Key Highlights
- Perpetuals.com (NASDAQ: PDC) plans to offer tokenized U.S. stocks under the SEC’s temporary Innovation Exemption framework.
- The company published a notice of its intention to rely on the exemption on October 14, with a 30-day notice period and other conditions to meet.
- Perpetuals has not announced a launch date, named the initial stocks or disclosed which blockchain would support the offering.
Perpetuals.com (NASDAQ: PDC) plans to offer tokenized U.S. stocks through its platform under the Securities and Exchange Commission’s (SEC) five-year Innovation Exemption framework for onchain trading of eligible securities.
In an October 14 press release, the company said it had published a notice of its intention to rely on the SEC’s temporary exemption for Tokenized Securities Venues. The proposed offering remains subject to applicable requirements, including a 30-day notice period and compliance with the exemption’s conditions.
The planned service would bring Perpetuals’ tokenization business into the U.S. market. However, the company has not announced a launch date or identified which stocks would initially be available.
Perpetuals cites earlier tokenization work
According to Perpetuals, its founding team developed tokenized stock products in 2021 that enabled platforms including Binance, FTX and Bittrex to offer stock-linked trading. The team also worked on pre-IPO contracts tied to companies such as Coinbase, Airbnb and Robinhood.
Separately, Perpetuals has announced an agreement to tokenize more than $300 million in physical commodities. The company has not said whether that project is connected to the proposed U.S. stock offering.
SEC exemption sets conditions for tokenized stock trading
The plan follows the SEC’s September 17 announcement of a five-year Innovation Exemption framework for qualifying Tokenized Securities Venues.
The temporary framework provides conditional relief for eligible venues conducting specified tokenized securities transactions. Requirements cover areas such as public notice, transaction transparency, recordkeeping and technology safeguards.
Perpetuals’ proposed service must meet the applicable conditions to operate under the exemption.
Securitize has launched tokenized stock entitlements on Solana
On October 8, Securitize launched tokenized U.S. stock entitlements on Solana for eligible investors in the United States, the European Union and other permitted jurisdictions, according to its announcement.
The tokens are backed 1:1 by underlying shares, and the initial offering includes stocks such as Apple, Microsoft, Nvidia and Tesla.
Securitize has announced a live offering, while Perpetuals has only disclosed its intention to rely on the SEC framework. Perpetuals has not specified the blockchain or legal structure for its proposed tokens.
Perpetuals outlines potential features of tokenized stocks
Perpetuals said tokenized equities could enable extended trading hours, fractional ownership and near-instant settlement. The company also said investors would retain dividend and voting rights associated with the underlying shares.
The press release does not detail how the proposed service would hold the underlying shares or administer shareholder rights. These arrangements have not yet been disclosed.
Perpetuals’ announcement describes a planned offering rather than a completed launch. Its ability to proceed under the exemption remains subject to the applicable notice process, regulatory conditions and technical implementation.
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