The Solana Institute, Superstate, and Orca, with legal backing from Lowenstein Sandler, have submitted a pilot proposal to the SEC. It’s called Project Open.
If approved, this program would allow the issuance of equity securities, like stocks, on public blockchain networks. It would also enable their trading on chains such as Solana. The aim? To boost market transparency and reduce costs. It also seeks to enable instant settlement of trades—something traditional finance has struggled to achieve.
A New Vision for U.S. Capital Markets
Project Open is more than just a technical experiment. It’s a strategic push to align blockchain technology with U.S. regulatory frameworks. In an era where settlement delays, hidden fees, and opaque systems still dominate Wall Street, this initiative offers a bold alternative. It imagines a financial system where trades clear in seconds, not days. “Project Open is an embodiment of American progress in financial innovation,” said Miller, CEO of the Solana Institute.
The proposal outlines how blockchain infrastructure can enhance investor access and simplify backend operations. Unlike traditional exchanges that often rely on layers of intermediaries and legacy tech, public blockchains like Solana offer a more direct and cost-efficient approach. A key selling point is the potential to lower operational costs while improving trust through greater transparency.
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— Solana Policy Institute (@SolanaInstitute) April 30, 2025
Superstate, a crypto-native asset manager, and Orca, a decentralized finance (DeFi) platform on Solana, bring practical experience to the table. With Lowenstein providing legal guidance, the team is signaling its intention to work closely with regulators rather than circumvent them.
A Real-World Trend with Momentum
This proposal comes at a time when the tokenization of real-world assets is gaining traction. According to a report by 21.co, the tokenized U.S. Treasury market alone grew by over 450% in 2023, hitting $800 million in value. BlackRock, the world’s largest asset manager, recently launched a tokenized fund on Ethereum. These examples underscore a growing belief that blockchain can bring much-needed efficiency and innovation to capital markets.
$3B Tokenized US Treasuries by the end of 2024?
We are seeing a trend of DeFi Project’s DAO diversifying their treasury to RWAs, including stablecoins and Tokenized US Treasuries.
With the maturity of tokenized US treasuries, over 15+ products on EVM Chains, and close to $2B… pic.twitter.com/rzRNvUNYWJ
— Tom Wan (@tomwanhh) July 15, 2024
Project Open could position the U.S. as a leader in regulated blockchain finance, offering a credible path forward that balances innovation with investor protection.
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