Metaplex Introduces MPL-3643, a Permissioned RWA Token Standard for Tokenized

Metaplex MPLX$0.056+5.1% introduced MPL-3643 on 29 September 2026, a token standard for permissioned real-world assets and tokenized securities on Solana. MPL-3643 lets an issuer write compliance rules into the token itself: who may hold it, which jurisdictions are allowed, and how long a lockup lasts before it can be sold. The asset stays tradable in Solana's existing DeFi apps. The standard is in limited-access alpha, and Metaplex has not yet named a first issuer.

Metaplex framed the launch around who does the tokenizing. In its announcement on X, the company said bringing new markets onchain "requires compliance infrastructure that supports issuer-sponsored tokenization," where the company or fund behind an asset issues the token directly. Metaplex founder Stephen Hess described the aim as a compliance layer that does not break Solana's composability, according to Crypto Briefing.

The official Solana account said MPL-3643 "allows for native issuance for a broad range of real-world assets with built-in compliance functionality," and summed it up as "permissioned, yet composable across Solana."

How Token-2022, the Solana Attestation Service and sRFC 37 enforce compliance

MPL-3643 is modelled on ERC-3643, the Ethereum standard Crypto Briefing calls the go-to option for compliant tokenized securities on that chain. Metaplex built the Solana version from three pieces of existing infrastructure: the Token-2022 token program, the Solana Attestation Service and sRFC 37. Together they give an issuer onchain controls for investor eligibility, jurisdictional limits, lockup periods and transfer restrictions.

The access control comes from sRFC 37, the Token ACL proposal published in the Solana Foundation's sRFC repository. Under Token ACL, a new holder's token account starts frozen. The issuer hands its freeze authority to the Token ACL program and writes a separate "gate" program holding its allowlist or blocklist. When a wallet passes the gate's check, anyone can unfreeze its account in the same transaction, so an approved investor can receive the token without the issuer approving each account by hand. The proposal names the problem it fixes: without it, "issuers need to constantly thaw token accounts for their users."

The Solana Attestation Service handles the identity side. Crypto Briefing reports that MPL-3643 supports reusable investor verifications through partnerships with identity services, so an investor who completes a compliance check once can reuse it across multiple MPL-3643 offerings instead of repeating KYC for every new token.

Orca, Raydium, Jupiter, Phantom and Solflare support planned for MPL-3643

Metaplex's launch statement, carried by Business News This Week, says MPL-3643 "will integrate" at launch with Orca ORCA$1.59-3.3%, Raydium RAY$1.86-2.8%, Jupiter JUP$0.330-0.7%, Phantom CASH$1.0000.0% and Solflare, and Crypto Briefing reports the same five partners. That list spans two DEXs, a swap aggregator and two wallets. Because the standard itself is still in alpha, this is planned support: none of the five has announced a live MPL-3643 market or wallet feature.

Raydium already has a head start on the venue side. In July, Raydium launched KYC-gated permissioned pools with Superstate as its first compliance partner. On the day of the Metaplex launch, Raydium posted that "new markets are coming to Solana. Powered by Raydium."

Why a Solana version of ERC-3643 matters for tokenized securities

A common model for tokenized stocks is the wrapper, where a third party holds the underlying share and issues a token that tracks it. MPL-3643 targets issuers who want the token to be the security itself, with the issuer's own transfer rules checked on every transfer.

The regulatory timing fits. On 17 September 2026 the SEC granted a five-year exemption letting Tokenized Securities Venues trade tokenized NMS stock through permissioned AMM pools on public, permissionless blockchains, which we covered at the time. Venues like that need tokens that can refuse an ineligible buyer, and MPL-3643 gives Solana issuers a shared standard for building them.

Limited-access alpha: how issuers request Metaplex access

MPL-3643 is not open to the public yet. Issuers, tokenized securities venues, tokenization platforms and developers can request alpha access through Metaplex's website, according to the launch statement, and no date for broad availability has been announced.

The launch follows a longer build. Metaplex Foundation's June 2026 round-up, published on 15 July, said infrastructure "for issuing and managing RWAs with native compliance functionality enforced onchain" was already live on devnet. The next milestone to watch is the first issuer to put a real security on mainnet under MPL-3643, and which of the five partners lists it first.