Nasdaq-listed Perpetuals.com is preparing to bring tokenized U.S. equities to American investors by relying on the Securities and Exchange Commission’s five-year Innovation Exemption for Tokenized Securities Venues. In an October 14 update, the fintech led by former FTX Europe executive Patrick Gruhn said it had published a notice of intent to use the framework, making it the second publicly announced company to pursue an onchain marketplace under the SEC’s temporary relief.
The planned venue would operate through Kephas Corporation, Perpetuals.com’s U.S. subsidiary, with trading initially expected on Kronos X Public, an Ethereum-compatible layer-2 blockchain developed by the company. Rather than a conventional order book, the platform would use permissioned automated market maker liquidity pools. Each pool would pair a tokenized U.S. equity with a digital asset, initially expected to be USDC, allowing eligible investors to trade stock tokens against the dollar-backed stablecoin.
The SEC framework permits approved venues to use AMMs while restricting eligible securities and trading volumes. It also requires smart contracts to be public and auditable, deployed on public permissionless blockchains, and mandates that trading halt whenever the underlying stock is halted on its primary exchange. Perpetuals.com said its proposed equities would preserve dividend and voting rights while adding 24/7 trading, fractional ownership and near-instant blockchain settlement.
No initial stock list or final launch date has been announced. The company said trading could begin around mid-November at the earliest, after the required notice period and subject to market-data arrangements, compliance work and smart-contract security reviews. The move follows a filing by OKXICE, the OKX and Intercontinental Exchange joint venture, which earlier sought to offer more than 60 tokenized U.S. stocks. Separately, Securitize has launched share-backed tokenized equities through broker-dealer infrastructure rather than the TSV exemption.
The project is part of a broader push into real-world asset tokenization. Perpetuals.com reported $65.2 million in total assets as of April 30, up from $1.2 million a year earlier, alongside fiscal 2026 revenue of about $1.6 million and a $17.6 million net loss. The company also signed an agreement with Datavault AI covering planned tokenized commodity programs involving copper, gold, geothermal energy and critical minerals with more than $328 million in targeted issuance.
