The Cardano Foundation has spun out its digital-identity project, Veridian, as an independent company. Veridian has tokenized its shares on the Cardano blockchain using the network’s new programmable-token standard, CIP-0113, becoming the first company to use this standard for its equity. The tokenized shares are not being offered to the public. Cardano Foundation CEO Frederik Gregaard stated that Veridian has 1 million shares, most of which have been tokenized. The CIP-0113 standard allows issuers to attach rules to tokens, such as recipient eligibility and transfer controls, designed for regulated products like stablecoins and tokenized securities.