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Morgan Stanley plans to support tokenized securities trading in its Trajectory Cross dark pool starting H2 2026, viewing it as a natural evolution from its existing infrastructure for traditional equities, ETFs, and ADRs. The move is part of a broader institutional push into tokenization, with major exchanges like NYSE and Nasdaq also developing similar capabilities. Tokenized assets have demonstrated significant growth, surging 245% year-over-year, highlighting rapid adoption. As one of the largest wealth managers overseeing $8.2 trillion in assets, Morgan Stanley has been expanding its crypto offerings, including allowing advisors to recommend spot BTC and ETH ETFs to all clients. The bank has also applied for its own spot Bitcoin ETF, further cementing its commitment to digital assets.

First Block, Onpharma Company, and Crito Capital announce the launch of what is described as the first Solana-based Security Token Offering (STO) for an established U.S. operating business. The STO represents a landmark transaction for tokenizing equity in a real-world company using the Solana blockchain, aiming to modernize capital formation with faster settlement, lower costs, and international accessibility for qualified investors. The offering is structured under Regulation S for non-U.S. investors. Onpharma, a dental medical device company, is the underlying business. Its Onset EZ product buffers dental anesthetic to improve patient experience and has an established revenue model. The company is positioned for growth in a multi-billion dollar market. First Block provides the digital securities infrastructure on Solana, while Crito Capital acts as the structuring and advisory firm. The STO is accessible at sto.onpharma.com.