The U.S. Securities and Exchange Commission is set to allow firms to raise funds by selling newly issued tokenized shares directly to investors paying in stablecoins.
On Wednesday, Superstate, the crypto-focused fintech firm founded by Compound creator Robert Leshner, unveiled a new blockchain-based service for Direct Issuance Programs on Ethereum and Solana.
The service will enable companies to secure funding by issuing onchain securities, including tokenized versions of their existing SEC-registered shares or a new share class, according to a press release. The first issuer offerings are expected to go live in 2026.
“If public companies are going to raise capital faster, more efficiently, and more globally, primary issuance needs rails that support instant settlement, transparent participation, and compliance by design — not bolted-on workarounds,” Superstate CEO Leshner said.
With the encouragement of the Trump administration, regulators like the SEC and Commodity Futures Trading Commission have pushed crypto-financial experimentation and begun fast-tracking new products and services as part of an attempt to modernize U.S. capital markets and implement clearer crypto guidance.
Superstate is one of the leading firms advocating for and advancing the use of blockchain technology to reengineer capital formation. Tokenization, in particular, may help overhaul the financial sector by creating digitally transferable, traceable, and programmable assets that meet existing compliance requirements.
Users of Superstate’s new tokenization offering will continue to file standard registration statements, like an S-3 shelf filing, though the direct issuance structure will enable firms to sell securities without an underwriter.
Galaxy and Sharplink both previously tokenized their shares using Superstate’s SEC-registered transfer agent infrastructure, Opening Bell, to connect securities issuers and investors. However, neither issued new securities to raise capital. Instead, existing shares held by stockholders were moved onchain for secondary holding and potential DeFi integrations.
Fast settlements, programmable features
Using stablecoins natively also means issuers receive proceeds “instantly without waiting for cash settlement,” the firm said. Likewise, approved investors will immediately receive the tokenized assets in their wallets. These tokens may have “added onchain utility where permitted,” in addition to the “same economic and governance rights as traditional shares,” per Superstate.
“Both the issuance contract and the tokenized shares delivered to investors are natively composable with the broader onchain ecosystem, enabling integrations as compliant custody, settlement, and portfolio tools continue to evolve,” Superstate said, adding that onchain securities can also have defined parameters “for when and how shares are issued.”
Superstate noted that the program will be open to retail and institutional investors who are KYC verified.
“The importance of facilitating capital formation and reducing regulatory and operational drag has never been clearer — and that mismatch is becoming harder to justify as markets modernize,” Leshner said. “It’s time for a reset that better serves investors and smaller issuers, and makes clear that onchain capital raising should be possible without persistent uncertainty.”
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