Bullish, Equiniti, Alpaca, Apex Fintech Solutions, and DriveWealth have formed a coalition to set standards for issuer-sponsored tokenised securities.
The group, named the Issuer Sponsored Token Coalition, was announced in September 2026 and convened by Bullish and Equiniti. Equiniti, a shareholder services and market infrastructure provider, is being acquired by Bullish, a crypto platform and the parent company of CoinDesk. The deal, announced in May 2026 and valued at USD 4.25 billion, is aimed at building infrastructure for tokenised securities. Alpaca, Apex Fintech Solutions, and DriveWealth complete the initial membership.
The coalition's work will cover technical standards, settlement, custody, and mechanisms for moving securities between traditional market infrastructure and blockchain networks.
Linking tokens to the shareholder register
The coalition's central focus is issuer-sponsored tokenisation. In this model, a tokenised share is linked to the issuing company's official shareholder register. The structure is intended to preserve the rights attached to registered ownership, including voting, dividend entitlements, and participation in corporate actions.
The distinction has become more prominent as firms introduce products that offer exposure to equities without always granting holders direct ownership of the underlying shares. In September 2026, a dispute between AMC Entertainment's chief executive and Robinhood brought the issue into focus. The disagreement centred on whether synthetic or tokenised products can leave investors with economic exposure to a stock but without the legal rights held by registered shareholders. Robinhood's chief executive argued that companies should not have a veto over stock tokens. Issuer-sponsored models seek to narrow that gap by tying the token directly to the issuer's records.
Tom Farley, CEO of Bullish, said the architecture established at this stage matters, which is why the company has brought the group together to set its direction.
Member contributions
Alpaca plans to contribute to interoperability between traditional securities and onchain markets through its Instant Tokenization Network. Arush Sehgal, head of digital assets at Alpaca, said tokenisation creates an opportunity to connect issuers and investors in ways that were not possible with traditional market infrastructure. It was also added that doing so correctly requires preserving shareholder rights and keeping onchain markets connected to the markets they are built on.
Apex Fintech Solutions provides infrastructure to broker-dealers and other financial firms. The company said the group could help establish standards that allow tokenised markets to connect with existing systems.
Regulatory backdrop
The coalition said its work follows an exemption issued by the US Securities and Exchange Commission (SEC) in September 2026. The exemption permits limited onchain trading of US-listed equities under certain conditions.
The coalition's emphasis on issuer-sponsored structures positions the link between tokens and registered ownership as a core design consideration for onchain equity markets operating under the new exemption. Its membership spans a crypto platform, a shareholder register operator, and several brokerage infrastructure providers, so the group brings together firms operating at different points in the securities lifecycle, from issuance and record-keeping to trading and custody.
