While the recent wave of tokenized stocks has primarily targeted foreign users, a new platform called SoloTex aims to bring stock tokens to US 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 platform that allows investors to buy tokenized versions of US stocks with stablecoins like . The platform, built in partnership with tokenization company Sologenic, is expected to go live by the end of 2025.
In an interview with CoinDesk, Richard Johnson, CEO of Texture Capital, and Mike McCluskey, CEO of Sologenic, said SoloTex aims to distinguish itself from its competitors by offering true ownership with the tokens. The platform only issues the tokens when the underlying stock is purchased and holds actual shares in regulated custody within the US legal framework, unlike offshore synthetic structures or exposure via special purpose vehicles (SPV).
“We believe this is a first for the US market and ushers in a new era of asset ownership through tokenization,” McCluskey said.
Stock Tokenization Spreads
Tokenization of traditional assets is attracting growing interest from large financial companies and startups. Institutions like JPMorgan and Franklin Templeton have experimented with tokenizing assets such as Treasuries and money market funds. The process promises faster settlement, lower fees and broader market access and could grow into a multibillion-dollar market over the next decade, according to projections.
Tokenized stocks gained momentum earlier this year as a list of crypto trading platforms and 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 stock tokens or exposure via special purpose vehicles (SPVs) which often do not provide actual stock ownership. These products may lack regulatory oversight, introduce additional counterparty risks and trade at prices that deviate from those of the real market due to limited liquidity.
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.
On SoloTex, each transaction generates a stock token on demand, representing an individual claim on the actual stock held by the platform’s clearing broker, they said. These tokens will offer full shareholder rights, including dividends and voting, and can be viewed alongside other crypto holdings in a self-custodial wallet.
“Offering truly tokenized U.S. stocks to the U.S. 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 toward fully tokenized capital markets as regulations permit.”
Read more: Tokenized stocks don’t work (yet)
