1/ Direct Issuance Programs let public companies raise follow-on equity onchain. Superstate enables these new programs via its transfer-agent infrastructure. Here’s how they work step-by-step:

2/ 1. Issuers file the standard SEC registration 2. Investors connect wallets and send stablecoins, with pricing referenced to real-time market prices 3. Tokenized shares are issued directly to investor wallets via Superstate 4. The shareholder registry updates in real time