The SEC's September 17 Innovation Exemption opened a path for listed US stocks to trade onchain, and the first trades under it have now settled on the Canton Network. Nasdaq-listed Canton Strategic Holdings (CNTN) saw its issuer-sponsored tokenized common stock change hands on November 4 on TSV, a permissioned venue for tokenized NMS stocks.

Five North, an existing shareholder, sold the shares, DRW Cumberland bought them and Flowdesk provided liquidity. Trades ran through a permissioned pool on Tradecraft, an automated market maker protocol, and settled atomically, with shares and payment moving in a single transaction.

Tokenized CNTN shares carry the same rights as the stock that trades on Nasdaq, with Fairmint, an SEC-registered transfer agent, keeping the official onchain ownership record.

Only holders whose identity and wallets pass verification and sanctions screening can hold or trade the token. The venue is designed for 24/7 trading, subject to regulatory stoppages and volume limits.