Overview
- SEC-registered public companies can now sell newly issued, on-chain equity directly to investor wallets, with payment in stablecoins and near-instant token delivery.
- Shareholder records update in real time through Superstate’s SEC-registered transfer agent infrastructure, aligning on-chain transfers with official ownership books.
- Galaxy Digital provides the first live model, having tokenized 32,374 GLXY shares on Solana as of early September 2025 under Superstate’s framework.
- Secondary trading remains constrained under existing U.S. market rules, with no bespoke path for AMMs in NMS securities and broker/ATS permissions still required.
- Distribution and infrastructure work is advancing, with Backpack preparing listings for tokenized equities, DTCC building tokenization services, and Nasdaq pursuing a path to support tokenized securities as early as 2026.