Armani Ferrante(@armaniferrante):In your example, are you saying if a user requests to buy SPCXx, then they're buying it through Backpack SCPX when favorable? This makes sense because the Backpack SPCX can be redeemed and arbed at zero cost, so it's similar (though of course not the same) as doing the end to end xStocks flow using Backpack as the backend. I would expect the reverse to harder, though, given the lack of open redemption and fees incurred. The big challenge with doing this at scale is just how old and frictionful brokerage transfers are. If we could have tokenized DTCC with instant inter broker transfers, then this could really scale.

2026.08.28 02:31

In your example, are you saying if a user requests to buy SPCXx, then they're buying it through Backpack SCPX when favorable? This makes sense because the Backpack SPCX can be redeemed and arbed at zero cost, so it's similar (though of course not the same) as doing the end to end xStocks flow using Backpack as the backend. I would expect the reverse to harder, though, given the lack of open redemption and fees incurred. The big challenge with doing this at scale is just how old and frictionful brokerage transfers are. If we could have tokenized DTCC with instant inter broker transfers, then this could really scale.