Formation files plan with U.S. SEC for Solana-based tokenized securities platform

Formation, an on-chain finance company built on Solana, has filed a plan with the U.S. SEC to operate a tokenized securities trading platform, The Block reported. The company plans to use the SEC’s innovation exemption framework to launch the platform in early 2027, allowing accredited investors to trade tokenized stocks. Initial listings are set to include Exodus Movement (EXOD), Forward Industries (FWDI) and Galaxy Digital (GLXY). Investors would be able to trade tokenized shares around the clock using stablecoins and other assets, with trades settling instantly on-chain. The tokenized shares are also expected to carry the same voting and dividend rights as conventional stocks.