Superstate, a financial technology company, has introduced a new avenue for public companies registered with the US Securities and Exchange Commission (SEC) to raise capital directly onchain.
With its Direct Issuance Programs (DIPs), any SEC-registered issuer can now offer new shares on Ethereum and Solana, allowing investors to pay in stablecoins and receive tokenized shares instantly at real-time market prices, as announced by Superstate on Wednesday via Cointelegraph.
Jim Hiltner, co-founder and head of business development at Superstate, remarked to Cointelegraph, “While the regulatory ability to directly issue registered shares isn’t novel, what’s groundbreaking is that issuers can now conduct these offerings onchain, which revolutionizes operational and economic possibilities.”
The DIPs initiative aligns with Superstate’s goal of establishing compliant public-market infrastructure onchain. This model leverages Superstate’s SEC-registered transfer-agent system to automatically update shareholder registries as tokenized shares transfer between verified wallets, ensuring compliance with current securities laws.
“Any SEC-registered public company can conduct an issuer-led primary offering onchain using this framework,” stated Hiltner. “Our infrastructure is now live, enabling issuers to prepare and file their programs immediately. The initial public company offerings are anticipated to launch in 2026.”
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Expanding Superstate’s onchain ambitions
DIPs build on a year of onchain growth for the fintech firm. In May, Superstate unveiled Opening Bell, a platform designed to tokenize and facilitate compliant onchain activities for SEC-registered equities.
In September, SharpLink Gaming, a major public holder of Ether (ETH), disclosed plans to tokenize its common stock through Superstate’s platform. That month, Galaxy Digital also announced its tokenized public shares on Solana via Superstate’s transfer-agent infrastructure.
The introduction of DIPs coincides with a year where numerous tokenization initiatives are flourishing across Ethereum and Solana, including Franklin Templeton’s transition from tokenized money funds to comprehensive real-world asset (RWA) platforms.
The market for tokenized real-world assets soared to over $24 billion on public blockchains by Q3 2025, with Ethereum and Solana comprising a substantial portion of all RWA activities.
Related: US Treasurys lead tokenization wave as CoinShares predicts 2026 growth
A new channel for issuers and investors
Hiltner indicated that DIPs enable companies to structure their offerings in accordance with standard SEC registrations, receive stablecoin proceeds directly into their wallets, and instantly distribute tokenized shares to verified investors.
Each transaction contemporaneously updates the issuer’s shareholder registry, maintaining ownership record integrity while facilitating instant settlement. According to Hiltner, issuers can lower financing costs through minimized underwriting and distribution fees while reaching a broader global pool of eligible investors.
Investors benefit from a system that allows both retail and institutional participants to acquire newly issued stock directly from companies (sometimes at prices below exchange rates), with shares quickly settling into their wallets.
“This combines regulatory compliance with onchain execution,” emphasized Hiltner. “If an investor meets all necessary requirements, they can participate; otherwise, the system will block the transaction.”
Superstate’s approach merges established securities regulations with crypto’s rapid settlement capabilities, aiming to bring traditional financial oversight into onchain capital market infrastructure.
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