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.
