Nasdaq has formally filed with the U.S. Securities and Exchange Commission (SEC) to permit the trading of tokenized stocks and exchange-traded products on its platform, a move that could transform how equities are bought and sold.
What’s in the Proposal
- Dual Trading Options: Investors would be able to trade stocks in both traditional and tokenized formats. Both would carry the same rights—such as voting and dividends—and share the same identifiers, ensuring parity between the two forms.
- Market Integration: Tokenized shares would trade seamlessly alongside their traditional counterparts using existing clearing systems like the Depository Trust Company, avoiding disruption to current settlement infrastructure.
- Regulatory Standards: Nasdaq has emphasized that tokenized securities must provide identical rights and protections as traditional shares in order to qualify. Any assets not meeting these criteria would be treated as separate instruments.
- Timeline: If approved, tokenized stock trading could begin as early as the third quarter of 2026.
Why It Matters
This filing represents a historic step for U.S. financial markets. Nasdaq could become the first major American exchange to integrate blockchain-based securities into its traditional market system, bridging digital innovation with established finance.
The move also reflects momentum in the tokenization space, with large institutions experimenting with blockchain-powered settlement and ownership. Still, regulatory challenges remain, and adoption will depend on clear guidelines and robust market infrastructure.
