Formation Securities’ proposed tokenized-stock venue would put trades on Solana’s public ledger while leaving the official shareholder record with each issuer’s transfer agent. That distinction is central to the structure described in Decrypt’s original report, published November 10, 2026, at 01:46:02 UTC+08:00.
Formation said Monday that it had filed notice with the U.S. Securities and Exchange Commission to operate under the agency’s “Innovation Exemption.” According to the report, the SEC issued that conditional relief in September, allowing eligible tokenized stocks to trade through permissioned automated market maker pools on qualifying venues.
Trading was expected to begin in early 2027, with tokenized shares of Exodus Movement, Forward Industries and Galaxy Digital anticipated at launch. The filing notice was a step toward a planned venue, not an announcement that trading had begun.
What the ledger would record
Under the described framework, each trade would settle atomically onchain and appear on the public ledger in real time. Atomic settlement is intended to reduce settlement risk. The venue’s stated proposition also includes round-the-clock trading and near-instant settlement.
The public transaction record would not replace the transfer agent’s official shareholder register. Eligible tokens must retain the same voting and dividend rights as traditional shares, linking the onchain trading structure to conventional shareholder rights.
Securitize and Superstate were expected to supply the tokenized shares. Securitize CEO Carlos Domingo said each of his company’s tokens is backed by a real share held by its broker-dealer. That backing description is attributed to Securitize; it is not an independent verification of holdings.
Permissioned access and infrastructure
Although trades would be recorded publicly, access to the venue would be limited to verified investors. The reported access channels include Formation’s platform and distributors and service providers: Alpaca, CoinList’s Passage, custodians Anchorage, BitGo and Fireblocks, and wallet providers Solflare and Squads.
Formation licenses its trading technology from Solana-based exchange Orca. Its president, Christopher Montagano, said the firm intended to build the market together with issuers, arguing that tokenized stocks would succeed only if public companies saw value in them.
The effort builds on Project Open, a proposal submitted to the SEC in 2025 by a coalition including Orca, Superstate and the Solana Policy Institute. Formation attributed its choice of Solana to the network’s speed, low costs and record with tokenized assets, and said the network hosted more than $5 billion in tokenized real-world assets.
Other planned and operating venues
Decrypt placed Formation’s plans alongside other efforts to bring equities onchain. The NYSE had selected Avalanche to settle its planned tokenized-securities platform, Securitize had launched tokenized stocks on Solana, and an OKX–ICE venue was also in development. The report noted that all Magnificent Seven stocks had opted out of the latter.
For Formation’s proposed structure, the key recordkeeping distinction remains: publicly observable trades on Solana, permissioned investor access, and an official shareholder record maintained by a transfer agent.