TLDR
Onchain stock issuance is live on Solana and Ethereum, with multichain rollouts extending to BNB Chain, Tron, and TON (in development) per recent industry updates (Superstate launch, Ondo/xStocks multichain).
- Solana hosts native equity experiments and tokenized public shares via Figure and Superstate (Figure Technology filing).
- Ethereum supports SEC-registered direct issuance programs for public companies (Superstate direct issuance).
- Permissioned rails will matter. DTCC will approve specific blockchains for tokenized stocks starting 2026 (DTCC pilot, Canton vs Ethereum).
Deep Dive
1. Public Chains Now
Solana and Ethereum are the two primary public venues hosting onchain equity issuance today. Superstates Direct Issuance Program enables SEC?registered public companies to issue new, tokenized shares on Ethereum and Solana, settling instantly to investor wallets (Superstate direct issuance). Figure Technology has separately filed to issue blockchain?native equity directly on Solana, aimed at onchain trading and DeFi integrations (Figure Technology filing).
If you need near?term onchain equity rails with active projects, focus on Solana and Ethereum. They have the most credible issuance efforts and infrastructure momentum.
2. Multichain Expansion
Tokenized equity platforms are rapidly going multichain. Backed Finances xStocks supports Solana and Ethereum and now moves tokenized stocks between them via Chainlinks CCIP, preserving corporate actions like splits and dividends across chains (xBridge across Solana and Ethereum). Deployments have expanded to BNB Chain and Tron, with TON integration in development, while Ondo began on Ethereum and added BNB with plans for more listings (Ondo/xStocks multichain).
3. Permissioned Rails
Institutional infrastructure is converging on permissioned networks, with public chain connectors where feasible. The SEC granted DTCC a three?year pilot to tokenize stocks, ETFs, and Treasuries on approved blockchains starting in 2026, with an official chain list to follow (DTCC pilot). Industry research notes Canton Network leads non?public RWAs by represented value, while Ethereum is the leading public chain for RWAs today (Canton vs Ethereum).
Expect a hybrid model. Permissioned networks will anchor regulated issuance and recordkeeping, and public chains like Ethereum and Solana will remain the main public venues for composability and liquidity.
Conclusion
Solana and Ethereum lead live onchain stock issuance now, while xStocks and similar platforms are extending to BNB Chain, Tron, and TON. At the same time, DTCCs pilot signals that permissioned networks will shape which blockchains are approved for regulated tokenized equities. If you plan around this trend, watch for the DTCC chain list and the first SEC?registered onchain offerings to determine where institutional liquidity and compliance will concentrate.
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