Tokenized United States Oil Fund ($USO) Now Available on Solana

Backpack expands its tokenized securities lineup on Solana with the United States Oil Fund ($USO). Each $USO token is tradable 24/7 and redeemable 1:1 for a traditional share of the United States Oil Fund (NYSE Arca: USO) through Backpack Securities.

Token details

About the United States Oil Fund

United States Oil Fund, LP (NYSE Arca: USO) is an exchange-traded commodity pool organized as a Delaware limited partnership, run by its general partner United States Commodity Funds LLC. It holds no physical barrels, investing instead in oil futures and related contracts backed by collateral. The fund targets a daily percentage move in net asset value that follows the daily percentage move in the spot price of light, sweet crude at Cushing, Oklahoma, measured through its benchmark oil futures contract, after interest and expenses.

Moving between $USO and traditional USO shares

$USO and traditional United States Oil Fund, LP (NYSE Arca: USO) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of the United States Oil Fund from Backpack Exchange to tokenize it into $USO on Solana.

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

How to trade $USO

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

$USO 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 $USO, are:

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