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Bullish coalition pushes real ownership for tokenized stocks. Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth formed a coalition to develop issuer-sponsored tokenized shares. The initiative aims to preserve shareholder rights. It also seeks stronger links between blockchain markets and traditional equities. Published on: 26 Sep 2026, 11:00 am Updated on: 26 Sep 2026, 11:00 am Bullish and Equiniti have launched the Issuer Sponsored Token Coalition alongside Alpaca, Apex Fintech Solutions and DriveWealth. The group wants tokenized public shares tied directly to companies' official shareholder registers. The coalition will work on standards, infrastructure and operating frameworks for issuer-sponsored tokenized securities. Its members also want blockchain-based securities to operate alongside existing capital markets. At the center of the initiative lies a key ownership issue. Some products marketed as tokenized equities may not give investors the same rights as traditional shares. Coalition targets shareholder rights in tokenized stocks. Under the coalition's proposed issuer-sponsored model, tokenized securities would connect directly with an issuer's authoritative shareholder register. That structure could preserve voting rights, dividends and corporate-action entitlements. As a result, investors holding qualifying tokenized securities could maintain the ownership protections associated with ordinary public shares. Blockchain technology would provide new infrastructure without separating shareholders from issuers. DriveWealth CEO Naureen Hassan said much of what markets currently describe as tokenized equity does not represent direct equity ownership. She said the coalition intends to address that gap. Hassan added that an issuer-sponsored model can retain voting rights and corporate-action entitlements while market infrastructure moves onchain. DriveWealth will help develop the model alongside the other coalition members. The coalition therefore centers its work on direct ownership rather than simply creating blockchain-linked exposure to listed shares. SEC framework shapes emerging onchain equity market. The coalition's launch follows the U.S. Securities and Exchange Commission's September 17 Innovation Exemption. The measure permits limited onchain trading involving U.S.-listed equities. Under the SEC framework, venues must verify that tokenized stocks provide holders with the same rights and privileges as their traditional equivalents. That requirement places shareholder treatment at the center of onchain equity development. The relief will remain available for five years. Meanwhile, the SEC is seeking public comments on how the framework should develop as tokenized markets expand. For the coalition, those requirements align with its issuer-sponsored approach. Members want tokenized shares connected to official company records rather than operating separately from established ownership systems. Bullish CEO Tom Farley said public companies should remain central to relationships with their shareholders. He also said market participants need to establish the right architecture as tokenization develops. Farley described tokenization as a way to turn static assets into more active and transparent digital shares. At the same time, he said existing market protections should remain part of the structure. Market infrastructure firms focus on interoperability. Alpaca will contribute infrastructure intended to connect traditional securities markets with onchain systems. The company already operates its Instant Tokenization Network for converting tokenized equities and traditional counterparts. Arush Sehgal, Alpaca's Head of Digital Assets, said tokenization creates new ways to connect issuers and investors. He also said shareholder protections must remain intact as those markets develop. Apex Fintech Solutions will contribute experience spanning issuers, broker-dealers and investors. Global Head of Digital Markets Travis McGhee said connective infrastructure will determine whether tokenized securities can scale. According to McGhee, tokenized markets need standards that preserve existing relationships and investor protections. Apex joined the coalition to help develop that infrastructure. Meanwhile, Equiniti and Bullish will work with the other participants on the wider standards and frameworks needed for issuer-sponsored securities. The coalition plans to address technical standards, operating structures and market connections as tokenized public securities develop. Its model keeps issuers linked to investors while blockchain infrastructure changes how shares can trade and settle. Final thoughts. The Issuer Sponsored Token Coalition aims to connect tokenized stocks directly with company shareholder registers while preserving voting, dividend and corporate-action rights. Its members will develop standards and infrastructure as the SEC's five-year framework opens limited onchain trading for U.S.-listed equities.

Bullish, Alpaca and Apex Fintech form coalition to push issuer-backed tokenized stocks. The group aims to link onchain shares to official shareholder records following the U.S. SEC's innovation exemption for tokenized stock trading. 2 hours ago * Bullish, Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth teamed up to form an industry group focused on issuer-sponsored tokenized securities. Bullish (BLSH), Equiniti, Alpaca, Apex Fintech Solutions and DriveWealth have formed a new industry group focused on building standards for tokenized securities that remain directly tied to the companies that issue them. The Issuer Sponsored Token Coalition, unveiled on Thursday, was convened by CoinDesk parent company Bullish and Equiniti, a shareholder-services and market-infrastructure firm that is being acquired by the crypto platform. The group said they plan to work on technical standards, settlement, custody and ways to move securities between traditional market infrastructure and blockchain networks. Its main focus is issuer-sponsored tokenization, in which a tokenized share would be linked to a company's official shareholder register. That structure is designed to preserve rights such as voting, dividends and participation in corporate actions. The distinction has gained attention as firms roll out products that offer stock exposure without always giving holders direct ownership of the underlying shares. A recent dispute between AMC Entertainment CEO Adam Aron and Robinhood highlighted that issue, centering on whether synthetic or tokenized products may leave investors with economic exposure to a stock but without the same legal rights as registered shareholders. Issuer-sponsored models aim to narrow that gap by tying the token directly to the issuer's records. "The architecture we establish now matters and that is why we are bringing together this group of leading firms to chart the course," said Tom Farley, CEO of Bullish. Alpaca said it plans to contribute to interoperability between traditional securities and onchain markets through its Instant Tokenization Network. "Tokenization creates an opportunity to connect issuers and investors in ways that weren't possible with traditional market infrastructure," said Arush Sehgal, head of digital assets at Alpaca. "Getting it right means preserving shareholder rights and ensuring onchain markets remain connected to the markets they're built on. Apex Fintech Solutions, which provides infrastructure for broker-dealers and other financial firms, said the group could help establish standards that enable tokenized markets to connect with existing systems. The coalition said its work follows last week's U.S. Securities and Exchange Commission exemption allowing limited onchain trading of U.S.-listed equities under certain conditions. AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by its editorial team to ensure accuracy and adherence to its standards. For more information, see CoinDesk's full AI Policy. As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region's rules, use cases, and RLUSD's role. Sep 15, 2026 Commissioned by Ripple Why it matters: As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region's rules, use cases, and RLUSD's role.

