The Solana Policy Institute, together with three major industry partners, submitted the "Project Open" pilot proposal to the U.S. Securities and Exchange Commission (SEC), aiming to tokenize and trade traditional stock securities through blockchain technology, creating a new era of digitalization in the U.S. capital markets.
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ToggleStepping into the Future: Project Open Builds a Blockchain Stock Trading Platform
The Solana Policy Institute and financial technology company Superstate Inc., law firm Lowenstein Sandler LLP, and Solana-based DEX Orca have jointly submitted the "Project Open" pilot project, aiming to guide the issuance and trading of traditional equity securities through public blockchains like Solana, realizing the digital transformation of financial markets.
1/4 📢 @solanainstitute, @superstatefunds and @orca_so, with support from @LowensteinLLP, have submitted a proposal to the SEC – dubbed Project Open – for a pilot project to enable the issuance and trading of equity securities on public blockchain networks like @solana.
— Solana Policy Institute (@SolanaInstitute) April 30, 2025
Instant, Transparent, and Cost-Saving: Project Open's Three Major Visions
The proposal submitted to the SEC outlines the core advantages of "Project Open", including:
Instant Settlement: Transactions can be completed within seconds, significantly reducing the current settlement time of several days.
Higher Transparency: Blockchain technology enhances market information disclosure and participant trust.
Cost Reduction: Reducing intermediary involvement saves on transaction, settlement, and operational expenses.
Solana Policy Institute Executive Director Miller Whitehouse-Levine emphasized:
We are working with the SEC and industry partners to create a more efficient, transparent, and inclusive network capital market.
Unveiling the Tokenization Vision: 24/7 Stock Trading is No Longer a Dream
Project Open argues that issuers can submit registration statements to issue "token shares" while following current reporting obligations, balancing innovation and compliance.
The proposal aligns with BlackRock CEO Larry Fink's previous statement in his annual letter to directors: "Every stock, every bond, every fund. All assets can be tokenized."
Tokenization can not only accelerate settlement processes but also release funds frozen by settlement procedures, thereby stimulating economic growth.
(Is BlackRock CEO Larry Fink's optimism about asset tokenization a positive sign for cryptocurrencies?)
On the other hand, the CME announced in March that it will work with Google Cloud to promote an asset tokenization pilot project, expected to be officially tested in 2026. The project will focus on achieving 24/7 trading in traditional financial markets through Google Cloud's Universal Ledger (GCUL) technology.
(24/7 non-stop stock trading! CME and Google Cloud collaborate to test asset tokenization, officially launching in 2026)
SEC Regulatory Winds Shift, Welcoming the Digital Asset Wave
With Paul Atkins officially taking over as SEC Chairman last month, symbolizing a significant shift in crypto regulation, the U.S. government may express openness and support for digital assets. Not only has it repealed controversial accounting guidelines for crypto assets, but it has also suspended lawsuits against multiple crypto companies and broadly solicited industry opinions through multiple forums.
On the blockchain front, recent developments include Ondo Finance's Ondo Chain and the Converge network launched by Ethena and Securitize, both blockchain networks designed for large institutions and focused on asset tokenization, highlighting the future prospects of this field as a crucial part of financial infrastructure.
As blockchain technology matures, if this pilot project is successful, it could become a key milestone in the convergence of traditional and digital finance, driving the U.S. capital markets into a new era of instant and transparent transactions.
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