Tokenized Tesla ($TSLA) Now Available on Solana

Backpack expands its tokenized stock lineup on Solana with Tesla ($TSLA). Each $TSLA token is tradable 24/7 and redeemable 1:1 for a traditional share of Tesla (Nasdaq: TSLA) through Backpack Securities.

Token details

About Tesla

Tesla, Inc. (Nasdaq: TSLA) is an electric vehicle and clean energy company headquartered in Austin, Texas, incorporated in 2003 and listed since 2010. It reports through two segments: Automotive, covering the design, manufacture, sale and leasing of fully electric vehicles along with charging, software, insurance and service, and Energy Generation and Storage, covering battery systems such as Powerwall and Megapack plus solar products. The company traded as Tesla Motors until 2017 and is named after the inventor Nikola Tesla.

Moving between $TSLA and traditional TSLA shares

$TSLA and traditional Tesla, Inc. (Nasdaq: TSLA) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of Tesla from Backpack Exchange to tokenize it into $TSLA on Solana.

Deposit $TSLA from a Solana wallet to Backpack Exchange to convert it back into the underlying TSLA share held in Backpack Securities.

How to trade $TSLA

You can trade Backpack-issued $TSLA on Solana using Backpack Wallet.

$TSLA is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $TSLA, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages