FTX former employees' Backpack Securities is quite interesting, truly a dual-track system of stocks + on-chain tokenization running in parallel. Launching in June, let's see how the experience is.

Cryptocurrency exchange Backpack, founded by former FTX employees, launches Backpack Securities, attempting to combine traditional stock trading with tokenized stocks. The platform consists of two parts: one is a US-regulated broker and custody service that allows users to genuinely hold US stocks and enjoy traditional broker rights such as cash dividends and corporate actions; the other is a partnership with Solana's tokenization protocol Sunrise to convert users' held stocks into on-chain tradable tokenized securities. Backpack states that the related services are expected to be launched gradually starting in June, with tokenized stocks initially supporting wallets, DeFi protocols, and 24/7 trading on Solana, with potential future expansion to more blockchains. (The Block)