Author: Martin
Nasdaq applies to trade tokenized stocks, a key step in the integration of traditional finance and blockchain!
One of the largest securities exchanges in the United States, Nasdaq has officially submitted a proposal to the U.S. Securities and Exchange Commission (SEC) seeking approval to trade tokenized stocks and ETF products, which could be a significant turning point for Wall Street's embrace of blockchain technology.
According to Bloomberg, Nasdaq submitted the proposal to the SEC on Monday, requesting a modification of trading rules to allow the trading of securities issued in either traditional or tokenized form on its main market, covering listed stocks and ETF products.
If this proposal is approved, it will mark the first time a major U.S. securities exchange is permitted to trade tokenized securities, representing the most ambitious attempt to incorporate blockchain settlement into the national market system.
01 Core Content of the Proposal: Equal Rights for Tokenized and Traditional Securities
In the submitted documents, Nasdaq clearly states that eligible tokenized securities will be matched for trading on the same order book as traditional securities under the same priority rules.
However, there is an important prerequisite: tokenized securities must possess "substantially the same rights" as traditional securities, meaning that tokenized securities must grant investors the same shareholder rights and interests as traditional stocks.
Nasdaq pointed out in the proposal: "If the tokenized instruments do not fully or substantially confer such rights, the exchange will not consider them equivalent to traditional securities."
02 Operational Method: Combining Traditional Settlement with Blockchain Technology
Nasdaq stated that if the proposal is approved and the infrastructure of the central clearinghouse is put into operation, investors will be able to purchase stocks on Nasdaq and complete settlement in token form.
Throughout the process, the routing, pricing, monitoring, and reporting of orders will not need to change, and trade clearing and settlement will be conducted through the existing Depository Trust Company.
Assuming the infrastructure of the U.S. Depository Trust Company is ready by then, and the infrastructure of the central clearinghouse is prepared, U.S. investors may see the first batch of securities transactions supporting token settlement as early as the third quarter of 2026.
03 Industry Background and Trends
Nasdaq's application comes against the backdrop of the Trump administration easing cryptocurrency regulations, with global investor demand for tokenized assets continuously rising.
The U.S. Securities and Exchange Commission (SEC) recently released its rulemaking agenda, which includes a potential rule amendment plan to allow cryptocurrencies to be traded on national securities exchanges and alternative trading systems.
Traditional financial institutions are making moves: the largest U.S. cryptocurrency exchange, Coinbase, has applied to the SEC to offer "tokenized stock" services, and several major banks, including Bank of America and Citigroup, have indicated they may explore tokenized assets.
In July of this year, SEC Commissioner Hester Peirce stated that tokenized securities cannot evade the constraints of existing securities laws, and Nasdaq responded to this viewpoint in its proposal, indicating that its proposal will advance within the existing legal framework.
As preparations for the central clearinghouse infrastructure progress, the third quarter of 2026 could become another milestone moment for the financial markets—U.S. investors will trade tokenized stocks on major securities exchanges for the first time.
Regardless of the outcome, this step by Nasdaq has already marked a significant shift of the traditional financial system towards the blockchain era.
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