Sam Schubert(@minnus):The @Backpack tokenized equity push feels similar to early stablecoins. Circle and Tether moved before the regulatory framework was fully formed, then regulation slowly caught up to the product. Backpack is now doing this for equities with 1:1 fungible tokenized stocks.

Sam Schubert

@minnus

@Blockworks_ @blockworksres | prev @Citi | views are my own

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Sam Schubert@minnus

2026.06.24 00:40

The @Backpack tokenized equity push feels similar to early stablecoins. Circle and Tether moved before the regulatory framework was fully formed, then regulation slowly caught up to the product. Backpack is now doing this for equities with 1:1 fungible tokenized stocks.