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
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Update, Nov 11, 08:14 UTC: According to Bitcoin.com News, Formation Securities said the Solana blockchain already hosts more than $5 billion in tokenized real‑world assets, and its president Christopher Montagano emphasized building the market together with issuers. The report also noted that a rival tokenization project, OKXICE, has faced objections from 67 companies, including major firms such as Apple, Microsoft and Tesla.

Update, Nov 11, 01:36 UTC: Cointelegraph noted that tokenized equities on Solana total about $575 million, while Unchained reported the Innovation Exemption limits the venue to list up to 75 Tier 1 stocks (max 0.25% of average daily volume) and up to 250 Tier 2 stocks (max 2.5%). Both sources said no issuer had filed an objection to Formation’s notice as of November 9.

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