Nasdaq gets SEC OK for tokenized stocks while keeping Wall Street in charge

The SEC approved Nasdaq’s tokenized securities framework, allowing certain stocks and ETFs to be issued and settled as blockchain-based tokens that can trade alongside traditional shares. Investors could hold tokenized versions in digital wallets, with clearing and settlement handled by the Depository Trust & Clearing Corporation (DTCC).

The move targets post-trade plumbing rather than a wholesale overhaul of market operations. DTCC executive Brian Steele said the firm aims to build "safe, secure tokenization services to advance a more resilient, inclusive, cost-effective and efficient financial system," while working with exchanges and market participants to scale adoption.

Supporters argue tokenization could bring near-instant settlement and around-the-clock trading, widening access for global investors. Val Gui of Kraken’s xStocks called the approval "a clear signal the $126 trillion equity market will be shifting onto blockchain rails," and Nasdaq said it is tapping Kraken to distribute stock tokens globally.

United States

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