Compound founder's new project aims to enable publicly listed companies to raise funds by issuing stocks on the blockchain

2025-12-10 13:08:21

【Chainwen】The founder of Compound, Robert Leshner, recently made a big move with his new project Superstate—launching the so-called “Direct Issuance Program.” In simple terms, it allows listed companies to directly tokenize and issue stocks for financing, with investors paying in stablecoins and funds arriving instantly.

The entire process runs on Ethereum and Solana, but participants must pass KYC verification first. The key point is that this approach completely bypasses traditional underwriters, directly connecting companies and investors. According to them, this mechanism is strictly designed in accordance with the SEC’s regulatory framework, with the first projects expected to go live in 2026.

In essence, they want to bring traditional capital market practices onto the blockchain, making stock issuance more direct and transparent. Whether it can truly disrupt the existing model depends on subsequent regulatory attitudes and market acceptance.

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GateUser-5854de8b

· 12-10 16:15

Trying to do something new again, this time moving Wall Street onto the chain? Nice words, but in the end, it still depends on whether the SEC will buy into this or not.

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BearMarketSage

· 12-10 13:37

Another dreamer aiming to disrupt Wall Street. Sounds good, but it all depends on whether the SEC gives face.

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DeFiCaffeinator

· 12-10 13:36

Another project aiming to revolutionize traditional finance. To put it nicely, it's directly issuing tokens, but in reality, it still has to pass the SEC hurdle. Launching in 2026 is just too far away.

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GateUser-75ee51e7

· 12-10 13:34

It's the same old "disrupt Wall Street" rhetoric, how many times have I heard it... but avoiding the underwriters part is quite interesting.

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RunWhenCut

· 12-10 13:34

Another story about "disrupting Wall Street," I'm getting a bit tired of hearing it. Yet another new trick to evade SEC regulation, will it launch in 2026? I think we'll have to wait until 2027 to see what it really is. Issuing tokens directly for fundraising sounds cool, but can this logic really work... Honestly, it's still about trying to milk the traditional finance system, but this time it depends on whether SEC daddy is willing to give the green light. Leshner guy is impressive, first he finished with Compound, now he's doing this. Stablecoins + on-chain stocks... wait, isn't this still requiring KYC? Then what's the point of transparency? It's interesting, but I bet this will ultimately be shut down by regulation.

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ruggedSoBadLMAO

· 12-10 13:31

Another story of "Disrupting Wall Street," always sounds so beautiful... This guy also wants to bypass the middlemen, huh, but honestly, can the SEC pass that easily? I doubt it. By the time it launches in 26 years, Bitcoin might have already surged quite a bit. Will people still be using this thing then? Haha

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AirdropHunter007

· 12-10 13:25

Another dreamer aiming to disrupt Wall Street... Sounds nice, but can the regulators really pass this hurdle so easily?

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