Backpack Launches Tokenized Brazil ETF on Solana

Backpack Securities has launched a tokenized version of the iShares MSCI Brazil ETF on Solana, utilizing the Sunrise platform to bring traditional equity trading to crypto rails. The new token, $EWZ, is redeemable 1:1 for shares of the underlying iShares MSCI Brazil ETF.

The launch arrives as Brazilian markets experience a rally following the country's first-round presidential election. Sen. Flávio Bolsonaro secured approximately 47% of the vote, leading President Luiz Inácio Lula da Silva, who received roughly 45%. The two are now headed to an Oct. 25 runoff.

Following the election results, the Bovespa index gained more than 8%, while the real strengthened by over 4%. The iShares MSCI Brazil ETF itself saw a price increase of roughly 13% on Monday.

Backpack Securities, which launched earlier this year with Sunrise as a partner, aims to bridge the gap between traditional brokerage hours and crypto-native access. By tokenizing these assets, the firm allows users to gain exposure to market shifts without being restricted by traditional market operating times.

The broader market for tokenized equities has seen significant growth. Data from DefiLlama in August indicated that the market capitalization of tokenized equities increased ninefold over the previous year, reaching more than $3.7 billion. Current tracking shows approximately $2.7 billion in onchain public equities, with about $196 million deployed across DeFi.