Republic to Debut Private Equity Markets on Solana with $rSpaceX

Republic, an emerging RWA and tokenization protocol, has announced plans to launch private equity markets on Solana. 

Starting with $rSpaceX, a “Mirror Token” reflecting the value of SpaceX’s success, Republic plans to expand its future offerings to include the world’s biggest private companies. 

How do Republic’s Mirror Tokens work, and what does the tokenization of private equities mean for Solana?

Republic Opens Waitlist

On June 25, Republic opened the waitlist for its first token offering, $rSpaceX, a Mirror Token minted on Solana that represents the value of the firm’s shares in private markets. 

While vague, Republic asserts that the “tokenized asset mirrors the performance of SpaceX shares in the event of a potential future IPO, acquisition, or other liquidity event”. According to the firm’s announcement, $rSpaceX does not grant the holder equity or ownership in SpaceX and is not affiliated with the company.

Following the initial Mirror Token offering, Republic intends to make $sSpaceX available for trading on the INX exchange, a trading platform Republic is reportedly in the process of acquiring. 

Republic Founder and co-CEO Kendrick Nguyen asserts that the launch of Mirror Tokens marks a critical moment for the RWA sector. Private equity markets are notoriously exclusive, and leveraging Solana’s accessibility empowers Republic to blur the lines between private and retail investors.

“This is a big step forward on our quest to make the private markets more accessible and liquid — globally. By combining regulation and blockchain innovation, we're unlocking a future where anyone, anywhere, can invest in the companies shaping our world.” - Kendrick Nguyen, Republic Founder & co-CEO

Despite its claim that it will bring private equities to a global market “for the first time”, Republic is not the only Solana-based application tackling this problem. 

Earlybird, a rival contender, promises greater access to private equities without KYC or minimum investment restrictions. Developed by the Hyperspace team, a now-discontinued NFT marketplace, Earlybird opened its waitlist earlier this year. Given that neither platform is live, both teams are now competing to be the first to market.

Republic is not Solana-Exclusive 

While Mirror Tokens themselves will be minted on the Solana blockchain, it remains to be seen if they’ll be integrated into the Solana wider DeFi ecosystem. Judging by Republic’s native token, $NOTE, it seems unlikely that the platform will provide complete composability.

Republic’s native asset, $NOTE, is slated to give holders early access to initial Mirror Token offerings. Despite $rSpaceX launching on Solana, $NOTE is deployed on the Avalanche blockchain and is only available for trading via the INX platform.

The $NOTE whitepaper implies that the $NOTE token includes a variety of access-control functions, meaning only pre‑approved wallets, likely those connected to KYC’d exchange accounts, can receive or send NOTE tokens. These measures, alongside further freeze, clawback, and mint and burn functions ensure legally compliant trading.

Additionally, the $NOTE whitepaper indicates that the Republic Note framework was audited by Quantstamp, a smart contract security firm. Quantstamp’s records have not listed the audit, suggesting that the results have remained private.

While $rSpaceX will be deployed on a separate blockchain using a completely different virtual machine, Republic will likely seek to recreate its exciting framework using Solana token extensions.

Solana RWA Sector Up 102% YTD

Solana’s RWA scene has witnessed a meteoric rise in 2025, with a wealth of tokenized asset protocols still waiting in the wings. 

RWA.xyz data suggests the total market cap of Solana-based RWA has increased by 102% YTD, rising from $173.8M to $351.2M since January 2025. 

Ondo Finance’s yield-bearing stablecoin, $USDY, dominates market share, constituting 49.65% of the market capitalization of Solana-based RWAs.

While Solana still trails Layer-1 rivals in terms of the total value of RWA assets deployed onchain, emerging applications could attract an influx of capital into the network’s RWA scene. Platforms like Remora Markets are slated to deploy tokenized stock exchanges in the coming weeks, bringing public equities like Tesla, Apple, and Microsoft to Solana DeFi.

Disclosure: SolanaFloor and Remora Markets are owned and operated by Step Finance.

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