Nasdaq CEO Adena Friedman advocates for the tokenization of stocks to unlock capital currently held in clearinghouses and brokerage systems. By accelerating settlement processes, tokenized securities could reduce the amount of funds tied up as collateral during trade execution.
In September 2025, Nasdaq submitted a proposal to the SEC to facilitate the trading and tokenized settlement of equities and ETFs on its primary markets. The plan maintains the existing settlement infrastructure through the Depository Trust and Clearing Corporation while introducing the option to route assets to digital wallets.
In March 2026, the exchange introduced a framework for equity token design, emphasizing issuer control and regulatory equivalence. This approach ensures that tokenized shares adhere to the same rules as traditional securities, aiming to maintain investor protections and institutional trust.
Nasdaq is not launching a new cryptocurrency but is instead applying token technology to improve existing securities frameworks. Friedman has discussed these initiatives at various industry events, including the Ripple Swell conference, FIA Boca, and TOKEN2049, highlighting the potential for 24/7 trading.
