Solana Adds 20 Tokenized Stocks Including Nike and Micron

Solana has added 20 tokenized stocks, including Nike and Micron. These stocks can be redeemed for physical shares on a 1:1 basis. The newly added stocks include Micron, Moderna, and Nike, although the complete list has not been confirmed. Backpack issues tokens for Nike and Micron, which can each be redeemed for actual shares. Structurally, Sunrise and Backpack Securities share roles, with Sunrise responsible for the listing and liquidity of the tokens, while Backpack Securities handles the custody of the stocks and the issuance of the tokens. Token holders can convert their tokens into traditional securities or tokenize stocks through the Backpack Exchange. The Solana Foundation reported that as of June, the cumulative trading volume of tokenized stocks exceeded $10 billion, with a daily trading peak reaching $683 million. The tokenized stock market varies in product nature depending on the issuer and blockchain structure, allowing investors to benefit from on-chain accessibility and 24/7 trading. However, issuers and custodians must continuously operate the procedures for the custody and redemption of physical shares.

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