Superstate Debuts Direct On-Chain Stock Issuance Platform for Public US Firms

Real-world asset tokenization firm Superstate, created by early DeFi founder Robert Leshner, announced today, Dec. 10, that it will let public U.S. companies issue new shares on blockchain, expanding beyond moving existing equity on-chain.

In a press release shared with The Defiant, the company said that using Superstate’s new platform, Securities and Exchange Commission-registered public companies can now run what it calls “Direct Issuance Programs” on Ethereum and Solana — similar to a direct listing of the company’s stock, only on-chain. This means eligible investors will soon be able to buy newly issued, SEC-registered tokenized shares with USDC, with support for more fiat-backed stablecoins expected in the future.

The move builds on Superstate’s work with crypto investment management firm Galaxy Digital earlier this year, when Galaxy tokenized its existing SEC-registered shares on Solana. The initiative showed that a public company can track ownership while letting shares move between verified wallets on-chain.

But the new program goes further by enabling primary issuance, meaning any SEC-registered public company can sell new shares directly to investors on a blockchain. In commentary to The Defiant, Superstate noted there will be no limitations on which public companies can participate.

“There is no ‘whitelist.’ Any U.S. public company with an effective registration statement can structure and conduct its own Direct Issuance Program onchain using Superstate’s transfer-agent infrastructure under the hood,” a Superstate spokesperson said.

Companies can set up their offering through SEC filings and decide who can buy, based on identity, location, and compliance checks. Investors who participate receive newly issued shares recorded in their own name, with the same voting rights as traditional stock, the press release notes.

While details are yet to be disclosed, Superstate says the first offerings are expected in 2026.

The tokenized U.S. equity sector has taken off in 2025, with a variety of offerings from centralized and decentralized platforms coming to market. However, multiple tokenized stock products that launched this year — including xStocks from Kraken and Backed, and stock tokens from Robinhood — offer non-U.S. investors on-chain exposure to the price of listed U.S. equities, but don’t represent the full ownership rights of traditional equity.