According to CoinMeta, Formation Securities has informed the U.S. Securities and Exchange Commission (SEC) of its plan to operate a tokenized securities trading venue on Solana, with an expected opening in early 2027. At that time, three companies, Exodus, Forward Industries, and Galaxy Digital, will offer tokenized shares. This plan still requires approval from SEC, and trading is anticipated to begin under the innovative exemptions of SEC. Formation is also in talks with other listed companies and ETF issuers. Solana users will have access to the venue that offers U.S.-listed shares and will enjoy the same voting and dividend rights as the original stocks. The venue will utilize Orca's automated market maker technology, and Formation's services will focus on tokenized securities.