What Forward’s tokenized FWDI shares mean for Solana, DeFi, and Real-World Assets

Forward Industries [NASDAQ: FWDI] has become the first public company to place SEC-registered equity directly on a blockchain, specifically on Solana. The SEC-registered equity is usable as collateral in decentralized finance.

The move, executed through Superstate’s Opening Bell platform, enables ex-US FWDI shareholders to post their tokenized stock as collateral on Kamino, one of Solana’s largest lending protocols.

Unlike existing “tokenized stock” products that rely on synthetic exposure or offshore wrappers, FWDI’s onchain asset represents real common stock, recorded and updated in real time by Superstate—a registered SEC transfer agent. 

It is the first instance of regulated public equity interacting natively with live DeFi markets, marking a significant step for tokenization in the U.S. regulatory landscape.

How FWDI equity becomes onchain collateral

Through the integration:

• FWDI shares are tokenized on Solana via Superstate’s infrastructure
• Ex-US holders can transfer shares to an allowlisted Solana wallet
• Kamino accepts the tokenized equity as collateral
• Pyth delivers real-time price feeds to secure onchain lending markets

This enables eligible investors to borrow stablecoins while maintaining exposure to the underlying NASDAQ-listed equity.

This is a capability not possible in traditional markets without intermediaries, delays, or derivative structures.

Kyle Samani, Chairman of Forward Industries, said the milestone shows “the next evolution of tokenized markets where real equity can function natively within DeFi,” describing the initiative as a bridge between traditional markets and programmable financial systems.

Why Solana is central to this development

Solana’s selection is not incidental. Forward Industries is currently the single largest public company holder of SOL. CoinGecko data shows it holds 6.91 million tokens in its treasury—more than any other public entity or government.

FWDI’s decision to tokenize its equity on Solana reinforces the company’s strategic alignment with the ecosystem.  Also, it underscores Solana’s growing role in regulated financial integrations.

Solana has already attracted major stablecoin, payments, and tokenization initiatives from Visa, Shopify, Paxos, Stripe and others. 

This positions Solana as a leading candidate for the next wave of real-world asset tokenization and enterprise financial rails.

What this means for crypto and tokenization

FWDI’s launch solves one of the tokenization sector’s biggest credibility gaps: the lack of legally recognized, regulatorily compliant equity onchain. The precedent opens the door for:

• public companies seeking programmable shareholder structures
• new collateral classes in institutional DeFi
• onchain cap tables that sync directly with transfer agents
• real-time settlement and borrowing against regulated assets

It also hints at how the broader market may evolve. If public companies increasingly seek exposure to onchain liquidity, tokenized equity could become a standard complement to traditional exchange listings—especially if liquidity, settlement, or capital efficiency improves.

Robert Leshner, CEO of Superstate, described the development as unlocking “the full potential of DeFi for real public equity,” signaling the company’s intent to expand the model to additional issuers.

Final Thoughts

• FWDI’s move demonstrates that fully regulated U.S. equities can now operate within DeFi, creating a new category of onchain collateral with real legal standing.
• Solana emerges as the early leader for regulated tokenization, with FWDI proving how public companies can plug directly into programmable financial markets.