The Issuer Sponsored Token Coalition has added Qube Research & Technologies, Vertalo and zerohash to its effort to develop standards and infrastructure for tokenized securities, Bullish and Equiniti announced on Oct. 26, 2026.

Key Takeaways

  • The new members bring experience in quantitative trading, transfer agency and digital asset infrastructure.
  • Coalition participation is non-binding and does not require members to issue or list a security.

How the tokenized securities model would work

Bullish and Equiniti formed the coalition on Sept. 24 with Alpaca, Apex Fintech Solutions and DriveWealth. The group is pursuing a model in which companies decide how to tokenize their securities while maintaining their relationships with shareholders.

The launch followed a Sept. 17 Securities and Exchange Commission innovation exemption that requires venues to verify that a tokenized stock gives holders the same rights as the traditional share. The coalition aims to develop the infrastructure and standards for an issuer-sponsored approach.

What the new members bring

Qube Research & Technologies, known as QRT, is a quantitative investment firm active in equities, derivatives and digital assets. Vertalo is an SEC-registered transfer agent whose technology links tokenized securities to shareholder records, including those associated with dividends and voting rights.

Zerohash provides infrastructure that financial institutions can use to embed crypto trading, stablecoin payments and tokenized assets in their products. Its founder and CEO, Edward Woodford, said the company plans to extend its infrastructure to meet the coalition’s token standards.

The coalition is open and non-exclusive. Membership does not obligate participants to enter a commercial arrangement, provide liquidity or support a particular product.

Bullish’s pending Equiniti acquisition

In May 2026, Bullish agreed to acquire Equiniti for $4.2 billion. The transaction is expected to close in January 2027, subject to customary closing conditions and required regulatory approvals.

Next milestone

Coalition members are scheduled to meet Equiniti issuers and capital-markets leaders at the New York Stock Exchange on Oct. 27 to discuss tokenization and the infrastructure needed to support it.

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