Get in Formation

Trade beyond market hours. Settle atomically on Solana.

Formation Securities is bringing U.S.-listed equities onto Solana, combining the shareholder rights of traditional capital markets with the speed, efficiency and composability of onchain finance.

Verified participants will trade tokenized shares through automated trading pools on Solana, with atomic settlement and the same voting, dividend and other rights as the equivalent traditional shares.

Powered by

  • Orca
  • Solana
Read the Public Notice

Why Formation Securities is different

Real securities, built for onchain markets

Formation Securities is designed to make tokenized stocks work like actual stocks.

  • Real shares, not synthetic exposure

    Tokenized stocks carry the same voting, dividend and other rights as the underlying share. No synthetic wrapper sits in between.

    Issuers maintain their relationship with shareholders through the transfer agent and the official shareholder register.

  • Atomic settlement

    Trade and settlement happen in the same Solana transaction without a separate T+1 settlement cycle.

  • Markets beyond market hours

    Formation Securities is designed to support trading outside regular exchange hours, subject to primary-market trading halts, maintenance, volume limits and other controls required under the SEC Innovation Exemption.

  • Onchain wallets

    Verified investors can hold tokenized stock directly onchain in approved self-custody wallets or via participating custodians.

  • Built for institutions and individuals

    The same infrastructure can serve individual investors, financial institutions, broker-dealers, trading platforms and liquidity providers.

  • A verified market

    Every participant must undergo due diligence and be verified prior to trading. Due diligence will include risk-based anti-money laundering and sanctions compliance to create a permissioned market on a public, permissionless blockchain.

A new path for U.S. capital markets

Formation Securities intends to operate under the SEC Innovation Exemption, a five-year framework established in September 2026 to permit trading of tokenized U.S.-listed securities on public, permissionless blockchains.

The framework preserves key attributes of traditional public securities while allowing markets to leverage onchain infrastructure, including atomic settlement, direct ownership and composable financial applications.

Why tokenization

Capital markets without the settlement delay

Tokenization brings the security itself onto programmable financial infrastructure.

That means:

  • More efficient markets that can operate beyond traditional exchange hours
  • A new distribution channel for issuers, while the transfer agent continues to maintain the shareholder register
  • Atomic delivery-versus-payment settlement
  • Direct ownership through verified wallets
  • A transparent, blockchain-based ownership and transaction record
  • The ability for financial applications to connect to the same underlying asset infrastructure
  • Continued voting, dividend and other shareholder rights

Why Solana

Built for markets at internet speed

Solana combines the speed, cost and token infrastructure required to support high-volume financial markets.

Atomic settlement
Transactions reach finality in fractions of a second, allowing execution and settlement to happen atomically.
Low transaction costs
Solana transactions typically cost fractions of a cent, making frequent trading, transfers and smaller transaction sizes economically practical.
Public and interoperable
Assets can move across compatible wallets, trading platforms and financial applications without requiring every institution to build its own closed network.
Token-2022 infrastructure
Solana’s token standards support issuer-defined controls including transfer restrictions, allowlists, freeze authority, and other issuer-defined requirements.
An expanding financial ecosystem
Solana already supports stablecoins, tokenized assets, trading venues, wallets, custody infrastructure and other financial applications on a common network.

About Formation Securities

Formation Securities intends to operate a tokenized securities venue on Solana under the SEC’s Innovation Exemption, using trading technology licensed from Orca.

Orca builds a full stack of financial products on public blockchains (including trading, credit and earn vaults), designed to unlock the full potential of tokenization. Orca launched its automated market maker (AMM) technology on Solana in early 2021. As of October 31, 2026, users have traded more than $550 billion in digital assets on its AMM, which has been formally verified by Certora and has undergone 11 audits by four other independent security firms.

Partners

Building the market together

Formation Securities is working with companies across tokenization, distribution, custody, risk management and liquidity to build the infrastructure for a regulated onchain equities market.

  • Tokenization

  • Issuers

  • Custodians

  • Distribution partners

  • Risk Management/Security

Partner quotes

  • “Tokenized equities represent the next chapter for public markets, and trusted custody is what turns that vision into something institutions can act on. As a regulated digital asset trust bank with OCC oversight, we’re committed to helping investors safeguard their tokenized shares as Formation Securities works to bring this market onchain through Solana.”
    Mike BelsheCEO and Co-founder, BitGo
  • “Formation Securities is building the next generation securities venue: onchain and open to any eligible app and investor globally that wants to plug in. Our job at CoinList has always been to connect qualified investors with new assets, and Passage is how we do that at scale now. We’re excited to bring our investor base of more than 12M across CoinList.co and our partner network of apps to Formation Securities’ venue at launch.”
    Scott KetoCEO, CoinList
  • “Allowing investors to trade tokenized stocks through AMM liquidity pools on qualifying venues is a huge step for adding practical utility for these tokenized assets. Forward is excited to work with Formation Securities and their partners to broaden access to tokenized FWDI shares.”
    Ryan NaviChief Investment Officer, Forward Industries
  • “Tokenized markets operating at scale require robust risk management and compliance embedded within the overall onchain system. We’re excited to support Formation Securities usher in the next era of finance.”
    Nikhil RaghuveeraCo-Founder and CEO, Predicate
  • “Tokenized securities venues should be able to focus on execution and liquidity. Our Convertible Entitlement Tokens give them assets worth trading. Each one is backed by a real share held by our broker-dealer, carries the same rights as that share, and is held only by verified investors. That’s the standard tokenized equities should meet, and we’re glad to bring it to Formation Securities’ launch on Solana, where Securitize Stocks is native.”
    Carlos DomingoCEO, Securitize
  • “This is the moment we’ve been building toward since we started Superstate. Thanks to the SEC’s Innovation Exemption, the companies we work with can now have their shares trade onchain, around the clock, on Formation Securities. It’s a huge step for public markets, and we couldn’t be more excited to be part of it.”
    Robert LeshnerCo-founder and CEO, Superstate
  • “TRM is proud to support Formation Securities on Solana. As financial assets are tokenized and moved on chain, mitigating illicit finance, cyber, and other risks is paramount to building issuers and investor trust in tokenized markets.”
    Liam GlennonHead of Financial Institutions, Americas, TRM Labs

For issuers

Bring your shares onchain

Formation Securities works with issuers and their transfer agents to bring existing U.S.-listed stock onto Solana while preserving shareholder rights, issuer-defined transfer controls and the existing shareholder register.

Tokenization gives issuers a new channel for distribution and secondary trading, connecting their shares with verified investors and onchain liquidity without replacing the underlying security.

List with Formation Securities

For market participants

Get verified. Access onchain equities.

Complete verification directly with Formation Securities or through a participating platform. Verified wallets can access Formation Securities listings for which they have been approved.

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The U.S. stock market is coming onchain. Trade it, list on it, or build on it.

Formation Securities is bringing real U.S. stock onto public blockchain infrastructure.

Issuers, trading platforms, institutions and liquidity providers can start building with us today.

Get in Formation