In an innovative proposal, the Solana Policy Institute (SPI) has asked the U.S. Securities and Exchange Commission (SEC) for permission to trade funds, stocks, and bonds on public blockchains.
In order to facilitate quick settlements, round-the-clock trading, and unparalleled transparency, the effort, “Project Open,” seeks to tokenize conventional securities, potentially transforming the capital markets of the future.
A pilot program of 18 months is proposed by Project Open. It was submitted on April 30, 2025, to enable U.S. businesses to issue tokenized assets on blockchains such as Solana. Wallet creator Phantom, registered investment advisor Superstate, law firm Lowenstein Sandler, and decentralized exchange Orca are all part of the alliance supporting the plan. Collectively, they seek to show that public blockchains can improve market efficiency while functioning inside current regulatory frameworks.
The concept would use smart contracts to ensure programmable compliance and represent stocks and bonds as “Token Shares” on the blockchain. The Depository Trust & Clearing Corporation (DTCC) and other conventional middlemen would be omitted, and transactions would settle in several seconds. Securities would be issued by Superstate, an SEC-registered asset manager, and traded on Orca. Orca would also incorporate Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
What Lies Ahead for the Solana Initiative
Project Open is part of a broader push to tokenize real-world assets (RWAs). In March 2025, the Chicago Mercantile Exchange (CME) announced a partnership with Google Cloud to trial asset tokenization by 2026, aiming for 24/7 trading. Meanwhile, platforms like Ondo Finance and Converge are building blockchain infrastructure tailored for institutional tokenization.
There are still criticisms regarding whether public blockchains like Solana can meet Wall Street’s scalability and security demands. Yet SPI emphasizes Solana’s high throughput (65,000 transactions per second) and low fees as ideal for mass adoption.
If approved, Project Open could launch as early as late 2025, with a select group of issuers tokenizing equities and bonds. The pilot’s success hinges on balancing innovation with investor protection—a challenge SPI acknowledges.
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