While the recent wave of tokenized stocks has mostly targeted offshore users, a new platform called SoloTex aims to bring equity tokens to U.S. retail traders in a compliant way.
Texture Capital, a U.S.-based broker-dealer registered with the SEC and FINRA, said it has received regulatory approval to launch SoloTex, a retail trading venue that lets investors buy tokenized versions of U.S. equities with stablecoins like USDC$1.0000. The platform, built in partnership with tokenization firm Sologenic, is expected to go live by the end of 2025.
In an interview with CoinDesk, Texture Capital CEO Richard Johnson and Sologenic CEO Mike McCluskey said that SoloTex aims to distinguish itself from competitors by offering real share ownership with the tokens. The platform issues the tokens only when the underlying stock is purchased and holds real shares in regulated custody under U.S. legal frameworks, in contrast to offshore, synthetic structures or exposure through special purpose vehicles (SPV).
“We believe this is a first for the U.S. market and it sets the stage for a new era of asset ownership through tokenization,” McCluskey said.
Stock tokenization spreads
Tokenization of traditional assets has drawn growing interest from major financial firms and startups alike. Institutions like JPMorgan and Franklin Templeton have experimented with tokenizing assets like treasuries and money market funds. The process promises faster settlement, lower fees and broader market access and it could mushroom to a multitrillion-dollar market over the next decade, according to projections.
Tokenized stocks gained steam earlier this year as a roster of trading platforms and crypto exchanges rolled out tokenized equities including Gemini, Kraken, Bybit and Robinhood. But existing offerings have remained largely inaccessible to U.S. retail investors due to regulatory complexity. Meanwhile, synthetic stock tokens or exposure through special purpose vehicles (SPVs) that often don’t provide actual share ownership. These products can lack regulatory oversight, introduce additional counterparty risks and trade at prices that drift from the real market due to limited liquidity.
These products can lack regulatory oversight, introduce additional counterparty risks and trade at prices that drift from the real market due to limited liquidity, according to McCluskey and Johnson.
On SoloTex, each trade mints a stock token on demand, representing a one-to-one claim on the actual share held in custody by the platform’s clearing broker, they said. These tokens will provide full shareholder rights, including dividends and voting, and can be viewed alongside other crypto holdings in a self-custodied wallet.
“Offering actual tokenized U.S. equities to the U.S. market has always been the holy grail,” said Ashley Ebersole, legal advisor for SoloTex, in a statement. “SoloTex represents the leading edge of innovation within established regulatory architecture, and we will continue to innovate towards fully tokenized capital markets as regulations permit.”
Read more: Tokenized Stocks Aren’t Working (Yet)
