Formation Securities just notified the SEC they're launching a tokenized equities venue on $SOL in early 2027. First listings: $GLXY (Galaxy Digital), $EXOD (Exodus), and Forward Industries.
The setup: Trading under SEC's Innovation Exemption. 24/7 trading against stablecoins via permissioned AMM pools (tech licensed from Orca). Onchain settlement. Full voting + dividend rights preserved.
Securitize and Superstate handling tokenization. Access through Formation + Alpaca, CoinList Passage, Solflare, Squads. Custody via Anchorage, BitGo, Fireblocks.
This follows SEC's September Innovation Exemption framework—temp relief from exchange registration for qualifying tokenized venues. Caps on volume, verified users only, issuers can object before shares get tokenized.
Builds on Project Open (April 2025 proposal by Orca, Superstate, Solana Policy Institute). Solana already hosts $5B+ in tokenized RWAs per RWA.xyz.
No separate SEC approval yet. Still subject to regs. But if this clears, public equities trading 24/7 onchain becomes real.
The setup: Trading under SEC's Innovation Exemption. 24/7 trading against stablecoins via permissioned AMM pools (tech licensed from Orca). Onchain settlement. Full voting + dividend rights preserved.
Securitize and Superstate handling tokenization. Access through Formation + Alpaca, CoinList Passage, Solflare, Squads. Custody via Anchorage, BitGo, Fireblocks.
This follows SEC's September Innovation Exemption framework—temp relief from exchange registration for qualifying tokenized venues. Caps on volume, verified users only, issuers can object before shares get tokenized.
Builds on Project Open (April 2025 proposal by Orca, Superstate, Solana Policy Institute). Solana already hosts $5B+ in tokenized RWAs per RWA.xyz.
No separate SEC approval yet. Still subject to regs. But if this clears, public equities trading 24/7 onchain becomes real.