Superstate’s new Direct Issuance Programs let public companies raise capital using tokenized stock

Superstate, a crypto-focused fintech firm founded by Robert Leshner, has unveiled new Direct Issuance Programs on Ethereum and Solana that leverage blockchain technology to allow public companies to raise capital by issuing onchain securities, including tokenized versions of existing SEC-registered shares or new share classes. This service is expected to go live in 2026, enabling firms to sell securities without an underwriter, although they must still file standard registration statements like an S-3 shelf filing. Superstate CEO Leshner emphasized that primary issuance requires rails supporting instant settlement, transparent participation, and compliance by design to make capital raising faster and more efficient globally. A key feature is the use of stablecoins, which allows issuers to receive proceeds instantly and approved, KYC-verified investors (retail and institutional) to immediately receive tokenized assets with the same economic and governance rights as traditional shares, plus potential onchain utility.

(Source：The Block)