Formation Securities plans to operate a venue for tokenized U.S. stocks on Solana, with trading expected to begin in early 2027, according to Decrypt’s report published November 10, 2026, at 01:46:02 UTC+08:00. Tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital are anticipated at launch.
The firm said Monday that it had filed notice with the Securities and Exchange Commission to operate under the agency’s “Innovation Exemption.” The report describes this as conditional relief issued in September that allows eligible tokenized stocks to trade through permissioned automated market maker pools on qualifying venues. These pools facilitate trading, but permissioned access means participation is restricted rather than open to every wallet.
What the tokens would represent
The proposed venue aims to combine 24/7 blockchain trading and near-instant settlement with the rights associated with traditional shares.
Under the exemption described in the report, eligible tokens must carry the same voting and dividend rights as traditional shares. A company’s transfer agent would continue to maintain the official shareholder record, while trades would appear on the public blockchain in real time.
Each trade would settle atomically onchain—meaning the exchange completes as one transaction—a feature intended to reduce settlement risk. That is the intended benefit, not a guarantee that trading carries no risk.
Tokenization firms Securitize and Superstate are expected to supply the shares. Securitize CEO Carlos Domingo said each of its tokens is backed by a real share held by its broker-dealer. That backing statement concerns Securitize’s tokens specifically.
Who could use the venue?
Access would be limited to verified investors through Formation’s platform and distributors including:
- Alpaca and CoinList’s Passage;
- Custodians Anchorage, BitGo and Fireblocks;
- Wallet providers Solflare and Squads.
Using Solana would therefore not make the market unrestricted. The planned venue’s access rules would still apply.
Formation licenses its trading technology from Solana-based exchange Orca. Its president, Christopher Montagano, said tokenized stocks would succeed only if public companies saw value in them, and that Formation intended to build the market with issuers.
The wider stock-tokenization effort
The project builds on Project Open, a proposal submitted to the SEC in 2025 by a coalition including Orca, Superstate and the Solana Policy Institute.
Formation said it chose Solana for its speed, low costs and track record with tokenized assets, citing more than $5 billion in tokenized real-world assets on the network.
Decrypt also reported competing initiatives: the NYSE had selected Avalanche for settlement on its planned tokenized securities platform; Securitize had launched tokenized stocks on Solana; and an OKX–ICE venue was in development, although every Magnificent Seven stock had opted out of that venue.
For readers evaluating the token design, the key distinction is between the token’s shareholder rights, the transfer agent’s official ownership record and the venue’s eligibility requirements. An onchain trading format does not remove those separate roles.