The SEC-registered switch agent, Superstate, simply enabled direct issuance of SEC-registered shares on Ethereum and Solana, settling main gross sales in stablecoins and recording possession to a switch agent’s ledger that treats the blockchain because the grasp file.
The corporate’s Direct Issuance Packages let issuers ship tokens that signify the identical authorized fairness with voting and dividend rights, paid for with stablecoins and delivered to KYC wallets at real-time costs.
The transfer shifts a part of the issuance workflow from DTCC-only infrastructure towards public blockchains whereas protecting switch agent controls and securities legislation obligations intact.
The primary stay implementation is Galaxy Digital, which tokenized its SEC-registered frequent inventory on Solana via Superstate.
In keeping with Galaxy’s investor website, 32,374 GLXY shares have been tokenized as of early September 2025, establishing a template for on-chain cap tables that synchronize with a registered switch agent.
The mechanics matter for governance and company actions, since each permitted switch updates helpful possession on the RTA’s books, and dividends or splits might be executed via sensible contracts administered by the agent.
A Might 2025 workers FAQ acknowledged {that a} blockchain can function the official Grasp Securityholder File for a registered switch agent, based on a Simpson Thacher abstract, which supplies a regulatory basis for these cap desk fashions.
Distribution is getting ready to comply with issuance
Backpack change has mentioned it can record SEC-registered, natively tokenized U.S. equities by way of an integration with Superstate, beginning with non-U.S. entry whereas pursuing U.S. broker-dealer and ATS paths.
The venue mannequin positions wallets, KYC rails, and whitelisted order movement because the entrance door for traders with out artificial wrappers or SPV constructions. That distinction is a key clarification for 2025, following episodes the place tokenized inventory advertising and marketing created confusion between on-chain exposures and precise registered fairness, as reported by Enterprise Insider within the context of artificial choices.
The near-term contest is about who controls the cap desk and the order books. If the switch agent and the chain kind the golden supply of possession for KYC’d wallets, then distribution and secondary buying and selling can route via a mixture of compliant venues that talk to that ledger.
Dealer-dealers, ATSs, and conventional market facilities will compete with wallet-native venues and whitelisted AMMs that plug into switch agent hooks.
The SEC has not granted a bespoke path for AMMs to commerce NMS securities, and any AMM that routes orders in NMS securities would want to adjust to current frameworks resembling Reg ATS, honest entry, surveillance obligations, and short-sale guidelines.
Company statements have careworn that tokenization isn’t a shortcut and that market integrity guidelines nonetheless apply.
Plumbing across the new rails is beginning to join
DTCC launched a tokenized collateral platform and briefed the SEC’s Crypto Activity Drive on tokenization providers that would prolong into pledging and company motion workflows, based on DTCC public supplies and SEC documentation.
Nasdaq filed to allow tokenized securities buying and selling on its fundamental market when rights are equal, with a timeline as quickly because the third quarter of 2026 if DTC infrastructure is prepared, based on Reuters.
These efforts level to a hybrid stage wherein DTC-eligible positions coexist with tokenized cap desk entries, and wherein conversion or pledge capabilities bridge the 2. Issuers looking for broader distribution could depend on this bridge for street-name positions whereas working main issuance home windows on-chain in stablecoins.
Issuance workflow is the fast change. Superstate’s Direct Issuance lets corporations increase capital on to wallets, take stablecoin proceeds, and report new possession on-chain below the switch agent’s supervision.
Comply with-ons and at-the-market applications can run outdoors conventional market hours, with T≈0 settlement and programmable constraints resembling switch restrictions or on-chain accreditation checks. For small and mid-cap issuers, that will increase addressable demand in non-U.S. time zones as soon as compliant venues, KYC pipelines, and custodial choices are stay.
For traders, the custody mannequin flips from omnibus avenue identify at brokers to wallet-native helpful possession tied to the switch agent’s ledger, topic to whitelisting and rescission powers required for regulatory and sanctions compliance.
