Backpack vs. Circle: The Next Crypto IPO Titan with Web3 Roots and Wall Street Appeal

The IPO Gold Rush Is Real — But Who’s Really Crypto?

I’ve been watching Wall Street scramble to get its hands on anything that smells like blockchain since Circle went public. And honestly? It’s not just FOMO. It’s recognition: real crypto startups are finally being valued—not as speculative toys, but as financial infrastructure.

Yet here’s the kicker: most so-called “crypto stocks” aren’t actually built from crypto DNA. They’re mining rigs or Bitcoin ETF playbooks wrapped in tech jargon.

Backpack? Different story.

Wallet + Exchange + Community = A Super App That Feels Like Web3 (but Works for Your Grandma)

Let me be clear: Backpack isn’t trying to be Coinbase or Kraken. It wants to out-Web3 them.

Their wallet isn’t just storage—it’s an open platform where xNFTs run as dApps inside your phone. Think of it as “WeChat Mini Programs,” but on Solana and Ethereum. You don’t need to leave the app to trade, stake, or even join a fan club.

And then there’s Backpack Exchange—where automatic lending and global margin accounts turn idle assets into yield without you doing anything except logging in. Yes, 5.56% APY on USDC + pyUSD via auto-lend is real, not marketing fluff.

All this while still letting you deposit dollars through regulated banking rails—something even Circle had to fight for years to achieve.

Compliance Isn’t Boring — It’s Your Moat (and Backdrop)

I’ll admit it—I used to think compliance was the enemy of innovation. Then I watched Kraken delay its IPO for years because of regulatory friction—and realized: compliance is speed.

Backpack didn’t start with a whitepaper and hope. It was built by ex-FTX legal team members who know how regulators think—and how to talk back politely.

They now operate in regions covering 95% of global GDP with licenses ranging from EU MiCA-compliant frameworks to US state-level money transmitter licenses.

That means when they say “seamless fiat on-ramp,” they mean actually seamless—not just another tokenized promise.

Mad Lads: Where Culture Fuels Growth (and Profit)

Let me tell you something wild about Mad Lads—the Solana NFT project powering Backpack’s community: It made $8M at launch… but that was just round one.

Now? Every tweet from a holder becomes free brand content across TikTok, YouTube Shorts, Instagram Reels… all driven by rewards for creating value—not begging for attention.

Holders get early access to features, governance rights in future products—and yes—their NFTs are liquid on secondary markets while still serving as keys to exclusive benefits inside Backpack’s ecosystem.

This is not fandom—it’s economic symbiosis.