While the recent wave of tokenized stocks has mostly targeted offshore users, a new platform called SoloTex aims to bring stock tokens to US retailers in a compliant way.
Texture Capital, a US-based broker-dealer registered with the SEC and FINRA, said it has received regulatory approval to launch SoloTex, a retail venue that lets investors buy tokenized versions of US stocks with stablecoins such as . The platform, built in partnership with tokenization company 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 SoloTex aims to differentiate itself from competitors by offering true share ownership with tokens. The platform only issues tokens when the underlying stock is purchased and holds real shares in regulated custody under US regulatory frameworks, as opposed to offshore, synthetic structures or exposure through special purpose vehicles (SPV).
“We believe this is a first for the US market, and it sets the stage for a new era of asset ownership through tokenization,” McCluskey said.
Equity tokenization is spreading
Tokenization of traditional assets has drawn increasing interest from both large financial firms and startups. Institutions such as JPMorgan and Franklin Templeton have experimented with the tokenization of assets such as government bonds and money market funds. The process promises faster settlement, lower fees and wider market access, and it could turn into a multi-trillion dollar market over the next decade, according to forecasts.
Tokenized stocks took off earlier this year when a list of trading platforms and crypto exchanges rolled out tokenized stocks, including Gemini, Kraken, Bybit and Robinhood. But existing offerings have remained largely inaccessible to U.S. retail investors due to regulatory complexity. Meanwhile, synthetic equity tokens or exposure through special purpose vehicles (SPVs) that often do not provide actual equity ownership. These products may lack regulatory oversight, introduce additional counterparty risks and trade at prices that deviate from the real market due to limited liquidity.
These products may 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 share token on demand that represents a one-to-one claim on the actual share held 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-sustaining wallet.
“Offering actual tokenized US shares to the US market has always been the holy grail,” Ashley Ebersole, legal counsel for SoloTex, said in a statement. “SoloTex represents the forefront of innovation within established regulatory architecture, and we will continue to innovate towards fully tokenized capital markets as regulations allow.”
Read more: Tokenized shares don’t work (yet)
