Charles Schwab made SOL tradable for its retail crypto clients on Monday, and the same morning Formation Securities told the SEC it intends to run a tokenized-stock venue on Solana. Neither moved the price much: SOL trades at $86.74, down 2.7% in 24 hours (CoinGecko).
Schwab adds SOL
Schwab Crypto clients can now buy and sell SOL, avalanche and chainlink alongside bitcoin and ether, taking the platform to five assets (Charles Schwab). Trades cost 0.75% of the dollar amount, and SOL sits in the same view as stocks and funds on Schwab.com, Schwab Mobile and thinkorswim. The service is open to eligible retail clients in every U.S. state except New York and Louisiana.
The listing was flagged in August, and CEO Rick Wurster said in October that three more coins would arrive before year-end (Bitcoin.com News). What makes it matter is reach. Schwab had $13.33 trillion in client assets and 40.3 million active brokerage accounts at the end of September (Unchained via Yahoo Finance). Those are brokerage accounts, not crypto users, and Schwab hasn't said how many clients have opened Schwab Crypto. But it puts SOL one tap away for people who already hold their stocks there.
Formation files for a Solana stock venue
Formation Securities notified the SEC that it plans to operate a tokenized-securities venue on Solana under the agency's innovation exemption, which allows conditional secondary trading of eligible tokenized stocks through permissioned automated market maker pools (The Block). Trading is targeted for early 2027, starting with tokenized shares of Exodus Movement ($EXOD), Forward Industries ($FWDI) and Galaxy Digital ($GLXY).
The shares are meant to carry the same voting and dividend rights as ordinary stock and trade around the clock against stablecoins, with settlement on-chain. Distribution is planned through Superstate, Alpaca and Formation's own platform, with Anchorage and BitGo Bank as custodians. Formation was created last month when Solana DEX Orca merged with Loopscale, and it cited Solana's speed, cost and more than $5 billion in tokenized real-world assets as the reason for the choice.
The pitch is aimed at issuers. The competing OKX and Intercontinental Exchange venue has drawn objections from 67 companies to having their shares tokenized without their say. Formation's president, Christopher Montagano, said tokenized stocks "will succeed only if public companies see the value in them." All three launch names have existing ties to crypto, which makes them easier first partners.
The pattern
Monday's news runs in two directions. Schwab brings SOL to a traditional brokerage. Formation brings traditional shares onto Solana. A third item fits the same theme: FairClub said it will replace its governance NFTs with Metaplex's new MPL-3643 tokens, which build KYC and accreditation checks into the asset itself (Crypto Briefing).
None of these is a flow number yet. Formation still needs the SEC process to run its course, and Schwab's listing only counts if clients use it. We track institutional moves like these on The Catalyst Tracker and spot ETF flows on the Dashboard.
What to watch
- Tue 8:30 AM ET: October CPI.
- Coming weeks: Whether Schwab shares any Schwab Crypto activity data, and any SEC response to Formation's notice.
- Nov 15–17: Breakpoint London.
Not investment advice. See our Disclaimer.
