Solana is set to host its first tokenized stock marketplace under the U.S. Securities and Exchange Commission’s innovation exemption, with trading expected to begin in early 2027. Formation Securities says Galaxy Digital, Forward Industries and Exodus Movement are among the companies preparing to list tokenized shares on the venue.

A Regulated Venue for Tokenized Stocks

Formation notified the SEC of its plans to operate a tokenized securities venue, or TSV, using a framework that allows qualifying platforms to experiment with trading tokenized U.S. equities. The five-year exemption permits automated market makers (AMMs) rather than traditional order books, while limiting participation to verified investors and imposing restrictions on trading volume and the number of listed securities.

The proposed venue would let investors hold stock tokens in their own digital wallets and trade them around the clock using stablecoins. Transactions would settle onchain, while the tokens are expected to preserve the shareholder rights associated with traditional equities, including voting and dividends, in line with SEC requirements.

Formation is the fourth firm to announce plans for a marketplace operating under the framework. Other announced efforts include OKXICE, a joint venture between NYSE parent Intercontinental Exchange and crypto exchange OKX, as well as Canton-based TSV LLC and Perpetuals.com.

Solana’s Growing Role in Stock Tokenization

Solana already ranks among the largest blockchains for tokenized stock activity. According to RWA.xyz data cited by CoinDesk, the network is the third-largest chain by the value of stock tokens, behind Ethereum and BNB Chain.

Key figures from the research include:

• Approximately $570 million in tokenized stock value on Solana, out of a $3.8 billion market across the tracked sector.
• More than $7 billion in tokenized stock trading volume on Solana over the previous week, making it the busiest blockchain by trading activity during that period.

Formation plans to license trading technology from Orca, a Solana-based decentralized exchange protocol. Formation executive Montagano previously served as Orca’s chief legal officer.

The venue is also expected to include tokenized shares made available by Superstate and Securitize. Custody and distribution partners named in the announcement include Anchorage Digital, BitGo, Fireblocks, Alpaca, CoinList, Solflare, Squads and Jito’s JTX trading interface.

What This Means

Formation’s plan would give Solana a regulated pathway for bringing tokenized public equities into an onchain trading environment, although the venue is not yet live and remains subject to the stated framework and launch timetable. If it proceeds, the combination of wallet-based custody, stablecoin settlement and continuous trading could strengthen Solana’s position in real-world asset markets.

The participation limits and verified-investor requirements also mean the platform will initially operate more like a controlled institutional market than an unrestricted decentralized exchange. Still, listings from Galaxy Digital, Forward Industries and Exodus could provide an early test of whether regulated stock tokens can attract sustained liquidity on Solana.