Superstate brings stablecoin-settled stock offerings to Ethereum and Solana

cointelegraphPublished on 2025-12-10Last updated on 2025-12-10

Abstract

Superstate has launched Direct Issuance Programs (DIPs), enabling SEC-registered public companies to raise capital directly on Ethereum and Solana. Investors can pay in stablecoins and receive tokenized shares instantly at real-time market prices. This onchain model uses Superstate’s SEC-registered transfer-agent infrastructure to update shareholder registries automatically, ensuring compliance with securities laws. The system allows companies to reduce financing costs and reach global investors, while providing instant settlement and regulatory safeguards. Superstate’s initiative builds on its growing onchain infrastructure, which has already attracted firms like SharpLink Gaming and Galaxy Digital. The tokenized real-world asset market has surpassed $24 billion, with Ethereum and Solana leading much of the activity.

Financial technology firm Superstate has rolled out a new way for US Securities and Exchange Commission (SEC)-registered public companies to raise capital directly onchain.

Through its Direct Issuance Programs (DIPs), any issuer registered with the SEC can now offer new shares on Ethereum and Solana, with investors paying in stablecoins and receiving tokenized shares instantly at real‐time market prices, according to a Wednesday announcement from Superstate shared with Cointelegraph.

Jim Hiltner, co-founder and head of business development at Superstate, told Cointelegraph, “The regulatory ability to directly issue registered shares isn’t new. What is new is that issuers can now conduct these offerings onchain, which changes what’s possible operationally and economically.”

The launch of DIPs is part of Superstate’s mission to bring compliant public‐market infrastructure onchain. The model uses Superstate’s SEC‐registered transfer‐agent infrastructure to update shareholder registries automatically as tokenized shares move between verified wallets, ensuring issuances comply with existing securities laws.

“Any SEC‐registered public company is able to run an issuer‐led primary offering onchain using this structure,” said Hiltner. “Our infrastructure is live now. Issuers can begin preparing and filing their programs immediately. The first public company offerings are expected to go live in 2026.”

Related: Spark marks first major rotation from US Treasurys into regulated DeFi

Expanding Superstate’s onchain ambitions

DIPs build on a year of onchain expansion for the fintech startup. In May, Superstate launched Opening Bell, a platform designed to tokenize and enable compliant onchain activity for SEC‐registered equities.

In September, SharpLink Gaming, one of the world’s biggest public holders of Ether (ETH), revealed plans to tokenize its common stock through Superstate’s platform. In the same month, Galaxy Digital announced its tokenized public shares on Solana using Superstate’s transfer-agent infrastructure.

The launch of DIPs also lands in a year when other tokenization initiatives are expanding across Ethereum and Solana, such as Franklin Templeton’s move from tokenized money funds to multi‐asset real‐world‐asset (RWA) platforms.

The tokenized real‐world asset market had surged to over $24 billion on public blockchains by Q3, 2025, with Ethereum and Solana accounting for well over half of all RWA activity.

Related: US Treasurys lead tokenization wave as CoinShares predicts 2026 growth

A new channel for issuers and investors

Hiltner said that DIPs allow companies to structure their offerings under standard SEC registrations, receive stablecoin proceeds directly into their wallets, and distribute tokenized shares instantly to verified investors.

Each transaction updates the issuer’s shareholder registry in real time, preserving the integrity of ownership records while enabling instant settlement. According to Hiltner, issuers can achieve lower financing costs through reduced underwriting and distribution fees and broader global reach to eligible investors.

For investors, the system allows retail and institutional participants to purchase newly issued stock directly from companies (sometimes below exchange prices), with shares settling to their wallets immediately.

“This combines regulatory compliance with onchain execution,” said Hiltner. “If an investor meets all requirements, they can participate; if not, the system blocks the transaction.”

Superstate’s model blends established securities law with crypto’s instant settlement rails and aims to bring traditional financial regulation to onchain capital markets infrastructure.

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