Author: Deng Tong, Golden Finance

On September 3, 2025, the crypto financial services company Galaxy Digital (stock code GLXY) announced the tokenization of its stock, allowing shareholders to tokenize their GLXY shares through Superstate's Opening Bell platform starting today.

At the same time, Ondo Finance announced the launch of Ondo Global Markets, listing over 100 tokenized U.S. stocks and ETFs on Ethereum. Prior to this, Robinhood and xStock had been experimenting with different methods for stock tokenization.

However, unlike the stock tokenization on platforms like Ondo, Robinhood, and xStock, the Galaxy stock tokenization on Superstate is not a derivative or representation; it directly represents Class A common stock registered with the SEC, holding all rights of shareholders, claiming to be the true on-chain U.S. stock.

Who is Superstate? How does it achieve true on-chain U.S. stocks? What are the stock tokenization cases on Superstate? Is stock tokenization an inevitable trend? Golden Finance analyzes these questions.

1. Who is Superstate?

Superstate was founded in June 2023 by Compound founder Robert Leshner, aiming to create regulated financial products that connect traditional markets and blockchain ecosystems. In the same month, Superstate completed a $4 million seed round financing, with investors including well-known institutions such as ParaFi Capital, 1kx, Cumberland Ventures, and Distributed Global. Superstate also submitted documents to the U.S. Securities and Exchange Commission (SEC) to use Ethereum as a supplementary record-keeping tool to create a short-term government bond fund, investing in "ultra-short government securities," including U.S. Treasury bonds and government agency securities.

After nearly two years of waiting and effort, in March 2025, Superstate announced that its digital transfer agent, Superstate Services LLC, had been registered with the SEC, an initiative aimed at connecting tokenized assets with the existing financial regulatory framework. Superstate stated in a release: "Through this innovative approach, Superstate promotes the compliance of tokenized securities while integrating into the existing regulatory system."

In May, Superstate announced the launch of the "Opening Bell" platform, supporting the direct on-chain issuance and trading of SEC-registered stocks, with the project initially deploying on Solana to achieve a native integration of traditional equity and blockchain infrastructure.

After June, multiple companies chose to issue tokenized stocks on Superstate.

2. Stock Tokenization Cases on Superstate

Currently, four major cases of stock tokenization can be seen on Superstate's official website: Galaxy, Exodus, Upexi, and SOL Strategies. Among them, Galaxy has already launched, while the other three are still in preparation.

1. Galaxy

On September 3, 2025, Galaxy announced its collaboration with Superstate, allowing shareholders to tokenize and hold GLXY shares on-chain. This milestone marks the first time a publicly traded company has directly tokenized its SEC-registered equity on a mainstream blockchain. These stocks are not derivatives or representations; they are Class A common stock of Galaxy Digital, holding all rights conferred by them.

Other tokenized stock issuances rely on wrappers or synthetic models (often without the issuer's involvement), while Superstate collaborates directly with companies to achieve the tokenization of their SEC-registered stocks.

The tokenization of Galaxy's stock on Opening Bell represents a significant transformation of public equity infrastructure. These stocks remain fully compliant and legally equivalent to traditional stocks but benefit from the speed, transparency, and efficiency of blockchain. By tokenizing on Solana, Galaxy's stock gains the market potential for round-the-clock trading and near-instant settlement advantages.

Galaxy and Superstate are continuously exploring how to trade tokenized public stocks in a regulatory-compliant manner through automated market makers (AMM). Subject to meeting these regulatory requirements, Galaxy's tokenized stocks (and those listed in the future on Opening Bell) may go live on AMM and other DeFi platforms, bringing broader liquidity and utility to investors and issuers.

Galaxy founder and CEO Mike Novogratz stated: "We are honored to partner with Superstate to build an on-chain capital market that connects traditional stocks with next-generation infrastructure. Our goal is to create a tokenized stock that brings the essence of cryptocurrency—transparency, programmability, and composability—into the traditional world. We are participating in building a scalable model that serves not only Galaxy but also the broader market."

Superstate CEO Robert Leshner remarked: "This is the first time a Nasdaq-listed company has tokenized on a mainstream public chain. Superstate is bringing a massive upgrade to the financial markets."

2. Exodus

On August 8, 2025, Exodus announced its collaboration with Superstate to create common stock tokens that digitally represent Exodus's Class A shares on other major public blockchains. Exodus plans to utilize Superstate's stock token issuance platform, Opening Bell, which will enable it to issue its common stock tokens on mainstream blockchains, complementing the company's existing Algorand-based common stock tokens, with plans to issue common stock tokens on Ethereum and other leading blockchains.

Exodus and Superstate will also explore other innovative use cases and advantages for common stock tokens.

Exodus CEO JP Richardson stated: "Exodus has always believed in building a world where all assets can be tokenized. Our partnership with Superstate allows us to expand Exodus's common stock tokens to new blockchains like Solana and Ethereum, creating more opportunities for innovation and investor access. This strategic move lays the foundation for the future of finance and digital asset applications. Superstate is paving the way for the future of on-chain finance, and as the first U.S. publicly traded company with common stock tokens, Exodus is honored to collaborate with Superstate to usher in a new era of tokenized assets."

Superstate CEO Robert Leshner commented: "Exodus has always been at the forefront of tokenization, and Superstate is honored to partner with them. Together, we will change the future of on-chain public capital markets."