Secondary buying and selling is the constraint
Backpack’s plan factors to a centralized entry layer for tokenized shares outdoors the U.S., whereas U.S. flows hinge on broker-dealer and ATS permissions utilized to tokens which can be the precise securities.
AMMs are technically easy on-chain, but their regulatory standing is unresolved for NMS. Three outcomes body 2026: whitelisted AMMs acknowledged as ATSs, AMMs restricted and centralized order books dominate, or a hybrid wherein AMMs function for non-NMS or smaller issuers whereas NMS stays on central restrict order books.
The SEC’s posture, together with Commissioner statements, emphasizes that tokenization should match inside the current regulatory perimeter relatively than invent a separate lane.
The RTA’s expanded position is the throughline. With the blockchain because the grasp securityholder file, switch brokers mediate whitelist controls, error correction, rescission, and audit trails for on-chain transfers.
That locations brokers on the chokepoints for company actions and governance. Wallets and venues with robust KYC and sanctions tooling turn into distribution companions that may feed the grasp file with clear knowledge.
Stablecoin issuers profit from main settlement volumes, and custodians will adapt to carry tokens straight or via managed pockets architectures that meet Rule 15c3-3 and comparable custody expectations when broker-dealers intermediate.
A sensible query for issuers is how tokenized shares interaction with DTC positions. DTCC’s tokenization applications focus first on collateral, with scope to increase into securities workflows.
Nasdaq’s submitting assumes that DTC infrastructure is prepared earlier than token-settled trades sit on the identical order ebook.
Till a seamless conversion path is in manufacturing, many issuers could preserve parallel rails, utilizing DTC for mainstream change buying and selling and utilizing on-chain issuance for focused capital formation, dividend distribution experiments, or managed secondary transfers amongst whitelisted wallets.
The bridge timing will decide how shortly on-chain liquidity can attain parity with street-name liquidity.
The metrics to look at are easy
What number of issuers enroll in Superstate’s Opening Bell stack, what number of shares excellent turn into token transferable, and what number of on-chain holders seem on the grasp file, which Superstate says it maintains as a registered switch agent.
How a lot main issuance settles in stablecoins every month? How a lot quantity Backpack and different compliant venues route for tokenized equities, particularly in non-U.S. markets? How DTCC’s tokenized collateral community scales and whether or not DTC conversion or company motion bridges for tokenized fairness enter testing.
Every knowledge level will describe whether or not that is primarily a settlement improve or the beginning of a brand new order movement channel.
The 2026 setup is certain by the general public milestones and at present’s working programs. Galaxy’s tokenization demonstrates that issuers can concern actual shares on-chain below switch agent management. Superstate’s Direct Issuance opens wallet-native primaries with stablecoin money legs.
DTCC and Nasdaq have articulated timelines that would make token legs seen inside mainstream market plumbing by late 2026, if the infrastructure aligns. SEC workers have already made room for on-chain grasp information, whereas broader secondary buying and selling permissions stay below overview.
That leaves a hybrid market construction via 2026, with stablecoin settlement, whitelisted wallets, and switch brokers anchoring cap tables as venues compete to manage the order movement that sits on prime.
| 2026 situation | Issuers | Token-enabled float | Every day on-chain quantity | Buying and selling construction |
|---|---|---|---|---|
| Conservative | 5–8 | $0.5–1.5B | $2–8M | CLOB venues dominate whereas on-chain used for primaries and managed transfers |
| Base case | 12–20 | $3–7B | $15–40M | Hybrid, stablecoin-settled primaries frequent, early bridges to DTC |
| Bull | 30–50 | $10–25B | $80–200M | Whitelisted AMMs run as ATS analogs alongside change order books |
Issuers, switch brokers, venues, and infrastructure suppliers now have a working path to maneuver SEC-registered shares from DTCC-only rails to public blockchains.
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