Superstate revolutionizes capital raising: the Direct Issuance Program debuts on Ethereum and Solana

Superstate, an innovative fintech company at the forefront of capital markets infrastructure, has announced a significant innovation: publicly registered companies with the SEC can now raise capital directly on Ethereum and Solana thanks to the new Direct Issuance Program. 

This solution, based on Superstate’s SEC-registered transfer agent infrastructure, allows investors to purchase with stablecoins and immediately receive tokenized shares, with the shareholder register updated in real-time. The first offerings are expected by 2026.

A Compliant Infrastructure for Onchain Public Markets

In recent months, Superstate has accelerated its mission to bring regulatory-compliant public market infrastructure directly onchain. 

In May 2025, the company launched Opening Bell, a regulated platform designed for the tokenization and compliant management of onchain activities for SEC-registered public stocks on leading blockchains. 

Since then, Superstate has supported real implementations such as the tokenization of Galaxy Digital’s public shares on Solana (GLXY), announced in September 2025, using its own transfer agent infrastructure to keep ownership records updated as tokens move between verified participants.

The company has also expanded its presence to other blockchains, as demonstrated by the partnership with SharpLink to bring SEC-registered shares to Ethereum via Opening Bell. Meanwhile, Superstate continues to publish technical and market insights on tokenization and onchain capital formation.

Direct Issuance Program: How It Works

The Direct Issuance Program represents a significant evolution, bringing primary issuance onchain to reduce friction, lower costs, and expand global access to a broader audience of investors. 

The program supports issuance on both Solana and Ethereum, two ecosystems that together fuel a stablecoin economy nearing 200 billion dollars.

Companies can customize their Direct Issuance Program offering and file the standard registration forms with the SEC. 

The Superstate infrastructure allows the issuer to receive stablecoins directly into their wallet from investors verified through KYC, instantly issue tokenized shares into the investor’s wallet, and update the shareholder register in real-time.

Companies can:

1. Issue additional shares of an already registered security, maintaining the same CUSIP, voting rights, and economic terms accessible through traditional brokers.
2. Alternatively, file a new registration to raise capital for a different class of shares or a new onchain security.

Thanks to onchain smart contracts, both the issuance contract and tokenized shares are natively integrable with the broader onchain ecosystem, promoting the evolution of increasingly compliant custody, settlement, and portfolio management tools.

Advantages for Issuers and Investors

For Issuing Companies

The Direct Issuance Program provides companies with the opportunity to:

1. Expand access to new eligible investors globally.
2. Significantly reduce financing costs through lower underwriting and distribution fees, allowing for a greater share of the proceeds to be retained.
3. Enhance control by defining the parameters for stock issuance.
4. Receive proceeds immediately in stablecoin, without waiting for cash settlement.
5. Manage the program through the Superstate Portal after filing with the SEC, without the need for extensive roadshows or complex administrative activities.

For Investors

Investors, both retail and institutional, can:

1. Purchase newly issued shares directly from the company, often at prices lower than those currently on Nasdaq or NYSE, with the tokenized shares being immediately credited to the wallet.
2. See shares registered in one’s own name, with the same economic and governance rights as traditional shares, along with potential additional onchain utility where permitted.
3. Access an offering on equal terms: both a sovereign wealth fund with 100 billion dollars and a retail investor with 10,000 dollars can participate under the same conditions, without intermediaries deciding allocations or offering preferential access.

A New Era for Capital Raising

By bringing primary capital raising onchain, companies can reach new investors, reduce costs, and accelerate fundraising thanks to modern infrastructures. 

Opening Bell provides the compliant transfer agent infrastructure that makes all this possible, connecting issuers and investors through onchain settlement, tokenized shares, and global access, in parallel with traditional markets.

Superstate: Pioneers in the Tokenization of Public Markets

Superstate positions itself as a key player in the transformation of public capital markets. By connecting financial assets to the crypto markets, the company expands access, enhances liquidity, and fosters capital formation through public onchain investment products. 

Among its offerings are Opening Bell, a platform for compliant issuance and onchain tokenization of shares; USTB, a tokenized fund backed by U.S. Treasuries; and USCC, a tokenized fund optimized for exposure to the crypto market.

With the Direct Issuance Program, Superstate demonstrates how blockchain technology can modernize capital raising, offering tangible benefits to both companies and investors, marking a decisive step towards more open, efficient, and global financial markets.