Catenaa, September 09, 2025- Nasdaq has filed with the SEC to allow tokenized versions of listed stocks and ETFs to trade on the same order book as their traditional counterparts, marking a potential first for blockchain-based settlement in US markets.
The plan could go live as early as the third quarter of 2026 if approved.
Under the proposal, tokenized shares must carry the same rights and privileges as the underlying securities to qualify for unified trading and execution priority.
Settlement could occur onchain once central clearing infrastructure, including support from the Depository Trust Company, is ready.
Nasdaq emphasized that tokenization can be adopted without compromising investor protections, countering calls for broad exemptions from federal market rules.
The initiative coincides with congressional consideration of tokenization rules within a broader crypto market-structure framework. Lawmakers are exploring how real-world assets can move onchain while preserving regulatory standards, including custody, audits, and reporting obligations.
Major Wall Street players, including Citadel Securities, have submitted guidance advocating that tokenized assets adhere to standard securities rules, prioritizing liquidity and investor protection.
Other financial institutions, including Coinbase and JPMorgan, are reportedly evaluating tokenized equities, deposits, and funds, signaling growing institutional interest in digital asset integration within regulated US markets.
Nasdaq’s push reflects a broader policy pivot under President Donald Trump’s pro-crypto administration, seeking to integrate blockchain settlement within the national market system while maintaining compliance with US securities laws.
