A recent discovery has revealed that share ownership may not be as secure as believed, but a solution is now available on Solana.

The SEC-registered transfer agent, Superstate, has recently facilitated the direct issuance of SEC-registered shares on Ethereum and Solana, enabling primary sales to be settled in stablecoins and documenting ownership on a transfer agent’s ledger that considers the blockchain as the primary record.

The company’s Direct Issuance Programs allow issuers to provide tokens that embody the same legal equity, inclusive of voting and dividend rights, funded through stablecoins and sent to KYC-compliant wallets at real-time valuations.

This initiative transitions a portion of the issuance process from a DTCC-exclusive framework to public blockchains while maintaining the controls of the transfer agent and adhering to securities law requirements.

The inaugural live implementation involves Galaxy Digital, which has tokenized its SEC-registered common stock on Solana via Superstate.

As per Galaxy’s investor website, 32,374 GLXY shares were tokenized by early September 2025, creating a model for on-chain capitalization tables that align with a registered transfer agent.

The operational details are significant for governance and corporate actions, as each authorized transfer updates beneficial ownership in the RTA’s records, and dividends or stock splits can be executed through smart contracts managed by the agent.

A May 2025 staff FAQ recognized that a blockchain could function as the official Master Securityholder File for a registered transfer agent, according to a summary by Simpson Thacher, which lays a regulatory groundwork for these capitalization table frameworks.

Distribution is preparing to follow issuance

Backpack exchange has announced plans to list SEC-registered, natively tokenized U.S. equities through an integration with Superstate, initially focusing on non-U.S. access while exploring U.S. broker-dealer and ATS pathways.

This venue model positions wallets, KYC processes, and whitelisted order flow as the entry point for investors, avoiding synthetic wrappers or SPV structures. This distinction is crucial for 2025, following instances where marketing of tokenized stocks led to confusion between on-chain exposures and actual registered equity, as highlighted by Business Insider in relation to synthetic offerings.

The immediate competition revolves around who governs the cap table and the order books. If the transfer agent and the blockchain establish the definitive source of ownership for KYC-verified wallets, then distribution and secondary trading can navigate through a combination of compliant venues that reference that ledger.

Broker-dealers, ATSs, and conventional market centers will vie with wallet-native venues and whitelisted AMMs that integrate with transfer agent systems.

The SEC has not provided a tailored pathway for AMMs to trade NMS securities, and any AMM facilitating orders in NMS securities would need to adhere to existing regulations such as Reg ATS, fair access, surveillance requirements, and short-sale rules.

Agency communications have emphasized that tokenization is not a shortcut and that market integrity regulations remain applicable.

Plumbing around the new rails is starting to connect

DTCC has launched a tokenized collateral platform and briefed the SEC’s Crypto Task Force on tokenization services that could extend into pledging and corporate action workflows, according to DTCC public documents and SEC records.

Nasdaq has submitted a filing to enable trading of tokenized securities on its primary market when rights are equivalent, with a timeline potentially as early as the third quarter of 2026 if DTC infrastructure is prepared, as reported by Reuters.

These initiatives indicate a hybrid phase where DTC-eligible positions coexist with tokenized capitalization table entries, and where conversion or pledge functions connect the two. Issuers aiming for broader distribution may depend on this bridge for street-name positions while managing primary issuance windows on-chain in stablecoins.

The issuance workflow represents the immediate transformation. Superstate’s Direct Issuance allows companies to raise capital directly to wallets, accept stablecoin proceeds, and document new ownership on-chain under the oversight of the transfer agent.

Follow-ons and at-the-market programs can operate outside traditional market hours, featuring T≈0 settlement and programmable parameters such as transfer restrictions or on-chain accreditation checks. For small and mid-cap issuers, this may broaden addressable demand in non-U.S. time zones once compliant venues, KYC processes, and custodial solutions are operational.

