Superstate has expanded its onchain equity infrastructure to support primary issuance for SEC-registered public companies on major blockchains.
The firm said issuers will be able to conduct Direct Issuance Programs on Ethereum and Solana using its SEC-registered transfer-agent infrastructure.
The program allows qualified investors to purchase newly issued, tokenized shares using stablecoins at real-time market prices.
Shares settle instantly to investor wallets while the issuer’s shareholder registry updates in real time, according to the firm.
The first public offerings under the new structure are expected to go live in 2026.
The launch extends Superstate’s effort to move compliant public-market infrastructure onto blockchains after several pilot deployments in 2025.
In May, the company introduced a regulated tokenization platform supporting onchain activity for SEC-registered public equities.
The platform was later used for Galaxy Digital’s tokenized public shares on Solana, announced in September 2025.
The deployment relied on Superstate’s transfer-agent infrastructure to maintain ownership records as tokens moved between verified participants.
The firm has also expanded issuance tooling to Ethereum through a partnership with SharpLink earlier this year.
Together, Ethereum and Solana support a stablecoin economy approaching $200 billion in circulation as of December 2025.
Superstate said Direct Issuance Programs aim to bring primary capital formation directly onchain for the first time.
Issuers will be able to receive funds directly in stablecoins from KYC-verified investors through smart contracts.
Tokenized shares are delivered immediately, while the company’s shareholder registry updates automatically.
Companies can issue additional shares under existing registrations or file new disclosures for separate onchain securities.
Shares issued through the program retain the same CUSIP, voting rights and economic terms as traditional securities, Superstate said.
Because issuance uses smart contracts, tokenized shares remain compatible with evolving onchain custody and portfolio tools.
The company said issuers may benefit from lower underwriting fees, faster settlement and broader global investor reach.
Investors gain access to newly issued shares directly at issuance without traditional brokerage intermediaries.
Eligible retail and institutional investors will participate under the same allocation terms, according to the firm.
Robert Leshner, chief executive officer of Superstate, said primary issuance needs infrastructure built for instant settlement and compliance by design.
Superstate positions itself as a bridge between public capital markets and crypto-native settlement infrastructure.
Its broader product suite includes tokenized funds backed by U.S. Treasuries and crypto basis strategies.
The firm’s expansion comes as tokenization of real-world assets continues to move from pilot programs toward regulated public-market use cases.
Regulators in the United States have gradually clarified the role of registered transfer agents in digitized securities infrastructure.
For now, public companies seeking onchain issuance will still need to file standard registration statements with the U.S. securities regulator.
Superstate said Direct Issuance Programs are designed to operate alongside existing markets on the Nasdaq and the New York Stock Exchange.
The company did not disclose which issuers are preparing the first offerings scheduled for 2026.
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