Source publication time: November 10, 2026, at 03:52:34 UTC+8.
Formation Securities, a newly established company licensing technology from decentralized exchange Orca, said Monday that it had notified the US Securities and Exchange Commission (SEC) of plans to launch a tokenized stock trading venue on Solana in early 2027.
Tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries are expected to be available at launch. Superstate and Securitize are expected to make tokenized shares available on the marketplace, which Formation says it intends to develop in cooperation with public companies.
What the tokens would represent
The proposed venue would trade tokenized shares—stocks represented on a blockchain—under the SEC’s temporary Innovation Exemption, announced in September. According to the report, that framework allows verified investors to trade certain US-listed shares around the clock while retaining voting, dividend and other shareholder rights.
In this proposed arrangement, using blockchain-based tokens would not remove the traditional shareholder recordkeeping layer. Transfer agents would continue to maintain official shareholder records, preserving companies’ direct relationships with their shareholders.
How trading would work
Formation plans to use automated market maker (AMM) technology to facilitate trading. Investors would be able to hold securities in their own wallets and settle trades onchain against stablecoins and other eligible assets.
Solana would provide the blockchain infrastructure for the venue. According to RWA.xyz data cited in the report, Solana held approximately $575 million in tokenized stock value as of Monday, compared with $747 million on Ethereum and $1.7 billion on BNB Chain.
Issuer objections remain part of the picture
Formation’s stated intention to work with public companies comes amid debate over how their shares should be brought onchain. As of early November, more than 50 companies had objected to having their shares tokenized on OKXICE, a proposed venue backed by crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange.
Under the Innovation Exemption, trading venues must notify issuers in writing and wait at least 30 calendar days before trading shares tokenized by unaffiliated third parties. That period gives companies an opportunity to object.
Nasdaq warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value. Formation’s venue remained a planned launch, rather than an operating marketplace, at the time of the report.