As a former quant at Goldman Sachs turned crypto researcher, I’ve been tracking the IPO wave in digital assets. Backpack stands out not just for its seamless user experience, but for its rare combination of true Web3 fundamentals—wallet, exchange, governance—and ironclad compliance. Unlike meme-driven hype or mining plays, Backpack’s strategy mirrors Circle’s success while avoiding its 7-year regulatory grind. This isn’t speculation—it’s a data-driven thesis on who truly belongs in the TradFi spotlight.