Superstate Raises $82.5M Series B to Build On-Chain Equity Issuance on Ethereum and Solana

Superstate just closed an $82.5 million Series B funding round, a massive vote of confidence in tokenizing real-world assets. Led by Bain Capital Crypto and Distributed Global, the raise signals tokenization's shift from hype to high-volume infrastructure. Founded by Compound's Robert Leshner, Superstate is expanding its SEC-registered platform for on-chain equities, bridging Wall Street with blockchains like Ethereum and Solana.

Superstate isn't starting from scratch. Since its $14M Series A in 2023, the firm has grown tokenized funds to over $1.2B in assets under management. Standouts include USTB, a short-duration US government securities fund with $830M AUM and 3.47% 30-day yield, and USCC, the Crypto Carry Fund at $440M AUM. The star is Opening Bell: a platform letting public companies tokenize shares on public chains. Through Direct Issuance Programs, firms raise capital directly—investors pay stablecoins, get tokenized shares instantly, with real-time settlement and automatic shareholder updates. As an SEC-registered transfer agent, Superstate ensures compliance, token-level restrictions, and global access for non-US investors. This round, with backers like Haun Ventures, Galaxy Digital, Brevan Howard Digital, and ParaFi, funds scaling beyond Treasuries into full equity issuance. 'Tokenization is often discussed as a future concept. Our view is simpler: the technology now exists,' Leshner posted on X. Distributed Global's Herve Bizira called it 'category-defining infrastructure' for RWAs and capital formation. In a market where tokenized RWAs hit $21B TVL, Superstate stands out by focusing on primary markets—IPOs and follow-ons onchain. No wrappers here: real Nasdaq/NYSE shares, composable in DeFi like lending collateral.

This raise accelerates RWA tokenization's momentum. Expect more TradFi firms to test on-chain issuance, boosting liquidity and efficiency. Ethereum and Solana benefit from real equity volume, enhancing DeFi composability—imagine tokenized stocks as collateral in Aave or Pendle. Broader effects: Reduced settlement times from T+2 to instant, lower costs, 24/7 global trading. As BlackRock's BUIDL grows, Superstate's equity focus could capture primary market share, drawing institutions wary of wrappers. Crypto market cap dips aside, this underscores TradFi integration amid $150B corrections.

Superstate's $82.5M war chest positions it to redefine capital markets. With compliant rails ready, 2026 could see on-chain IPOs go mainstream. Tokenization isn't tomorrow—it's now. Watch Opening Bell listings explode as Wall Street meets Web3.