Investment platform Republic has unveiled “Mirror Tokens,” beginning with rSpaceX, a Solana-based digital asset designed to track the value of private shares in Elon Musk’s SpaceX, according to company statements reported by the Wall Street Journal and industry outlets. The tokens, which do not convey voting rights, allow retail investors to gain price exposure to the closely held space company for as little as about $50, with purchases capped at $5,000 and subject to a one-year lock-up under provisions of the U.S. JOBS Act. Republic said it intends to issue similar tokens referencing other marquee private firms such as OpenAI and Anthropic and expects trading to take place on the INX exchange the firm agreed to acquire in April. Days later, Swiss issuer Backed Finance launched xStocks, a suite of 60 tokenized U.S. equities and ETFs—including Apple, Tesla and Nvidia—on crypto exchanges Bybit and Kraken and across Solana-based decentralized-finance applications such as Raydium and Kamino. The SPL tokens can be moved between venues and used as collateral in DeFi lending, offering 24-hour trading and near-instant settlement, though they are restricted from U.S. investors because the securities are not registered with U.S. regulators. The two launches, arriving within a week of each other, highlight quickening momentum around bringing traditional financial assets on-chain. Proponents say tokenization lowers entry thresholds, enables fractional ownership and broadens market access, while critics note the offerings still face significant regulatory scrutiny and, in many cases, geographical limits. Together, Republic and Backed are positioning Solana as a hub for real-world-asset trading even as regulators worldwide debate how existing securities laws apply to blockchain-based instruments.