For investors, the custody model shifts from omnibus street name at brokers to wallet-native beneficial ownership linked to the transfer agent’s ledger, subject to whitelisting and rescission powers necessary for regulatory and sanctions compliance.

Secondary trading is the constraint

Backpack’s strategy indicates a centralized access layer for tokenized stocks outside the U.S., while U.S. flows depend on broker-dealer and ATS permissions applied to tokens that represent the actual securities.

AMMs are technically uncomplicated on-chain, yet their regulatory status remains unclear for NMS. Three scenarios frame 2026: whitelisted AMMs recognized as ATSs, AMMs facing restrictions with centralized order books prevailing, or a hybrid model where AMMs operate for non-NMS or smaller issuers while NMS remains on central limit order books.

The SEC’s stance, including statements from Commissioners, underscores that tokenization must conform to the existing regulatory framework rather than create a separate pathway.

The RTA’s expanded role is the consistent theme. With the blockchain serving as the master securityholder file, transfer agents facilitate whitelist controls, error correction, rescission, and audit trails for on-chain transfers.

This positions agents at critical junctures for corporate actions and governance. Wallets and venues equipped with robust KYC and sanctions tools become distribution partners capable of supplying the master file with accurate data.

Stablecoin issuers gain from primary settlement volumes, and custodians will adjust to hold tokens directly or through controlled wallet architectures that comply with Rule 15c3-3 and similar custody standards when broker-dealers are involved.

A practical consideration for issuers is how tokenized shares interact with DTC positions. DTCC’s tokenization initiatives prioritize collateral, with potential to extend into securities workflows.

Nasdaq’s filing presumes that DTC infrastructure is ready before token-settled trades can coexist on the same order book.

Until a seamless conversion pathway is operational, many issuers may maintain parallel systems, utilizing DTC for mainstream exchange trading while employing on-chain issuance for targeted capital formation, dividend distribution trials, or controlled secondary transfers among whitelisted wallets.

The timing of the bridge will influence how swiftly on-chain liquidity can achieve parity with street-name liquidity.

The metrics to watch are straightforward

Key metrics include the number of issuers participating in Superstate’s Opening Bell stack, the quantity of shares outstanding that become token transferable, and the count of on-chain holders recorded on the master file, which Superstate claims to maintain as a registered transfer agent.

How much primary issuance settles in stablecoins each month? What volume do Backpack and other compliant venues facilitate for tokenized equities, particularly in non-U.S. markets? How does DTCC’s tokenized collateral network scale, and will DTC conversion or corporate action bridges for tokenized equity enter testing?

Each data point will indicate whether this represents primarily a settlement enhancement or the initiation of a new order flow channel.

The 2026 landscape is shaped by public milestones and the current operational systems. Galaxy’s tokenization illustrates that issuers can issue genuine shares on-chain under transfer agent oversight. Superstate’s Direct Issuance enables wallet-native primaries with stablecoin cash legs.

DTCC and Nasdaq have outlined timelines that could render token legs visible within mainstream market infrastructure by late 2026, contingent on infrastructure alignment. SEC staff have already accommodated on-chain master files, while broader permissions for secondary trading remain under consideration.

This results in a hybrid market structure through 2026, characterized by stablecoin settlement, whitelisted wallets, and transfer agents anchoring capitalization tables as venues compete to control the order flow that underlies them.

2026 scenario	Issuers	Token-enabled float	Daily on-chain volume	Trading structure
Conservative	5–8	$0.5–1.5B	$2–8M	CLOB venues dominate while on-chain used for primaries and controlled transfers
Base case	12–20	$3–7B	$15–40M	Hybrid, stablecoin-settled primaries common, early bridges to DTC
Bull	30–50	$10–25B	$80–200M	Whitelisted AMMs run as ATS analogs alongside exchange order books

Issuers, transfer agents, venues, and infrastructure providers now possess a functional pathway to transition SEC-registered shares from DTCC-exclusive systems to public blockchains.

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