1/ Yesterday we introduced Direct Issuance Programs: a new way for SEC-registered public companies to raise capital directly from investors onchain. Today, we break down what a Direct Issuance Program is, who it’s for, and what it solves.

2/ A Direct Issuance Program is a compliant mechanism that allows a public company to offer newly registered, tokenized shares directly to investors at or below real-time market prices. Investors buy straight from the issuer. Proceeds settle instantly in stablecoins. Shareholder records update in real time.

3/ Who is a Direct Issuance Program for? Public companies that want: ➕ Lower cost of capital vs. ATM desks ➕ Broader global investor reach ➕ Control over timing, discounts, and offering size ➕ Real-time settlement and registry updates ➕ Modern rails instead of legacy workflows

4/ Why today’s primary issuance falls short? The existing system relies on slow, intermediary-heavy processes: ➕ 2–3% ATM fees ➕ Manual end-of-day reconciliation ➕ Limited distribution windows ➕ Delayed access to capital A Direct Issuance Program replaces this with programmable, real-time, onchain infrastructure.

5/ Superstate provides the transfer-agent infrastructure that enables this mechanism: onchain settlement, issuance of tokenized shares, and real-time shareholder registry updates across Ethereum and Solana. A Direct Issuance Program is the issuer’s offering, Superstate provides the infrastructure that powers it.