Superstate
@SuperstateInc
Superstate is a financial technology firm reshaping capital markets. Disclosures:
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Clear rules of the road could accelerate tokenization.
Read our take on what CLARITY means:
The Clarity Act fills pre-existing regulatory gaps, and creates a framework for safely launching and operating crypto platforms. It also creates ethical guardrails that have never existed.
A vote against Clarity is a vote to maintain the universally-reviled status quo
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One year into Project Crypto, real progress is taking shape. The foundation for compliant onchain markets is here, and we’re excited for what comes next.
More thoughts from our GC, @AlexZozos:
1 year ago today @SECPaulSAtkins Project Crypto set out to move markets "from off-chain to onchain"
12 months in— real progress —but still no innovation exemption & there's more work to do
The vision is public The direction is set
Let's Finish the Job!
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On The Pop, @malekanoms brought four contrarian takes on IPOs and markets:
1. Some tokenization is cosmetic.
If it doesn’t improve access, incentives, settlement, costs, or ownership, it’s mostly branding.
2. Onchain markets may be easier to regulate.
Transparent ownership and transfers could beat today’s fragmented systems.
3. Many intermediaries are products of outdated infrastructure.
Some add value. Others survive because the market was built around old constraints.
4. The IPO may no longer be mainly about fundraising.
Many companies already have global brands, disclosure, and active secondary markets before they list.
So what's the IPO actually for now?
Watch and find out:
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Much more becomes possible when real equity moves onchain.
See what's ahead:
The Bitwise Crypto Carry Fund (USCC), a limited private investment, uses a market-neutral strategy based on the crypto cash-and-carry trade. It seeks to generate yield from the gap between the spot and futures prices for $BTC, $ETH, $XRP, and $SOL.
Interested? Send us a message here or visit
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Full episode finally live!
Real tokenization isn’t about repackaging legacy infrastructure. It’s about making ownership, transfer, and recordkeeping digitally native.
BNY’s move signals that the industry is getting closer to the core. That's exactly where Superstate is focused.
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JUST IN: BNY targets the $8.6 trillion transfer agency market by adding blockchain-based ownership records for tokenized funds alongside its existing system.
Tokenized equities replace fragmented local channels with global access.
We’re building for capital without borders.
Toly on why tokenized stocks on Solana are inevitable:
"The world is getting wealthier. The companies making the world wealthier are American companies. They have the cheapest, best products that are globally scalable, and people want access to investment into these great products."
"You now have this global demand for US equities creating unmet pressure. There have been attempts throughout history to bridge global liquidity. Blockchain is the latest one, and I think the one that is inevitable."
@toly @TurnerNovak
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Tokenization’s next chapter is taking shape.
CLARITY would help bring regulated assets natively onchain, with enforceable ownership, programmable compliance, and investor protections built in.
Read why we support its passage:
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Assets are moving onchain to gain utility.
If 1% of the $88T global regulated open-end fund market moved onchain, that would be an ~$880B market, 26x today’s RWA market.
@kamino shows why assets are moving onchain: to be put to work.
Read how:
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1/ Tokenization is only the start.
Superstate has built the infrastructure to connect natively tokenized equities to DeFi, preserving ownership rights, compliant transfers, shareholder records, and market integrity.
Next: responsible activation.
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If traditional markets already have the depth, why build new rails?
@HiltnerJim of @SuperstateInc, with the analogy that stuck:
"I look at the DTCC as Saturn. The big planet with a bunch of rings around it. A lot of people can't land on the planet."
His point: DTCC can make everything inside its network more efficient, but many investors and applications still can't connect to it directly. Tokenization extends the utility beyond the rings.
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The team at @CoinbaseAM built the strategy.
Superstate built the onchain rails.
The Coinbase USD Stablecoin Yield Fund is a credit fund with a $25M onchain share class, now live on @solana
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Tokenized assets grew 267% in a year, led by gold and equities. The next generation of capital markets is taking shape onchain.
We're building the infrastructure for that future.
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Was excited to participate in this series with @rleshner. Superstate is one of the few firms out there pursuing real tokenization.
“The piece of plumbing tokenization has been missing.”
@Uniswap's Permissioned Pools bring regulated assets to AMMs, with compliance rules enforced onchain.
Tokenization's next phase is here.
@CoinDesk has the scoop:
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Not every “tokenized stock” is actually a stock.
Native tokenization starts with the issuer, represents the actual security, and preserves shareholder rights.
We’re glad to see the STA make the case for this model in the letter below:
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Are IPOs just exit liquidity events?
Professor @malekanoms brings this and other spicy takes to the next episode of The Pop.
Get notified when it drops:
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1/ Tokenization is only the start.
Superstate has built the infrastructure to connect natively tokenized equities to DeFi, preserving ownership rights, compliant transfers, shareholder records, and market integrity.
Next: responsible activation.
Show more
1/ Superstate assets are coming to @Uniswap.
Uniswap Labs just launched the Permissioned Pools standard on v4, for regulated assets like tokenized equities and funds to trade on AMMs.
We helped shape this infrastructure standard.
Here’s what it unlocks:
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