Skip to main content
Companies sell stock to individuals directly through Opening Bell, typically at a discount, or through IPOs. Each token represents direct ownership of the underlying share.

​
What it is

Users purchase shares directly from the company, for example Tesla or NVIDIA, often at a discount to the currently traded price. Your users hold an asset issued by the company directly, tokenized through Superstate. Superstate acts as the transfer agent and records the ownership both offchain and onchain. Superstate tokenized assets are direct ownership with full rights, not a wrapper or indirect economic exposure only.

​
Ownership model

Direct ownership. The token represents real ownership of the underlying share, so holding the token means owning the equity itself. Owners receive dividends directly and can vote their shares, and ownership is recorded in the name of the investor. This distinction may matter to your users. A Superstate token and an Ondo token can track the same stock and still carry meaningfully different rights. Superstate equities are typically available to U.S. individuals, whereas Ondo equities are not.

​
How users buy

Direct issuance, minting from the issuer. The user pays a stablecoin and receives the tokenized share in the same transaction, with no separate settlement step. Superstate assets are allowlisted, so a user’s wallet has to be registered against the offer before a swap or transfer can settle. This allowlisting is how ownership is recorded offchain. Passage provides all the transactions and flows for allowlist registration end to end, including proving the user controls the wallet and broadcasting the allowlist transaction where the contract requires one.

​
What users can do with it

Hold it, or use it in permissioned DeFi. The allowlists that gate Superstate assets are the same ones that make permissioned Uniswap pools and RWA lending markets available to your users, so these assets are not just static positions sitting in a wallet. Tokenized stock can also be redeemed directly for shares offline via Superstate. If your users want to send or transfer their shares after purchase, they will need to allowlist each new wallet. Allowlisting is once per wallet per offer, so a wallet cleared for one offer is not automatically cleared for another, and any transaction to a non-allowlisted wallet will fail. Superstate powers tokenized stocks and permissioned DeFi pools.

​
FAQ

Real shares. Superstate is the SEC-registered transfer agent and records legal ownership onchain as tokens move. No wrappers, derivatives, or a separate share class.
The public company itself. Superstate is the transfer agent maintaining the registry across book-entry, tokenized, and DeFi-protocol holdings.
No, only a CoinList account. Passage KYC satisfies the requirement.To redeem for ordinary shares offchain, the user will need to complete that process with Superstate.
A wallet must be allowlisted before it can hold tokenized shares, and supported networks vary by equity. Adding a wallet to the allowlist requires the user to complete KYC and some additional requirements, then sign a transaction onchain.Allowlisting is once per wallet per offer, so a wallet cleared for one offer is not automatically cleared for another. It can be completed as part of the purchase process, or independently per wallet for transfers. See Allowlist a wallet.
Different assets and offerings may have different eligibility requirements. In general, Superstate assets are available in most geographies including the U.S. OFAC-sanctioned countries are always restricted. Check the specific offering requirements for eligibility restrictions.
Direct issuance, minting from the issuer.
Minimums are set by each issuing company and may differ from offer to offer. Minimums apply to direct issuance only. Secondary purchases on a supported DEX have no issuer-imposed floor.
Yes, tokens can be sold via permissioned DeFi pools such as those offered by Uniswap. As of today, there are no live pools.Users can also convert the token into traditional equity via Superstate.
No.
Real dividends, paid out to the holder rather than reinvested. There are two routes, and the issuing company picks which one applies, so it can differ by asset.
  • Onchain: paid in USDC or another crypto asset, using the wallet information Superstate collects from investors.
  • Fiat: the dividend is paid out in cash. Superstate coordinates with the company’s existing transfer agent to make that happen.
Yes, between allowlisted wallets, with restrictions enforced at the token level. Transactions or transfers between non-allowlisted wallets will fail onchain.We recommend adding a check to the onchain allowlist before allowing a user to transfer tokens. You can allowlist additional wallets through Passage for users without a purchase transaction. See Allowlist a wallet.Users can also burn to book-entry and DRS-transfer to a traditional brokerage, which takes 2 to 3 business days.
Yes, if relevant to their holding period. Holders of Superstate tokenized equities directly own the underlying asset and receive dividends directly. The dividends are taxable, and tax documents are provided directly to the investor from Superstate, via the email associated with their Passage account.As part of onboarding to the allowlist, the user is required to submit tax documentation through Passage. For U.S. investors, this information is collected automatically as part of KYC. Non-U.S. investors are required to complete a W-8 form.
Yes, but each pool needs to be specially configured because of the allowlist. Kamino pools exist on Solana and Aave pools exist on Ethereum.No permissioned Uniswap pools are live today.
Most commonly the wallet is not allowlisted for that offer. Allowlisting is per wallet per offer, so a wallet cleared for one Superstate offer is not automatically cleared for another. Transfers also require the receiving wallet to be allowlisted, so sending to an unverified address will fail. Restrictions are enforced at the token level, meaning the transaction reverts onchain rather than being blocked beforehand.On the sell side, a swap can fail because no DEX pool is live for that asset, or because the pool is too thin for the size. For direct issuance, purchases below an issuer’s minimum will be rejected, and offerings can close once the size is reached.
Users keep the tokens in their own wallet and can hold or liquidate independently.

​
Build it

Allowlist a wallet

Register a user’s wallet against the offer with authorizeWallet before they buy.

Superstate Swap

The purchase path used by Superstate assets.