Formation Securities has notified the SEC it intends to operate a tokenized securities venue on Solana under the regulator's Innovation Exemption. The firm licenses its trading technology from Orca, the Solana AMM that has processed over $550 billion in trades since 2021.

Trading is expected to start in early 2027 with three tokenized stocks: Exodus Movement (EXOD), Forward Industries (FWDI) and Galaxy Digital (GLXY). Superstate and Securitize will supply the tokenized shares, which carry the same voting and dividend rights as traditional stock.

Shares will trade 24/7 against stablecoins through permissioned AMM pools, with atomic onchain settlement.

The venue builds on Project Open, an April 2025 proposal by Orca, Superstate and the Solana Policy Institute to the SEC's Crypto Task Force. Distribution partners include Alpaca, Anchorage Digital, BitGo, Fireblocks, Jito's JTX, Solflare and Squads.