Forward Industries, Inc. NASDAQ: FWDI, formerly traded as FORD before a apparent ticker change or rebranding has become the first Nasdaq-listed public company to tokenize its SEC-registered shares on the Solana blockchain via Superstate’s Opening Bell platform.
This milestone enables eligible primarily ex-US shareholders to use their tokenized FWDI shares directly as collateral in decentralized finance (DeFi) protocols, such as Kamino. Shareholders can now borrow stablecoins (e.g., USDC) against their equity holdings while retaining exposure to the underlying stock— a feature not easily achievable in traditional finance without intermediaries, delays, or derivatives.
The tokenized shares are fully compliant, SEC-registered Class A common stock not synthetics, managed by Superstate as a regulated transfer agent. Integration with Solana DeFi allows real-time pricing via Pyth oracles and lending/borrowing functionality.
Forward Industries, a major SOL holder with billions in treasury assets, positions this as a bridge between traditional markets and on-chain finance. This development is widely reported as a landmark for real-world asset (RWA) tokenization, marking the first native use of regulated public equity in live DeFi markets.
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No prior Nasdaq-listed company has achieved this level of direct DeFi collateral integration for tokenized shares. Eligible primarily ex-US holders can now borrow stablecoins like USDC against their tokenized FWDI shares without selling the underlying equity.
This allows retaining upside exposure to the stock while accessing liquidity—something difficult, costly, or slow in traditional margin lending which often involves brokers, high fees, and forced sales.
Tokenized shares remain legally equivalent to off-chain shares, with real-time updates to the shareholder register. Features like preserved voting rights facilitated by Superstate and reversibility convert back to brokerage shares add utility.
On-chain shares enable instant transfers and potential future integrations like yield strategies, appealing to crypto-native investors. Unlike prior tokenized stocks often synthetics or wrappers, this is direct SEC-registered equity usable as collateral.
It introduces a new high-quality asset class to DeFi lending markets, potentially increasing total value locked (TVL) on Solana protocols like Kamino. Broadens DeFi beyond crypto-native assets like SOL, BTC to include public equities, enhancing risk diversification and borrowing capacity.
Demonstrates compliant tokenization at scale, accelerating the projected multi-trillion-dollar RWA market by showing real equity can “function natively within DeFi” as stated by Forward’s Chairman Kyle Samani.
With FWDI holding ~6.8-6.9 million SOL, the largest public treasury choosing Solana, it cements the chain’s role in regulated tokenization. High throughput, low costs, and integrations like Pyth oracles for real-time pricing make it ideal over competitors like Ethereum.
More public companies may follow prior examples like Galaxy Digital’s GLXY, driving demand for SOL and boosting DeFi activity. It’s creates a “tangible bridge” per Samani and Superstate CEO Robert Leshner where public equities gain on-chain programmability, liquidity, and composability without losing regulatory compliance.
Likely encourages more Nasdaq-listed firms to tokenize, extending stock utility “beyond traditional exchanges” into always-on digital markets. This could normalize tokenized equities as a complement to legacy listings.
As a fully compliant, SEC-registered transfer agent model, it reduces perceived risks, potentially attracting institutional capital wary of unregulated synthetics. Limited initially to ex-US holders due to U.S. securities laws; volatility in stock price could lead to liquidations in DeFi; broader adoption depends on regulatory evolution.
This development is hailed as the next evolution of tokenized markets and unlocking the full potential of DeFi for real public equity. While still early, FWDI is the first, it sets a blueprint that could transform how public equities are held, traded, and leveraged in the digital economy.