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- Nasdaq is pushing for fast SEC approval to trade tokenized versions of existing stocks.
- The exchange expects early gains in settlement efficiency and stronger collateral mobility across markets.
Nasdaq is accelerating its effort to secure regulatory approval for tokenized stock trading, positioning the initiative as a major step toward modernizing U.S. market infrastructure. In a recent interview with CNBC, Matt Savarese, head of Nasdaq Digital Assets, stated that the proposal aims to enable on-chain versions of publicly traded shares to operate under the rules of established national market systems. He reaffirmed that tokenized shares would have no legal or economic difference from traditional equities, including the right to vote and receive dividends.
He emphasized that the exchange is not trying to redesign the structure of the U.S. markets. Instead, the idea is to tie blockchain settlement into what is familiar. Orders would continue to flow through Nasdaq’s order book, with clearing handled by existing partners such as the Depository Trust Company. Tokenized and traditional shares would bear the same symbols and identifiers and be fully fungible.
The executive likened the move to Nasdaq’s historic move from paper to electronic trading. He placed tokenization as a measured evolution that delivers new capability without adding unnecessary risk. According to Savarese, the priority is responsible adoption with strong oversight.
Efficiency, Collateral Mobility, and Early-Stage Gains
Nasdaq anticipates immediate benefits from the start of tokenized settlement, particularly in post-trade operations. The exchange intends to ensure compatibility with member-firm systems before moving on to broader settlement windows. Early benefits would be in areas where it helps to reduce operational friction and not change execution speeds.
Savarese emphasized collateral mobility as a very powerful medium-term feature. Tokenized equities can be transferred almost instantly between collateral pools, which helps promote more efficient capital utilization and discourages over-collateralization of positions. He argued that this change promotes liquidity management throughout the financial system.
Nasdaq’s acquisition of Calypso, through its Adenza deal, offers technology often described as a gold standard in collateral management. Integrating that system with rails of the blockchain provides the exchange with the basis for programmable settlement once regulatory approvals are in place.
Regulation Takes Center Stage
Nasdaq’s filing went into the public comment phase in September, with responses ending in mid-October. Savarese said the exchange is working closely with the SEC and wants to move things forward as quickly as regulators will allow. He said that tokenization is something current policymakers have seen as an important issue, even as governmental disruptions continue to slow timelines across federal agencies.
Regulators have also expressed interest. SEC Chair Paul Atkins recently instructed the agency to develop digital asset classifications, and Commissioner Hester Peirce recently reiterated the agency’s willingness to work with projects that ensure clear and transparent disclosures.
The World Federation of Exchanges also cautioned that improperly designed blockchain-based assets would impersonate stocks, without offering shareholder protection. Additionally, as Crypto News Flash recently reported, Galaxy Digital was the first Nasdaq-traded entity to issue tokenized shares on the Solana blockchain earlier in the year.
