In a filing dated November 9, Formation Securities informed the U.S. Securities and Exchange Commission of its plan to roll out a blockchain‑based exchange for tokenized equities on the Solana network. The proposed marketplace would allow accredited participants to trade eligible U.S. listed shares at any hour using stablecoins and crypto wallets, while preserving the same voting and dividend rights as traditional stock certificates.

SOL / USD
Source: CoinGecko. Prices are indicative.

Regulatory backdrop

The initiative is built around the SEC’s Innovation Exemption, a temporary framework that lets tokenized securities be traded without the operator registering as a conventional exchange. Under this regime, venues must disclose their trading model at least 30 days before activation, limit the number of securities and total trade volume, and verify that each token represents the full set of shareholder privileges. The filing serves as a notice rather than an endorsement, and the exchange will only proceed after meeting the exemption’s conditions.

First assets and ecosystem partners

Formation has identified three initial tokenized stocks: Exodus Movement (EXOD), Forward Industries (FWDI) and Galaxy Digital (GLXY). To create these digital representations, the firm will collaborate with tokenization specialists Superstate and Securitize and will employ automated‑market‑maker software licensed from Solana DEX Orca. Compliance, surveillance and risk‑management services are slated to come from firms such as Predicate, Sec3, Solidus Labs and TRM Labs. Distribution of the platform is expected through partners including Alpaca, Passage by CoinList, Anchorage Digital Bank, BitGo Bank & Trust, Fireblocks, Solflare and Squads.

What to monitor

Key upcoming events include Formation’s submission of detailed compliance documentation, the SEC’s formal response to the exemption notice, and the establishment of custody arrangements with transfer agents. Market participants will also watch for any public endorsement from the listed issuers and for the performance of the platform’s AMM‑driven liquidity pools compared with conventional order‑book exchanges.