While the recent wave of equity tokenization has primarily targeted offshore users, a new platform called SoloTex aims to offer equity tokens to US retail traders in a compliant manner.
Texture Capital, a US-based broker-dealer registered with the SEC and FINRA, announced that it has received regulatory approval to launch Solotex, a private trading venue where investors can purchase tokenized US stocks, including stablecoins. USDC$1.0000. The platform is being built in partnership with tokenization company Sologenic and is expected to be operational 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 substantial equity ownership through tokens. The platform will only issue tokens when the underlying shares are purchased and hold the actual shares in regulated custody under the US legal framework, as opposed to exposure through offshore, synthetic structures, or special purpose vehicles (SPVs).
“This is a first for the U.S. market, and we believe it will usher in a new era of asset ownership through tokenization,” McCluskey said.
Stock Tokenization Spread
Tokenization of traditional assets is receiving growing interest from both large financial companies and startups alike. Institutions such as JPMorgan and Franklin Templeton are experimenting with tokenizing assets such as government bonds and money market funds. The process promises faster payments, lower fees, and broader market access, and forecasts suggest it could quickly grow into a multitrillion-dollar market over the next decade.
Tokenized stocks gained momentum earlier this year, with trading platforms and crypto exchanges such as Gemini, Kraken, Bybit, and Robinhood rolling out tokenized stocks. However, existing products remain largely inaccessible to retail investors in the United States due to regulatory complexity. On the other hand, exposure through synthetic equity tokens or special purpose vehicles (SPVs) often does not provide actual equity ownership. These products lack regulatory oversight, pose additional counterparty risk, and may trade at prices that are out of line with the real market due to limited liquidity.
McCluskey and Johnson say these products lack regulatory oversight, pose additional counterparty risk, and can trade at prices that are out of line with the real market due to limited liquidity.
On SoloTex, each exchange will issue equity tokens on demand, representing a 1:1 claim on the actual shares held by the platform’s clearing brokers, they said. These tokens offer full shareholder rights, including dividends and voting rights, and can be viewed alongside other crypto assets in self-custodial wallets.
“Providing real, tokenized US stocks to the US market has always been the holy grail,” Solotex general counsel Ashley Ebersole said in a statement. “SoloTex represents the cutting edge of innovation within an established regulatory architecture, and we will continue to innovate towards fully tokenized capital markets as regulations allow.”
Read more: Tokenized stocks aren’t working (yet)
