Superstate, a crypto-focused fintech firm, has launched onchain Direct Issuance Programs to allow public companies to raise capital through newly issued tokenized shares. Investors can pay using stablecoins and receive assets instantly on Ethereum and Solana blockchains. The service aims to streamline funding with built-in compliance, with first offerings planned for 2026.
Superstate, founded by Compound creator Robert Leshner, announced its new blockchain-based service on Wednesday. This initiative supports public firms in issuing onchain securities, such as tokenized versions of existing SEC-registered shares or a new share class, without needing an underwriter. Companies will file standard registration statements, like an S-3 shelf filing, to participate.
The process enables instant settlement: issuers receive stablecoin proceeds immediately, and approved investors get tokenized assets in their wallets. These tokens retain the same economic and governance rights as traditional shares and can include programmable features where permitted. Superstate emphasizes the composability of issuance contracts and shares with the broader onchain ecosystem, supporting integrations for custody, settlement, and portfolio tools.
"If public companies are going to raise capital faster, more efficiently, and more globally, primary issuance needs rails that support instant settlement, transparent participation, and compliance by design—not bolted-on workarounds," Leshner said.
This development aligns with regulatory shifts under the Trump administration, where the SEC and CFTC are accelerating crypto innovations to modernize U.S. capital markets. Tokenization promises digitally transferable, traceable, and programmable assets that comply with existing rules, potentially transforming capital formation.
Previously, firms like Galaxy and Sharplink used Superstate's Opening Bell transfer agent to tokenize existing shares for secondary holding and DeFi uses, but not for new capital raises. The new program is open to KYC-verified retail and institutional investors.
Leshner added, "The importance of facilitating capital formation and reducing regulatory and operational drag has never been clearer—and that mismatch is becoming harder to justify as markets modernize. It’s time for a reset that better serves investors and smaller issuers, and makes clear that onchain capital raising should be possible without persistent uncertainty."
