering with GTN in July to add international equities starting with Hong Kong-listed assets and later planning the U.K., Europe and South Korea. In September, Payward joined the London Stock Exchange to research tokenized public equities and potential trading on LSE 24, subject to regulatory approval.
Backpack targets 10,000 stocks on Solana: Backpack CEO Armani Ferrante outlined plans to scale tokenized stock access on Solana from roughly 200 symbols to 10,000, using a single API that lets a real share move between brokerage accounts and DeFi applications. No rollout date was given. Ferrante said: "Not 10 stocks, not 100 stocks. We want to bring the entire stock market to Solana."
Backpack launched its securities platform in June, allowing eligible customers to hold U.S. stocks and ETFs through a brokerage service and convert holdings into tokenized securities. On Solana, Backpack-issued tokens can be held in compatible wallets, transferred between users and used in DeFi applications where supported. The company distinguishes between traditional brokerage holdings and tokenized versions, including how dividends and corporate actions are handled.
The expansion plans follow the U.S. Securities and Exchange Commission’s Sep. 17 conditional relief for certain venues to trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools. The five-year framework limits symbol counts and volume, requires equal rights for token holders, auditable smart contracts and trading halts when the underlying stock is halted.
