Crypto's new era is emerging as the “representation era” is ending as projects like Hashi and Backpack connect real assets directly to blockchain rails, prioritizing ownership, authenticity, and trust minimization

Backpack’s docs draw the clean line: traditional holdings are UCC Article 8 security entitlements, while Solana tokens are SPV claims redeemable 1:1 into the underlying share. Sunrise says SPCX has already done $350M+ total volume and $40M over a weekend, so lenders and AMMs now have to price redemption latency, issuer risk, and corporate-action handling instead of treating every ticker as generic collateral. Hashi has the BTC-side mirror with custodians minting stablecoins against Bitcoin on Sui; if those positions become DeFi collateral, proof of backing and exit mechanics become the product.

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