Formation Securities Eyes Solana Trading Venue for Tokenized US Stocks

A new company called Formation Securities has told the US Securities and Exchange Commission it intends to open a marketplace for tokenized shares on Solana in early 2027. It is licensing technology from the decentralized exchange Orca. Galaxy Digital, Exodus Movement and Forward Industries are expected to be the first companies with tokenized shares on offer, and Superstate and Securitize are lined up to supply tokens. Formation says it plans to build the venue together with the listed companies themselves.

How the Venue Would Work Under the Innovation Exemption

The platform would rely on the SEC’s temporary Innovation Exemption from September, which lets verified investors trade certain US-listed stocks around the clock while keeping voting, dividend and other shareholder rights. Trades would run on automated market maker technology, with investors holding assets in their own wallets and settling onchain against stablecoins and other eligible assets. Traditional transfer agents would still keep the official shareholder records.

Solana’s Place in the Tokenized Equities Market

RWA.xyz data shows Solana holding about $575 million in tokenized stocks, behind Ethereum at $747 million and BNB Chain at $1.7 billion.

Issuer Pushback and Regulatory Hurdles

The debate over putting shares onchain is getting louder. More than 50 companies had objected by early November to tokenization of their stock on OKXICE, a venue backed by OKX and Intercontinental Exchange. The exemption requires venues to give issuers written notice and wait at least 30 calendar days before listing tokens created by unaffiliated third parties. Nasdaq has cautioned that tokenized trading could hurt liquidity, price discovery and long-term shareholder value.