RWA Regulation

Formation Securities Plans Tokenized Stock Venue on Solana Under SEC Innovation Exemption

Nov 9, 2026 15:00 ET · 3h ago

TREE NEWS update: Formation Securities plans to launch a tokenized stock trading venue on Solana under the SEC’s innovation exemption, targeting an early 2027 go-live. The platform will support tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries, using automated market maker technology and allowing investors to hold securities in their own wallets with on-chain settlement in stablecoins and other eligible assets. Traditional transfer agents will still maintain official shareholder records; venues must give issuers written notice and wait at least 30 calendar days before trading third-party-tokenized stocks.

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AI take

The significance here is structural rather than speculative: a tokenized equity venue is being designed inside an SEC exemption, with transfer agents still holding the official record — a hybrid that keeps legacy plumbing intact while moving settlement on-chain. The named issuers are crypto-adjacent, suggesting an initial universe built around firms already comfortable with wallet-based ownership. The 30-day issuer notice requirement is the real constraint to watch, since it hands incumbents a lever over third-party tokenization. Whether that notice window becomes a routine formality or a de facto veto is the open question.

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