Clips of Solana@clipsofsolana
Backpack CEO Armani Ferrante on CNBC, breaking down 24/7 trading of US equities on Solana
"What the tokenized stock issuers are doing today is taking a traditional brokerage, putting stocks into it, then wrapping it into a completely separate security, a completely separate instrument that has different properties. Different legal rights, cash settled, more akin to a CFD rather than an actual security entitlement"
"What we're doing is really for the first time opening up 24/7 trading for a genuine bonafide security entitlement. Markets will close on Friday in the US, and over the weekend, Saturday and Sunday, people through the Backpack brokerage will continue to trade. They'll get the exact same asset you would expect from your neighborhood brokerage account"
"Jensen Huang loves to say the world needs to build on the American tech stack, but we don't talk enough about the world building on US capital markets. Look at stablecoins. Internationally it's a story about access, the entire world wanting US dollars even without local USD banking rails. Circle and Tether grew to be some of the largest holders of US Treasuries. We fully expect tokenization of US equities to have the exact same effect"
