Passage Partners with Formation Securities, the First Tokenized Securities Venue Planned on Solana

Today Formation Securities notified the U.S. Securities and Exchange Commission that it intends to operate a tokenized securities venue (TSV) on Solana. Passage will be a day-one partner, so verified investors can trade on the venue through apps and platforms that build on Passage, including coinlist.co.

Trading is expected to begin in early 2027.

What Formation is building

Formation Securities plans to run the venue under the SEC's Innovation Exemption, which permits secondary trading of eligible tokenized stocks through an automated market maker (AMM) pools. Formation licenses its trading technology from Orca, whose AMM has processed more than $550 billion in trades since 2021.

The tokenized stocks on the venue have to carry the same rights as the traditional shares, including voting and dividends. Tokenized shares of Exodus (NYSE: EXOD), Forward Industries (NASDAQ: FWDI) and Galaxy Digital (NASDAQ: GLXY) are expected at launch, with Superstate and Securitize making additional tokenized shares available on the venue overtime.

Why it matters

The Innovation Exemption opened the door, and for the first time, tokenized U.S. stocks will be able to trade onchain with U.S. retail investors finally able to participant and trade on the same venue from day one.

Formation is the only TSV positioned for success from the start. It plans to be the first tokenized securities venue (TSV) on Solana, one of the most active retail networks in crypto, where the wallets, users and stablecoin liquidity are already in place.

Formation is natively onchain. It brings tokenized U.S. stocks onto technology the SEC has spent years declining to regulate coherently. Until now, that technology has been used almost entirely for crypto assets, not securities. Formation is built around the shares themselves::

• Real Ownership; No Synthetics or Wrappers. There is no difference between an offchain share in a traditional brokerage compared to those available onchain. Holders of these tokenized shares are each registered by name name with an SEC registered transfer agent.
• Real rights. Holders keep the same voting and dividend rights as every other shareholder.
• Self-custody. Holders keep their shares in wallets they control, with no centralized exchange or custodian involved, and can transfer their shares directly onchain through their wallet.
• Always open. Trading runs 24/7 against stablecoins, not 6.5 hours a day in traditional markets.
• Onchain settlement. Each trade settles atomically on Solana at Solana speed, so there's no T+1 wait.

What it means for apps on Passage

Passage is CoinList's distribution and compliance layer. Through one integration, wallets, exchanges and fintech apps can already offer their users tokenized assets and RWAs from issuers like Superstate, Ondo and Centrifuge, with shared infrastructure for investing, onboarding, compliance, eligibility, wallet allowlisting and funding.

When Formation opens, Passage partners can embed trading via Formation through the same single integration that powers their existing apps and connects Formation to the whole network. Partner apps get access without extra integration work, and Formation gets a verified, global investor base from day one. Investors on CoinList.co and across the Passage partner network are will be able to reach the venue through the apps and wallets they already use.

“Formation is building the next generation securities venue: onchain and open to any app and investor globally that wants to plug in,” said Scott Keto, CEO of CoinList. “Our job at CoinList has always been to connect qualified users with new assets born into the onchain ecosystem, and Passage is how we do that at scale now. We’re excited to bring our base of more than 12M users across CoinList.co and our partner network of apps to Formation’s venue at launch.”

We're proud to be part of a coalition that covers every layer of an onchain market, alongside Alpaca, Anchorage Digital, BitGo, Fireblocks, Jito's JTX, Solflare and Squads.

Build with Passage

If you run an app or platform and want your users to have access to tokenized stocks, yield and more, get in touch or read the Passage developer docs.

This post contains forward-looking statements, including about planned products and timing. Actual results may differ materially. Planned products are subject to applicable legal and regulatory requirements and may not be available in all jurisdictions. Nothing in this post is an offer to sell or a solicitation of an offer to buy any security, or investment, legal or tax advice.

About Passage by CoinList

Passage is CoinList’s infrastructure and distribution platform for onchain financial products. Through a single integration, wallets, exchanges, fintech apps, and other platforms can embed access to tokenized assets from leading asset issuers like Superstate and Ondo directly into their products. Passage connects asset issuers and distribution partners through shared infrastructure for investor onboarding, compliance, eligibility, wallet allowlisting, and funding. Issuers gain access to a growing distribution network, while platforms can offer investment products without building the underlying infrastructure or integrating with each issuer individually.