Tokenization firm Superstate has raised $82.5 million in a Series B round to expand its infrastructure for bringing public equities onto blockchain networks.
The funding, led by Bain Capital Crypto and Distributed Global, arrives as institutional interest in real-world assets (RWA) transitions from experimental pilots to regulated primary issuance.
The firm, led by DeFi pioneer Robert Leshner, operates as an SEC-registered transfer agent and currently manages more than $1.23 billion in tokenized assets.
By integrating compliance directly into smart contracts, the platform allows public companies to conduct capital raises using stablecoins with instant on-chain settlement.
Bypassing Traditional Intermediaries
Through its Opening Bell platform, Superstate enables corporations to issue digital shares that confer the same legal rights as traditional stock while eliminating the standard T+2 clearing delay.
The infrastructure supports both existing share classes and new digital-only securities, which are recorded in real-time on public ledgers rather than fragmented legacy databases.
Several companies, including Nasdaq-listed SharpLink Gaming and Forward Industries, have already utilized the platform to tokenize existing equity or plan direct issuance.
Unlike custodial wrappers that merely track price action, these assets exist natively on-chain, allowing for programmable governance and direct shareholder registration through allowlisted wallets.
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The Trillion-Dollar Market Pivot
The capital injection comes as asset managers like BlackRock prioritize tokenization to improve transparency and reduce operational costs across global markets.
Consulting firms McKinsey and BCG provide diverging projections for the sector, with conservative estimates placing the tokenized asset market at $2 trillion and aggressive forecasts reaching $16 trillion by 2030.
Superstate intends to use the new funds to broaden its issuance layer on Ethereum (ETH) and Solana (SOL), moving beyond its current Treasury-backed products into a wider array of SEC-registered equities.
The firm’s focus on "compliance by design" targets a growing demand for on-chain assets that maintain institutional-grade protections while benefiting from the 24/7 liquidity of crypto markets.
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