Formation Securities plans to launch a tokenized stock trading venue on Solana in early 2027, using technology licensed from decentralized exchange Orca. At the time of the original report, the newly established company had notified the US Securities and Exchange Commission (SEC) of its plans; the marketplace was not yet live.
Source publication time: November 10, 2026, at 03:52:34 UTC+8.
What Formation proposes
Formation said Monday that tokenized shares of Galaxy Digital, Exodus Movement and Forward Industries were expected to be available at launch. Superstate and Securitize were expected to make tokenized shares available on the marketplace, which Formation said it intended to develop in cooperation with public companies.
The planned venue would operate under the SEC’s temporary Innovation Exemption, announced in September. The exemption allows verified investors to trade certain US-listed shares around the clock while retaining voting, dividend and other shareholder rights.
How trading and ownership records would work
The proposed marketplace would use automated market maker (AMM) technology. Investors would be able to hold securities in their own wallets and settle trades onchain against stablecoins and other eligible assets.
Self-custody would not replace the official shareholder register: traditional transfer agents would continue to maintain those records, preserving companies’ direct relationships with shareholders. The proposal therefore combines onchain trading and wallet-held securities with an ongoing role for traditional recordkeepers.
Solana already had a substantial tokenized-equities market at the time of reporting. According to RWA.xyz data cited in the report, tokenized stock value stood at approximately $575 million on Solana as of Monday, compared with $747 million on Ethereum and $1.7 billion on BNB Chain.
Why issuer participation matters
Formation’s emphasis on working with public companies comes amid disputes over how their shares should be brought onchain. As of early November, more than 50 companies had objected to having their shares tokenized on OKXICE, a proposed venue backed by crypto exchange OKX and New York Stock Exchange parent Intercontinental Exchange.
Under the Innovation Exemption, venues must notify issuers in writing and wait at least 30 calendar days before trading shares tokenized by unaffiliated third parties. That period gives companies an opportunity to object.
Nasdaq also warned in September that tokenized stock trading could have unforeseen consequences for liquidity, price discovery and long-term shareholder value.
For readers mapping this emerging infrastructure, the distinction is between a planned marketplace and an operating one: Formation had outlined its technology, expected initial shares and intended participants, but its early-2027 launch remained a plan at the time of publication.