3. Upexi

On June 26, 2025, Upexi announced the tokenization of its SEC-registered stock using Superstate's on-chain issuance platform, Opening Bell. Upexi is the largest Solana asset management company, with a mission to acquire and hold as many Solana assets as possible. After tokenization, Upexi's stock can be traded around the clock and settled in real-time through crypto-native wallets; achieving global liquidity for the stock and expanding investor access without affecting existing shareholder rights; enabling programmable equity compatible with DeFi tools (such as staking, automation, and tokenized governance).

Upexi CEO Allan Marshall stated: "Tokenizing Upexi's stock as the market opens reflects our strong belief in the future of the Solana ecosystem and our commitment to expanding shareholder access through transformative on-chain technology. Partnering with leading SEC-registered transfer agent Superstate provides us with a trusted foundation to leverage Solana's unparalleled speed and scalability to invigorate our stock, unlocking new opportunities and creating long-term value for our investors."

4. SOL Strategies

On May 8, 2025, Superstate launched "Opening Bell" and announced that SOL Strategies Inc. would be the first company to go public through this innovative system.

On April 25, SOL Strategies signed a non-binding memorandum of understanding with Superstate. The agreement aims to explore Superstate as the primary transfer agent for SOL Strategies, providing the necessary infrastructure to issue common stock tokens that can be traded on Solana.

3. Why Choose Superstate?

First is the regulatory aspect. Superstate collaborates directly with issuers to create digital stock tokens and acts as an SEC-registered transfer agent, recording legal ownership on-chain in full compliance and licensing.

Second is the technical aspect. The "Opening Bell" platform is first deployed on the Solana blockchain, which boasts high efficiency and low costs, maximizing stock trading efficiency, achieving real-time settlement, and reducing trading costs. Even stocks of small and medium-sized companies can significantly increase liquidity due to the round-the-clock trading of tokenized stocks, ensuring market activity.

Finally, regarding market influence, Superstate's founder is Compound founder Robert Leshner, and it has received backing from well-known investment institutions such as ParaFi Capital, 1kx, Cumberland Ventures, and Distributed Global. Successful collaborations with numerous companies will also attract more publicly listed companies to consider partnering with Superstate.

4. Is Stock Tokenization an Inevitable Trend?

Stock tokenization is primarily achieved through two major methods: equity-backed tokenized stocks are a safer choice, as they are backed 1:1 by regulated entity stocks; synthetic tokenized stocks use different methods, employing oracle data and smart contracts to track stock prices without any actual stocks as backing. Most major platforms utilize equity-backed tokens because they provide users with better security and regulatory compliance.

HSBC's report predicts that by 2027, 10% of global GDP will be stored and traded through blockchain technology, potentially giving rise to a tokenized market valued at $24 trillion. According to industry data, the total value of tokenized stocks has currently reached approximately $341 million.

So, will stock tokenization be the trend of future development?

First, let's look at the advantages of stock tokenization.

First, tokenized stocks have the advantage of 24/7 global trading, which traditional stocks do not possess. The ability to trade 24/7 allows investors in different time zones to participate without being restricted by local exchange trading hours. It can also respond more quickly to global news and economic events outside of regular trading hours. For both retail and institutional investors, this can enhance liquidity and support a more responsive and inclusive investment environment, allowing investors to connect with global markets through tokenized stocks.

Second, tokenized stocks can lower the investment threshold for stocks. By allowing small purchases, new and small investors can more easily access high-value assets. By lowering financial barriers, investors can allocate more assets.

Third, tokenized stocks can settle in real-time. Since ownership is recorded on-chain and transactions are processed through smart contracts, settlement speeds are faster, and reliance on intermediaries is reduced. This improves efficiency, lowers costs, and supports real-time trading. As digital financial systems continue to merge with traditional financial systems, tokenized assets can help unlock idle capital and enhance overall market responsiveness.

However, tokenized stocks are not without their flaws, and the risks and challenges still require attention from industry professionals.

First, there is regulatory uncertainty surrounding tokenized stocks. The regulation of the entire crypto industry is still evolving, and various regulatory policies that may be introduced in the future could impact existing tokenized stocks.

Second, attention must be paid to the technological level of the platforms. Vulnerabilities in smart contracts pose risks of loss to users.

Third, tokenized stocks do not represent true equity. Critics argue that these tokenized stocks are essentially contracts for difference (CFDs) repackaged for the crypto era. John Murillo, Chief Business Officer of fintech company B2BROKER, believes: "It must be understood that investors do not own actual stocks; they hold tokenized stocks issued by intermediaries, and if the underlying stock's value rises or is sold, they may have the right to receive profits." Anton Golub, Chief Business Officer of Freedx, points out: "It is just a wrapper… and not true equity." Token holders rely entirely on the issuer's promises and custodial arrangements—if this chain of trust breaks, they cannot directly claim the underlying stocks.

Fourth, there are liquidity issues. Compared to traditional markets, the market size for tokenized stocks is still relatively small, far from the deep liquidity of traditional stock markets, making it difficult for large investors to execute large trades without significantly impacting prices. The daily trading volume of individual stocks may be limited, leading to higher slippage for large trades and wider bid-ask spreads. Moreover, while 24-hour trading sounds appealing, market makers find it challenging to hedge stock risk exposure when the underlying market is closed. This results in excessive spreads during weekend and overnight trading periods, leading to artificial pricing; once trading volume disappears, the promised round-the-clock trading may evaporate.

5. Conclusion

Stock tokenization is an attempt to combine on-chain finance with traditional finance, and perhaps the future of financial markets is moving towards a model that is available 24/7 and free from geographical barriers. As crypto finance gradually matures, whether the tokenized stock model itself can truly succeed may not be as important; what matters is whether traditional finance can ultimately respond as quickly to investors' comprehensive needs as crypto finance does.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。