What is Superstate? The Future of Tokenized Funds and Equities

‍

Traditional finance is entering a new era where real-world assets move on-chain. Tokenization lets stocks, bonds, and funds exist as blockchain-based tokens that can be transferred and settled with crypto-style speed and transparency.
‍

For investors, tokenization means greater accessibility, faster settlement times, and the ability to integrate traditional assets into decentralized finance (DeFi). For institutions, it offers a more efficient and programmable way to connect with digital markets.
‍

Superstate sits at the center of this transformation, building regulated, blockchain-native investment products that bridge Wall Street and Web3.

‍

Key Takeaways

‍

• Superstate builds tokenized funds and on-chain public equities on Ethereum and Solana through its Opening Bell platform.
  
  
• Products include USTB (short-duration U.S. government securities) and USCC (crypto carry strategy) for Qualified Purchasers.
  
  
• USTB features Continuous NAV with second-by-second updates; fund shares are issued as ERC-20/SPL tokens.
  
  
• Tokenized equities on Opening Bell include GLXY (launched on Solana) and announced plans for FORD (Solana) and SBET (Ethereum).
  
  
• Access is eligibility-based (KYC allowlist) and jurisdiction-dependent; funds are limited to Qualified Purchasers
  
  

What is Superstate?

‍

Superstate is a financial technology company building regulated, blockchain-native investment products. It operates as an SEC-registered transfer agent and develops tokenized funds and on-chain public equities under U.S. securities law.
‍

By combining traditional investment structures with blockchain efficiency, Superstate enables institutions and qualified investors to gain on-chain settlement and programmability without sacrificing legal status or investor protection.

How Superstate Works

‍

Superstate brings traditional financial assets on-chain through a process that combines regulated fund structures with blockchain technology. Here’s how it works step by step:

‍

• Tokenized Shares: When investors subscribe to a Superstate fund, they receive ERC-20 (Ethereum) or SPL (Solana) tokens representing their shares (e.g., USTB or USCC). These tokens can be held in self-custody, stored with a qualified custodian, or maintained in book-entry form.
  
  
• On-Chain Settlement: Transactions occur on public blockchains, enabling near-instant settlement compared with the legacy T+2 clearing cycle.
  
  
• Minting & Redemption: Investors can mint or redeem fund shares using USDC or traditional USD wire depending on the product.
  
  
• Continuous NAV: USTB updates its Net Asset Value every second, so investors earn yield continuously instead of once per day.
  
  
• Equity Allowlist (Open Bell): To hold tokenized equities, wallets must be KYC-approved and allowlisted via Superstate’s onboarding system.

Superstate Products

‍

Superstate offers a mix of tokenized funds and tokenized equities, all built on regulated structures and blockchain-native technology. These products allow investors to hold legally recognized financial assets as tokens on Ethereum and Solana.

Funds

USTB – Short Duration U.S. Government Securities Fund

• Invests in short-term U.S. Treasuries and government securities.
  
  
• Shares are issued as ERC-20 tokens (Ethereum) and SPL tokens (Solana).
  
  
• Features Continuous NAV, which updates every second, so investors accrue interest immediately.
  
  
• Investors can mint or redeem shares in USDC or via traditional USD wire transfer.
  
  

USCC – Superstate Crypto Carry Fund

• A strategy fund designed to capture yield opportunities in crypto markets.
  
  
• Tokenized as ERC-20 / SPL shares for on-chain settlement and composability.
  
  
• Available only to Qualified Purchasers, maintaining compliance with U.S. regulations.
  
  

Equities (Opening Bell Platform)

Superstate’s Opening Bell is the first regulated platform for tokenized public equities. Unlike synthetic or derivative products, these are legal shares of publicly traded companies, recorded both in traditional registries and as tokens on Ethereum or Solana. This allows investors to hold and transfer company shares like stablecoins, with on-chain programmability and near-instant settlement.

‍

GLXY – Galaxy Digital Inc.

• Galaxy Digital (Ticker: GLXY) became the first public company to tokenize its stock on Superstate’s Opening Bell.
  
  
• Shareholders can now convert their GLXY stock into Solana-based tokens, or keep them in traditional book-entry form.
  
  
• Tokenized GLXY shares retain full legal and regulatory recognition, meaning they are the same equity, just accessible on-chain.
  
  
• This move positions Galaxy as a pioneer in bringing capital markets into blockchain infrastructure.
  
  
  

FORD – Forward Industries, Inc.

• Forward Industries (Ticker: FORD), a Nasdaq-listed company, has partnered with Superstate to tokenize its equity on the Solana blockchain.
  
  
• The initiative is part of Forward’s strategy to align itself as a digital asset treasury company and leverage Solana’s high-speed infrastructure.
  
  
• Tokenized FORD shares will allow investors to trade and settle equity instantly on-chain, while still backed by traditional custodianship and shareholder protections.
  
  

SBET – SharpLink Gaming, Inc.

• SharpLink Gaming (Ticker: SBET), another Nasdaq-listed firm, announced plans to tokenize its stock through Superstate’s Opening Bell.
  
