Key Highlights
- Image includes combined content which may include AI-generated content.
- The SEC-registered transfer agent, Superstate, just enabled direct issuance of SEC-registered shares on Ethereum and Solana, settling primary sales in stablecoins and recording ownership to a transfer agent’s ledger that treats the blockchain as the master file. The company’s Direct Issuance Programs let issuers deliver tokens that represent the same legal equity with voting and dividend rights, paid for with stablecoins and delivered to KYC wallets at real-time prices. The move shifts part of the issuance workflow from DTCC-only infrastructure toward public blockchains while keeping transfer agent controls and securities law obligations intact. The first live implementation is Galaxy Digital, which tokenized its SEC-registered common stock on Solana through Superstate. According to Galaxy’s investor site, 32,374 GLXY shares were tokenized as of early September 2025, establishing a template for on-chain cap tables that synchronize with a registered transfer agent. The mechanics matter for governance and corporate actions, since every permitted transfer updates beneficial ownership on the RTA’s books, and dividends or splits can be executed through smart contracts administered by the agent. A May 2025 staff FAQ acknowledged that a blockchain can serve as the official Master Securityholder File for a registered transfer agent, according to a Simpson Thacher summary, which provides a regulatory foundation for these cap table models. Distribution is preparing to follow issuanceBackpack exchange has said it will list SEC-registered, natively tokenized U. S.
- equities via an integration with Superstate, starting with non-U. S.
- access while pursuing U. S.
- broker-dealer and ATS paths. The venue model positions wallets, KYC rails, and whitelisted order flow as the front door for investors without synthetic wrappers or SPV structures.
