Backpack Securities

Backpack Securities operates a two-layer model: (1) a US-regulated brokerage/custody layer where investors hold 'real security entitlements' under New York UCC Article 8 — the same legal ownership form used at Charles Schwab, Fidelity, Vanguard — with genuine dividend and corporate-action rights; and (2) a tokenization layer (in partnership with Solana protocol Sunrise) that lets holders convert those entitlements into tokenized securities and back again. This bidirectional convertibility is a real structural difference from the debt-certificate models (xStocks, bStocks, Robinhood, Ondo) used by most peers on this list.

Cash dividends and corporate actions pass through as they would at a traditional broker, on the traditional-securities side of the platform; not a rebase/multiplier model.

Full two-way redemption: tokenized securities can be converted back into the underlying real security entitlement and transferred to any traditional brokerage account via ACATS/DTCC settlement rails — genuinely portable across the traditional and on-chain systems, not just cash-settled.

Held through established US brokerage, clearing and custody infrastructure under NY UCC Article 8; tokenized form is a claim on an SPV holding the underlying assets while in tokenized form.

Solana (via the Sunrise tokenization protocol).

No accreditation requirement and no separate stocks-specific verification — an already-verified (KYC'd) Backpack Exchange account is sufficient, plus accepting a one-time user agreement before the first trade. Not available in the United States, United Kingdom, United Arab Emirates, or Japan, and not offered on Backpack EU; availability otherwise follows Backpack Exchange's standard country restrictions.