The US stock exchange Nasdaq has filed a rule change request with the SEC to allow the listing and trading of tokenized securities - such as tokenized stocks and exchange-traded products - on its main market in the future.
This would be a milestone: for the first time, tokenized financial instruments could officially trade on a major US exchange if the application is approved, as Reuters reports.
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TradFi meets blockchain
Nasdaq is aiming for a flexible model: investors could choose to acquire and trade securities either in traditional digital form or as blockchain-based tokens - all within the same order book and under the same market rules. The crucial point is that all rights - such as voting rights and dividend entitlements - remain fully preserved. Only then will the tokenized securities be considered equivalent to traditional ones.
To make the project a reality, Nasdaq ensures that existing trading processes such as routing, price discovery, and market surveillance remain untouched - complemented by an additional blockchain layer. The first tokenized securities transactions are expected to take place in the third quarter of 2026, provided that the Depository Trust Company’s infrastructure is ready.
Infrastructure and timeline
This step comes in the context of a loosening of crypto regulation under the current SEC leadership and is accompanied by similar projects from market players such as Coinbase, Citi, or Bank of America. The goal is a converging world of traditional financial markets and digital assets - with increased liquidity and efficiency.
For institutional market participants, Nasdaq’s planned initiative opens up entirely new opportunities. Fund managers, banks, and family offices could in the future trade the same products either in classic digital form or as blockchain tokens. This would move tokenization out of its niche and into the mainstream - under the umbrella of one of the world’s strictest exchanges.
Nasdaq’s push also sends a clear signal in international competition. While Europe already has pilot projects under the MiCA regulation and Asian exchanges such as those in Singapore or Hong Kong are embracing tokenized assets, Nasdaq aims to secure leadership in the US market. If the SEC gives the green light, this move could trigger a domino effect and prompt other major exchanges such as the NYSE to follow suit.
