While the recent wave of tokenized stocks has primarily targeted foreign users, a new platform called SoloTex aims to bring stock tokens to American retail traders in a compliant manner.
Texture Capital, a US-based broker-dealer registered with the SEC and FINRA, said it has received regulatory approval to launch SoloTex, a retail trading venue that allows investors to buy tokenized versions of US stocks with stablecoins such as . The platform, built in partnership with tokenization company Sologenic, is expected to go live in late 2025.
In an interview with CoinDesk, Texture Capital CEO Richard Johnson and Sologenic CEO Mike McCluskey said SoloTex aims to distinguish itself from its competitors by offering actual equity ownership with the tokens. The platform issues the tokens only when the underlying shares are purchased and holds actual shares in regulated custody under US legal frameworks, in contrast to offshore synthetic structures or exposure through special purpose vehicles (SPVs).
“We believe this is a first for the US market and lays the foundation for a new era of asset ownership through tokenization,” McCluskey said.
Stock Tokenization Spreads
Tokenization of traditional assets has sparked growing interest from both major financial companies and startups. 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 could become a multibillion-dollar market over the next decade, according to projections.
Tokenized stocks gained traction earlier this year when a list of trading platforms and crypto exchanges launched tokenized stocks, including Gemini, Kraken, Bybit, and Robinhood. But existing offerings remain largely inaccessible to US retail investors due to regulatory complexity. Meanwhile, synthetic equity tokens or exposure through special purpose vehicles (SPVs) often do not provide actual ownership of shares. These products may lack regulatory oversight, introduce additional counterparty risks, and trade at prices that deviate from the actual market due to limited liquidity.
According to McCluskey and Johnson, these products may lack regulatory oversight, introduce additional counterparty risks, and trade at prices that deviate from the actual market due to limited liquidity.
On SoloTex, each trade generates a share token on demand, representing a one-to-one claim on the actual share held in escrow by the platform’s clearing broker, they said. These tokens will provide full rights to shareholders, including dividends and votes, and can be viewed alongside other cryptocurrency holdings in a self-custodial wallet.
“Offering real tokenized US stocks to the US market has always been the holy grail,” Ashley Ebersole, legal counsel at SoloTex, said in a statement. “SoloTex represents the forefront of innovation within the established regulatory architecture, and we will continue to innovate towards fully tokenized capital markets as regulations allow.”
Read more: Tokenized stocks don’t work (yet)
