Solana Group Seeks SEC Approval To Tokenize Stocks, Bonds

The Solana Policy Institute (SPI), a nonprofit organization focused on helping policymakers understand decentralized technology, has put forward a bold idea to change how the U.S. financial markets work. SPI is asking the U.S. Securities and Exchange Commission (SEC) to allow trading of stocks, bonds, and funds on public blockchains.

This proposal is part of an 18-month test program called “Project Open,” submitted on April 30, 2025. The plan aims to bring faster settlements, continuous 24/7 trading, and increased transparency by using tokenized versions of traditional securities. These tokenized assets would be created and traded on blockchains like Solana.

A group of companies is backing this effort. These include the wallet provider Phantom, investment advisor Superstate, law firm Lowenstein Sandler, and decentralized exchange Orca. Together, they hope to show that public blockchains can operate legally while making financial markets more efficient.

In this system, stocks and bonds would be turned into digital assets called “Token Shares” and managed with smart contracts that automatically follow regulations. The traditional middlemen, such as the Depository Trust & Clearing Corporation (DTCC), would be removed. Trades could be completed in just a few seconds.

Superstate, which is registered with the SEC, would issue the securities. Trading would take place on the Orca exchange, which would also be responsible for carrying out Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to keep the process secure and legal.

Project Open is part of a growing trend to bring real-world assets like stocks and bonds onto blockchain systems. Earlier in 2025, the Chicago Mercantile Exchange (CME) partnered with Google Cloud to explore tokenization and enable 24/7 trading by 2026. Other blockchain companies, such as Ondo Finance and Converge, are also building systems for large-scale tokenization.

Still, not everyone is convinced. Some critics question whether public blockchains like Solana can meet Wall Street’s strict requirements for speed and safety. SPI argues that Solana’s high performance—handling up to 65,000 transactions per second—and its low fees make it a strong candidate for large-scale use.

If the SEC gives its approval, Project Open could begin by late 2025, allowing a small group of participants to issue and trade tokenized securities. SPI acknowledges that the biggest challenge will be balancing technological progress with strong investor protections.

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