  
• Tokenized SBET shares will be issued on the Ethereum blockchain, making them tradable and composable across Ethereum’s DeFi ecosystem.
  
  
• This marks the first SEC-registered equity tokenized on Ethereum, setting a precedent for future public companies to follow.
  
  
• Importantly, these tokenized SBET shares remain legally equivalent to traditional stock, ensuring compliance with U.S. securities law.
  
  

Technology Behind Superstate

‍

Superstate’s innovation lies in combining regulated fund structures with public blockchain infrastructure. Its technology stack ensures that tokenized securities are legally compliant while benefiting from the speed and transparency of crypto.
‍

1. Token Standards: ERC-20 & SPL
‍

Superstate issues fund and equity shares as ERC-20 tokens on Ethereum and SPL tokens on Solana. This ensures interoperability with wallets, custodians, and DeFi protocols across the two largest smart contract platforms.
‍

2. Permissioned Smart Contracts
‍

Unlike permissionless tokens, Superstate’s ERC-20/SPL contracts include an allowlist system. Both sender and receiver addresses must be whitelisted (via KYC and onboarding) before transactions can occur. This ensures compliance with U.S. securities regulations.
‍

3. Continuous NAV (Continuous Pricing)

‍

Superstate pioneered continuous pricing, where the Net Asset Value (NAV) updates in real time, every second, 24/7. This means investors start earning yield immediately upon minting shares, without waiting for daily fund pricing.
‍

4. Mint & Redeem Flexibility

‍

Investors can mint or redeem fund shares using either USDC or traditional USD wire transfer. On redemption, they can choose to receive proceeds in U.S. Dollars or in USDC on Ethereum or Solana. This dual option bridges traditional and crypto-native liquidity.
‍

5. Composability with DeFi

‍

By issuing shares as standard blockchain tokens, Superstate products can be integrated into decentralized finance (DeFi) applications, including lending protocols, DAOs, automated investors, and collateral systems. This unlocks new on-chain workflows for real-world assets.

Why Superstate Matters

‍

Superstate stands out because it combines regulatory compliance with the speed and programmability of blockchain.
‍

• Compliance-first: Its funds and equities are legally recognized securities, giving investors the same protections as traditional finance.
  
  
• Near-instant settlement: On-chain transfers eliminate the T+2 clearing delays of legacy markets.
  
  
• Real-time yield: With Continuous NAV, investors earn interest by the second, not just once per day.
  
  
• DeFi-ready: Tokenized assets can serve as on-chain collateral for DAOs, stablecoins, and automated investors.
  
  
• Institutional trust: Backed by the Superstate Industry Council, bridging DeFi and TradFi.
  ‍

In short, Superstate is making tokenization practical, compliant, and useful for both institutions and crypto-native investors.

‍

How to Get Started with Superstate

‍

Superstate is designed for qualified investors and institutions who want exposure to tokenized assets. Access is currently limited to ensure compliance with U.S. securities law.

‍

1. Investor Eligibility

‍

• Funds (USTB, USCC): Available to Qualified Purchasers or accredited investors under U.S. regulations.
  
  
• Equities (Opening Bell): Publicly traded shares (e.g., GLXY, FORD, SBET) can be tokenized and held on-chain by existing shareholders.
  
  

2. Onboarding Process

‍

• Complete KYC/AML verification through Superstate’s onboarding platform.
  
  
• Approved investors receive a whitelisted wallet address, allowing them to hold and transfer Superstate tokens.
  
  

3. Funding & Minting

‍

• Investors can mint new shares by sending USDC (Ethereum/Solana) or via USD wire transfer.
  
  
• Tokens are issued directly to the investor’s wallet as ERC-20 or SPL tokens.
  
  

4. Redemption

‍

• Fund shares may be redeemed at any time, subject to each fund’s operating procedures.
  
  
• Investors may receive USDC (Ethereum or Solana) or U.S. Dollars by wire transfer.
  
  

The Future of Tokenization with Superstate

‍

Superstate is helping lead the shift toward fully on-chain capital markets.

• Its Opening Bell platform has already launched tokenized equities like GLXY, with FORD and SBET set to follow.
  
  
• More products beyond Treasuries (USTB) and crypto funds (USCC) are likely, expanding tokenized exposure to bonds, equities, and ETFs.
  
  
• By integrating with DeFi protocols and institutional partners, Superstate aims to make regulated assets as seamless to use as stablecoins, bridging the usability of crypto with the safeguards of traditional finance.
  
  

In short, Superstate is laying the groundwork for a future where real-world assets move at blockchain speed.

Conclusion

‍

Superstate is bridging the gap between traditional finance and blockchain, offering tokenized funds and equities that are both legally compliant and crypto-native. With products like USTB, USCC, and tokenized equities through Opening Bell, it shows how real-world assets can move with the speed, transparency, and programmability of blockchain.
‍

As adoption grows, Superstate is positioned to play a leading role in shaping the future of tokenized capital markets.

‍

Learn more about Backpack

Exchange | Wallet | Twitter | Discord

‍

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.

‍