TLDR
Ethereum (ETH) and Solana (SOL) are the chains currently enabling SEC?registered onchain share issuance via Superstates Direct Issuance Program, with primary offerings settled in stablecoins and cap tables updated on?chain per a report.
- Galaxy Digital tokenized SEC?registered common shares on Solana, establishing a live template for on?chain cap tables as covered.
- DTCC received a three?year SEC no?action letter to tokenize securities on pre?approved blockchains starting in 2026, expanding supported networks beyond todays two per Reuters.
Deep Dive
1. Current Chains
Public companies can issue tokenized SEC?registered shares on Ethereum and Solana using Superstates infrastructure. The initiative supports direct primary issuance, instant stablecoin settlement, and real?time shareholder registry updates as reported.
If an issuer wants onchain equity now, ETH and SOL have the operational rails and transfer?agent model to do it compliantly.
2. How It Works
Superstates SEC?registered transfer?agent stack records beneficial ownership as tokenized shares move between verified wallets, preserving economic and governance rights. A live example is Galaxy Digitals tokenization of common stock on Solana, with wallet?native beneficial ownership and transfer controls aligned to securities rules documented here.
- Primary offerings settle in stablecoins with T?0 proceeds and immediate investor receipt.
- Registries update in real time; corporate actions can be administered via smart contracts where permitted.
Issuers gain speed and transparency, while investors hold registered equity in wallets rather than omnibus street name.
3. More Chains Coming
The SEC granted DTCC a no?action letter to run a tokenization service on pre?approved blockchains for three years. Details on which networks will be supported will be released before the pilot launches in the second half of 2026 %%CKPROTECTED0%% and Bloomberg.
Expect a controlled expansion of approved chains for securities tokenization; todays leaders (ETH, SOL) could be joined by other networks that meet DTCCs standards.
Conclusion
Today, Ethereum and Solana enable SEC?aligned onchain share issuance via a transfer?agent model, with Solana already used in a live tokenized common stock example. The DTCC pilot should broaden the set of approved blockchains in 2026, moving more of U.S. capital markets toward compliant, wallet?native ownership and faster settlement.
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