At three in the morning, your stock is moving in someone else’s wallet, and you have no button to stop it.
Formation Securities has already notified the SEC about a tokenized stock exchange on Solana, targeting early 2027. The first stocks will be Galaxy Digital and Exodus. Tokens from Superstate, with Orca’s licensed trading engine.
This is serious because the transfer agent still keeps the official shareholder records, while voting rights and dividends are attached to the tokens. Issuers must be notified 30 days before their shares are traded by a third party.
That’s exactly where the risk lies. More than 50 companies have rejected a similar model at the OKXICE exchange, and Nasdaq has warned that price discovery could be distorted. Whoever convinces issuers first will control the market. Solana is at just $575 million, while BNB Chain is at $1.7 billion.
If it works, exchange hours will no longer be the gatekeeper. Liquidity will move to wallets, with settlement taking seconds. There’s only one unanswered question: will issuers join in, or stay behind exchange hours?
Follow @paksambo_ for the next breakdown on tokenization.
$SOL
Formation Securities has already notified the SEC about a tokenized stock exchange on Solana, targeting early 2027. The first stocks will be Galaxy Digital and Exodus. Tokens from Superstate, with Orca’s licensed trading engine.
This is serious because the transfer agent still keeps the official shareholder records, while voting rights and dividends are attached to the tokens. Issuers must be notified 30 days before their shares are traded by a third party.
That’s exactly where the risk lies. More than 50 companies have rejected a similar model at the OKXICE exchange, and Nasdaq has warned that price discovery could be distorted. Whoever convinces issuers first will control the market. Solana is at just $575 million, while BNB Chain is at $1.7 billion.
If it works, exchange hours will no longer be the gatekeeper. Liquidity will move to wallets, with settlement taking seconds. There’s only one unanswered question: will issuers join in, or stay behind exchange hours?
Follow @paksambo_ for the next breakdown on tokenization.
$SOL
