Public companies now have a direct path to blockchain-based fundraising thanks to Superstate’s newly launched Direct Issuance Programs. The platform enables businesses to sell tokenized shares directly to investors, who can pay with stablecoins on Ethereum and Solana, combining regulatory compliance with the speed of on-chain settlement.
Jim Hiltner, co-founder of Superstate, explained that while the regulatory framework for direct share issuance already exists, moving offerings on-chain opens new operational and economic possibilities. Any SEC-registered public company can now structure primary offerings using this infrastructure, which went live immediately.
Companies can start filing programs today, with initial public offerings expected to debut in 2026. The system leverages Superstate’s SEC-registered transfer agent infrastructure to automatically update shareholder registries as tokenized shares move between verified wallets. This ensures full compliance with existing securities laws while enabling instant settlement.
Issuers structure offerings under standard SEC registrations and receive stablecoin proceeds directly into company wallets. Tokenized shares distribute instantly to verified investors, updating the shareholder registry in real time. This approach maintains ownership integrity while reducing delays common in traditional capital markets.
The model significantly cuts financing costs by minimizing underwriting and distribution fees while opening access to a global pool of eligible investors. Both retail and institutional participants can purchase newly issued stock directly from companies, sometimes at prices below traditional exchange levels, with immediate wallet settlement.
Superstate’s ecosystem is already gaining traction. The firm launched Opening Bell in May, enabling tokenization of SEC-registered equities. Notable early adopters include SharpLink Gaming, which announced tokenization plans in September, and Galaxy Digital, which deployed tokenized public shares on Solana using Superstate’s transfer agent infrastructure.
The tokenized real-world asset market surpassed $24 billion on public blockchains by Q3 2025. Ethereum and Solana accounted for over half of all activity, highlighting the growing institutional adoption of blockchain-based financial instruments.
Hiltner emphasized the platform’s compliance-by-design approach, where only verified investors can participate, while non-qualified participants are blocked. The infrastructure merges traditional securities law with crypto’s instant settlement, aiming to modernize capital markets while maintaining regulatory integrity.
Superstate’s Direct Issuance Programs are bridging the gap between traditional finance and blockchain, giving public companies a faster, cheaper, and more globally accessible way to raise capital.
