Tokenized equities hit a record US$3.9 billion in on-chain trading in June, according to CoinDesk Data, with SpaceX-linked tokens accounting for US$1.19 billion, or 31% of the total.

The surge followed SpaceX’s US$75 billion initial public offering, which valued the aerospace company at about US$1.77 trillion.

Backpack, a Dubai-based crypto exchange and brokerage, led trading.

Its SPCX token reached US$1.08 billion in volume, while xStocks’ SPCXx token reached US$852 million.

Backpack said SPCX is backed by a SpaceX share held through a US broker-dealer account and can be redeemed into a traditional brokerage account.

By contrast, xStocks’ token is structured as a claim that pays cash on redemption rather than delivering the underlying share.

Backpack’s securities product is not available in the US, the UK, the United Arab Emirates, or Japan.

Staff at the US Securities and Exchange Commission also said tokenized securities remain subject to federal securities laws whether ownership is recorded on-chain or off-chain.

The report said tokenized equity market capitalization rose 6.64% from May to a record US$1.53 billion, while stablecoin market capitalization fell to US$312 billion in its biggest monthly drop since TerraUSD.

🔗 Source: CoinDesk

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