Solana Gets First Tokenized Stock Venue Under SEC Rules
Formation Securities wants to trade tokenized U.S. stocks on Solana through an SEC innovation exemption, with Galaxy Digital and Exodus as the first participants.
Key Takeaways
- Formation Securities wants to launch a tokenized securities venue on Solana in early 2027 under an SEC innovation exemption.
- Galaxy Digital, Exodus Movement, and Forward Industries are the first planned participants in the regulated trading of tokenized stocks.
- The SEC framework sets conditions like limited volumes and verified investors only, while Solana already plays a major role in tokenized stock trading.
Solana is getting its first tokenized stock venue under an innovation exemption from the U.S. regulator SEC. Formation Securities wants trading in tokenized securities to begin in early 2027, with Galaxy Digital, Exodus Movement, and Forward Industries as the first participants.
First Stocks on Solana
Formation Securities told CoinDesk that it has informed the regulator about plans for a tokenized securities venue, or TSV. That puts the company on a regulated path where tokenized U.S. stocks can be traded under certain conditions.
The first three companies on the list are Galaxy Digital, Exodus Movement, and Forward Industries. According to Formation, these are companies that already have experience with tokenization. Galaxy and Forward already have their tokenized stocks on Superstate’s Opening Bell platform, while Exodus previously issued tokenized stocks through Securitize.
How the SEC Rules Work
The SEC innovation exemption lets these kinds of venues experiment with tokenized stocks as long as they meet the conditions. For example, there are limits on the number of tradable symbols and on volume, and only verified investors are allowed to participate.
The rule is temporary and expires five years after publication. In the meantime, the SEC is asking for public feedback so the regulator can decide what should happen to the framework next. That fits into a broader push to bring blockchain technology into the U.S. stock market, with features like self-custody in a crypto wallet, 24/7 trading, and near-instant settlement.
Why This Matters
For European crypto readers, this is especially relevant because Solana already plays a major role in tokenized stock trading. According to RWA.xyz, the chain ranks third behind Ethereum and BNB Chain in the value of stock tokens, with about $570 million (€511 million) out of a $3.8 billion (€3.4 billion) market. Solana was also the busiest chain for this kind of trading, with more than $7 billion (€6.3 billion) in tokenized stocks changing hands in a week.
At the same time, this is not just a crypto project, but also a test of how traditional stocks and blockchain can move closer together. Big players like the NYSE are also working on blockchain platforms for tokenized stocks and ETFs, which shows that institutional interest in this segment is growing. Institutional settlement on Solana is also getting more attention because faster settlement and onchain trading are being mentioned together more and more in these kinds of market structures.