After raising $82.5 million, Superstate aims to compete with the NYSE for on-chain stock markets

On January 22nd, on-chain IPO issuance platform Superstate completed an $82.5 million Series B funding round, backed by a lineup of investors that can be described as豪华 (luxurious). Bain Capital Crypto and Distributed Global led the investment, with top cryptocurrency investors such as Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and others participating. This is not just a financing event but also a collective market endorsement of the on-chain capital markets sector.

What Does the Investor Lineup Indicate

The scale of funding and the quality of investors often reflect the enthusiasm for a particular sector. The institutions participating in this round cover almost all dimensions of cryptocurrency investment: macro hedge funds (Brevan Howard Digital), large digital asset management firms (Galaxy Digital), venture capital experts (Haun Ventures), and traditional financial institutions (Bain Capital Crypto).

What does this imply? On-chain capital markets are no longer a niche topic but are recognized as a major direction by mainstream crypto investment institutions. From this perspective, while the $82.5 million Series B figure may not be particularly eye-catching, the diversity and prominence of the investors are enough to demonstrate market consensus.

From Funding to Practical Application

Interestingly, Superstate has not only gained recognition at the funding level but also made tangible progress in ecological applications. According to the latest news, Plume Network has integrated its Nest nBASIS treasury into the Gate DEX wallet ecosystem, which happens to offer institutional-grade crypto basis trading strategies through Superstate’s USCC fund. This activity provides an approximate annualized yield (APY) of 3.6%.

This means Superstate is not just staying at the conceptual stage but actively promoting the infrastructure of on-chain capital markets. Users can more conveniently access yields from real on-chain assets, which is the core value proposition of on-chain capital markets.

The Competition Landscape Begins to Heat Up

More noteworthy is the changing competitive environment faced by Superstate. On January 20th, the New York Stock Exchange announced the launch of an independent native tokenized trading platform, not by modifying the existing system but by building a brand-new trading arena. This new platform promises 24/7 operation, instant trade settlement (eliminating T+1), and stablecoin financing.

What does this mean for Superstate? On one hand, NYSE’s entry validates the commercial prospects of on-chain capital markets; on the other hand, the direct involvement of traditional exchange giants will intensify competition. Superstate needs to maintain advantages in innovation, flexibility, and user experience.

On-Chain Capital Markets Are Becoming Differentiated

From the current landscape, on-chain capital markets are forming different player types:

• Superstate represents a professional on-chain IPO issuance platform
• NYSE exemplifies traditional exchanges’ digital transformation
• Figure’s OPEN platform offers another approach

This multi-player competition is actually beneficial for the entire sector. Different participants will drive solutions to key issues such as standardization, liquidity, and compliance, ultimately accelerating the maturity of on-chain capital markets.

Summary

Superstate’s $82.5 million Series B funding, to some extent, marks the transition of on-chain capital markets from the funding and proof-of-concept stage into practical application and competition. The strong investor lineup indicates market optimism for this direction, ecological application progress demonstrates business model implementation, and the entry of giants like NYSE signals mainstream financial attention.

The key moving forward is how Superstate will differentiate itself in competition with traditional exchange giants. The true breakout of on-chain capital markets may still require more liquidity, clearer regulations, and user education, but the current competitive landscape already shows that this future is accelerating to arrive.