On March 18, 2026, the U.S. Securities and Exchange Commission granted Nasdaq Inc. approval to launch a pilot that will allow certain stocks and exchange‑traded products to be traded and settled in tokenized form on the Nasdaq exchange. The approval marks the first formal integration of blockchain technology into the core U.S. equity trading and settlement infrastructure, positioning Nasdaq as a pioneer in digital‑asset trading.
Under the pilot, tokenized securities will trade under the same ticker and CUSIP as their traditional counterparts, and settlement will be routed through the Depository Trust Company. If tokenized settlement fails, the trade will automatically default to traditional settlement, ensuring continuity and investor protection. Nasdaq’s core trading infrastructure remains unchanged, so pricing, order execution, fees, and the T+1 settlement timeline are identical for both tokenized and traditional securities.
The pilot will initially focus on high‑volume ETFs and stocks, including constituents of the Russell 1000, the S&P 500, and the Nasdaq‑100. Nasdaq is partnering with Payward, the parent company of Kraken, to provide an equities transformation gateway, and with Boerse Stuttgart Group’s Seturion to link European trading venues. These collaborations aim to create a seamless cross‑border trading experience for tokenized assets.
Strategically, the approval signals regulatory comfort with tokenization and opens the door to faster settlement, around‑the‑clock trading, and fractional ownership. By allowing tokenized securities to trade on a regulated exchange with the same rights and identifiers as traditional shares, Nasdaq is bridging the gap between blockchain innovation and institutional market infrastructure, potentially accelerating broader adoption of crypto‑based products.
The move aligns with a broader industry trend, as Intercontinental Exchange (ICE) is also developing a platform for tokenized securities and the market for real‑world assets (RWAs) continues to grow. The SEC’s endorsement is a key milestone that may pave the way for future T+0 settlement and 24/7 trading, reshaping market structure and liquidity dynamics.
With the pilot in place, Nasdaq is set to demonstrate the viability of tokenized securities at scale, reinforcing its leadership position and potentially setting a new standard for how equities are traded and settled in the digital age.
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