A new loophole just proved you don’t actually own your shares – but the fix is already live on Solana

Superstate, an SEC-registered transfer agent, has launched Direct Issuance Programs allowing issuers to tokenize SEC-registered equity on blockchains like Solana and Ethereum, settling primary sales in stablecoins and recording ownership on the transfer agent's ledger, which treats the blockchain as the master file. This model, first implemented by Galaxy Digital, maintains transfer agent oversight and securities law compliance, shifting part of the issuance workflow from DTCC-only infrastructure. The mechanics ensure that beneficial ownership updates on the Registered Transfer Agent's (RTA) books upon transfer, enabling smart contract execution for dividends or splits. A key regulatory foundation is the SEC staff's acknowledgment that a blockchain can serve as the official Master Securityholder File. The immediate impact is on issuance, allowing companies to raise capital directly to KYC wallets with T≈0 settlement. Secondary trading remains constrained by regulatory uncertainty, particularly for Automated Market Makers (AMMs) trading NMS securities, leading to expectations of a hybrid market structure through 2026 where DTC-eligible positions coexist with tokenized cap table entries, bridged by conversion functions. The competition centers on controlling the cap table and order books, with transfer agents acting as the crucial link between on-chain ownership and regulatory compliance.

(Source：CryptoSlate)