Solana Labs spinoff Leap puts tokenized stocks in an iPhone wallet

Leap opened early access on Nov. 5 to an iPhone trading app that mixes tokenized stocks, exchange-traded funds and crypto on Solana. The beta runs through Apple's public TestFlight program, per the launch release, with a waitlist and a promised first wave of invites on day one. An Android build is in the works.

Not everyone gets the whole menu. Leap's terms shut out US persons from tokenized securities, and its disclosures bar those assets across the European Economic Area, Canada, Australia, Japan, Singapore and other markets. The app itself isn't available in the U.K., among other places, and users must be 18 or older and of legal age where they live.

Leap frames itself as a self-custody wallet and trading interface rather than a brokerage account. Its disclosures state it is not a broker, exchange or custodian, and isn't registered with the SEC or CFTC. Swaps happen between a user's wallet and outside market makers or liquidity sources, with Jupiter handling routing and Privy generating and securing wallet keys.

The tokenized equities aren't Leap's own. Its launch release and asset disclosures describe third-party instruments without naming the issuers, and warn that the tokens carry no ownership of the underlying assets or shareholder rights — plus issuer, custody and redemption risk. That's a different pitch from Securitize, which rolled out stock tokens on Solana in October through its registered broker-dealer platform for eligible US and EU investors and says those tokens keep dividends and applicable voting rights.

The app comes from the Dialect team, acquired earlier this year to build the business under Solana Labs, according to the release. Beyond trading, it pins curated market news to price charts and tracks profit and loss across deposits, withdrawals, trades and fees — though the disclosures note those figures aren't tax records and may be incomplete or inaccurate.

Leap is entering a crowded lane. Sunrise listed Backpack's tokenized Meta shares on Solana on Oct. 21, and Jito's trading terminal JTX said on Nov. 5 it added Backpack and Ondo tokenized equities with direct issuer quotes. Leap isn't charging its own fee at launch, but traders still eat network and routing costs.