Upstox launches US equities trading through partnership with Alpaca. Upstox, one of India's leading wealth tech platforms, recently announced the launch of US stock and ETF trading, bringing access to global markets to their over 20 million (2 crore) customers.[1] The launch is powered by Alpaca, a global leader in agent-first brokerage and clearing infrastructure. Historically, Indian investors seeking exposure to US securities have had to navigate cross-border remittance requirements, account-opening processes, and associated costs.[2,3] Despite these hurdles, the demand for global assets has risen. According to US Treasury data, reported holdings of US equities attributed to investors resident in India increased from approximately $6 billion in 2020 to $28.7 billion in 2025, an increase of approximately 378%.[4,5,6] Upstox's new offering aims to capitalize on the growing momentum and continue to remove traditional barriers to entry by providing a localized, modern experience for global investing. With Alpaca's Broker API, Upstox now enables fractional and notional trading, allowing eligible users to invest in US stocks and ETFs for as little as a $1 USD, roughly ₹95*. "I began trading in US stocks at 16, long before I envisioned building a platform that would one day give crores of Indians access to global markets. That early experience fundamentally shaped how I think about investing, and in many ways, it shaped the course of innovation at Upstox," said Ravi Kumar, CEO and Co-founder, Upstox. "International investing represents the next significant phase of growth for India's wealth ecosystem, and launching US stocks feels like a full-circle moment, taking everything we have learned about US markets and channeling it into a platform built for Indian investors. Years later, I have the privilege of opening that same door for crores of Indians." Upstox also leverages Alpaca's direct funding wallets, enabling users to access USD in their portfolios. The funding will operate under India's Liberalised Remittance Scheme (LRS), allowing users to remit up to $250,000 USD annually for overseas securities.[7] The partnership is further reinforced by Alpaca's deepening commitment to the Indian market. In April 2026, Alpaca announced that it had finalized the acquisition of Zincmoney, a broker-dealer regulated by the International Financial Services Centres Authority (IFSCA) and operating from Gujarat International Finance Tec-City (GIFT City). The acquisition brings Zincmoney's India-focused brokerage licenses, IFSC-listed products, leadership, and payment infrastructure to Alpaca, establishing a local regulatory and operational presence that helps support Upstox's growth in one of the world's fastest-growing financial markets. "We are excited to support Upstox as they build a comprehensive wealth management platform for tens of millions of Indian investors," said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. "Congratulations to the team for bringing their vision to life. We're thrilled to see more investors in India gain easier access to global markets through this launch." Contact Alpaca. Want to learn more about Alpaca's brokerage infrastructure? For prospective partners, please contact Alpaca's Sales team at [email protected]. For existing partners, please contact your Customer Success Manager (CSM) or email the Success team at [email protected]. References. * Upstox * NSEIX opens doors to U.S. stocks for Indian investors - The Hindu.pdf * NSE IX Opens Direct US Stock Trading for Indians, Sparks Regulatory Debate * U.S. Department of the Treasury, Foreign Portfolio Holdings of U.S. Securities as of June 28, 2024, Table A2, "Foreign Holdings of U.S. Equities, by Country." The table reports approximately $6 billion for India in 2020. Available at: https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/shl2024r.pdf * U.S. Department of the Treasury, Foreign Portfolio Holdings of U.S. Securities as of June 30, 2025, Table 1. The preliminary table, dated February 27, 2026, reports $28.731 billion in U.S. equity holdings attributed to India. Available at: https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/shlptab1.html * Percentage calculated using the reported rounded figures: (($28.7 billion − $6.0 billion) / $6.0 billion) x 100. Because the 2020 figure is rounded, the resulting percentage is approximate. * Liberalised Remittance Scheme (LRS) *As of Sep 2, 2026 The content of this blog is for general informational purposes only. All examples are for illustrative purposes only. Securities brokerage services are provided by Alpaca Securities LLC (dba "Alpaca Clearing"), member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc. Technology and services are offered by AlpacaDB, Inc. Alpaca and Upstox are unaffiliated and are each responsible for their own liabilities. Fractional share trading allows a customer to buy and sell fractional share quantities and dollar amounts of certain securities. Fractional share trading presents unique risks and is subject to particular limitations that you should be aware of before engaging in such activity. See Alpaca Customer Agreement at https://alpaca.markets/disclosures for more details. The testimonials, statements, and opinions presented on the website are applicable to the specific individuals. It is important to note that individual circumstances may vary, and may not be representative of the experience of others. There are no guarantees of future performance or success. The testimonials are voluntarily provided and are not paid, nor were they provided with free products, services or any other benefit in exchange for said statements. All investments involve risk, including the possible loss of principal. Past performance does not guarantee future results. No investment strategy can guarantee a profit or achieve its intended objectives, and diversification does not ensure a profit or protect against loss. Investing in U.S. securities from outside the United States may involve additional risks, including currency fluctuations, taxation, liquidity, and changes in applicable laws or regulations. 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