Major U.S. stock exchange NASDAQ is seeking approval from the Securities and Exchange Commission (SEC) to start tokenizing stocks on the blockchain.

Forward Industries has secured $1.65 billion in cash and stablecoin commitments in what it calls the largest Solana-focused treasury financing to date.

Hyperliquid’s push to launch its USDH stablecoin has triggered a heated governance fight over who controls a token that could shift billions in liquidity and revenue.

Top stories in the Crypto Roundup today:

• Nasdaq Seeks SEC Approval to Launch Tokenized Stock Trading
• Forward Industries Secures $1.65B to Pivot Into Solana Treasury Operator
• Hyperliquid Faces Backlash Over Stripe-Tied Bid for USDH Stablecoin Contract

Nasdaq Seeks SEC Approval to Launch Tokenized Stock Trading

Major U.S. stock exchange NASDAQ is seeking approval from the Securities and Exchange Commission (SEC) to start tokenizing stocks on the blockchain.

The exchange filed a proposal with the SEC that would let investors choose between traditional stock trading and blockchain-based tokenized securities. 

These tokens would be treated the same as regular stock orders and settle through the Depository Trust Company, the centralized clearinghouse for U.S. equities.

The idea is to let buyers hold tokenized versions of publicly traded shares, with all the same rights, including voting and liquidation, while maintaining regulatory protections. 

If approved, trades involving tokenized stocks could be executed on national securities exchanges, alternative trading systems, or through FINRA-regulated broker-dealers.

Forward Industries Secures $1.65B to Pivot Into Solana Treasury Operator

Forward Industries has secured $1.65 billion in cash and stablecoin commitments in what it calls the largest Solana-focused treasury financing to date.

The PIPE deal, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, will fund the company’s shift from a legacy design business into a publicly traded institutional player in the Solana ecosystem. 

Shares of Forward jumped 128% in pre-market trading after Monday’s announcement, while SOL gained 2.3%.

The capital will support Forward’s plan to generate on-chain returns through Solana’s DeFi markets and boost long-term shareholder value. Galaxy and Jump will provide infrastructure and advisory support, while Multicoin — an early Solana backer — adds investment expertise. Multicoin’s Kyle Samani is set to become board chairman, with Galaxy’s Chris Ferraro and Jump’s Saurabh Sharma joining as observers.

Forward’s move positions it alongside other Solana treasury operators, including Upexi, which holds over 2 million SOL, Sharps Technology with a $400 million allocation, and SOL Strategies, which announced a Nasdaq uplist on Sept. 5.

Cantor Fitzgerald acted as lead placement agent, with Galaxy’s investment banking arm as co-placement agent and financial advisor.

Hyperliquid Faces Backlash Over Stripe-Tied Bid for USDH Stablecoin Contract

Hyperliquid’s push to launch its USDH stablecoin has triggered a heated governance fight over who controls a token that could shift billions in liquidity and revenue.

A validator vote on Sept. 14 will decide the issuer, with proposals from Paxos, Frax, and an Agora-MoonPay coalition competing against a controversial bid tied to Stripe’s Bridge platform. 

Critics warn Stripe’s role could compromise Hyperliquid’s independence, given its Tempo blockchain and wallet infrastructure. 

Agora’s Nick van Eck called it a threat to “economic sovereignty,” while MoonPay’s Keith Grossman touted his firm’s broader licensing footprint.

The rivals offer distinct visions: Paxos pledges to funnel 95% of reserves into HYPE token buybacks, Frax promises all yield to users, and Agora vows neutrality with revenue directed to community funds and buybacks. Ethena may also join the race, adding to the crowded field ahead of the Sept. 10 proposal deadline.

Hyperliquid, which commands nearly 80% of the DeFi derivatives market, has opted to abstain, leaving the lucrative decision in validator hands.

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