NASDAQ is preparing to launch tokenized shares in the US
Date: 2025-09-09 Author: Henry Casey Categories: BUSINESS
NASDAQ has submitted an application to the SEC for approval of a new instrument — tokenized shares, the launch of which is expected in the third quarter of 2026. According to the exchange's plan, such assets will be traded on an equal basis with classic shares and will receive equal priority when executing orders.
SEC Chairman Paul Atkins previously noted that tokenization is a central part of the Project Crypto project. He compared the transition from physical assets to the on-chain format with the digital revolution in the music industry, when vinyl gave way to "digital".
The NASDAQ initiative is considered one of the largest attempts by the traditional stock sector to introduce blockchain into the market infrastructure. Prior to this, Robinhood, Ondo Finance, as well as several crypto exchanges using the xStocks platform, have already presented their own solutions in the field of tokenization of American securities. According to Dune, Backed Finance's xStocks project manages assets worth over $65 million, of which about 21% are Tesla shares.
In addition, Coinbase has also requested permission from the SEC to offer tokenized shares to clients. At the same time, large banks such as Bank of America and Citi have expressed their willingness to study the prospects of issuing digital assets, including stablecoins.
NASDAQ specifically emphasized that the European market for tokenized securities raises questions. Some platforms provide access to tokenized shares of American companies, but do not provide investors with ownership of real securities. In contrast, the exchange's product will have all the material rights and privileges of classic shares. In cases where assets cannot be fully backed, NASDAQ intends to allocate them to a separate category.
Last week, it became known that the exchange has strengthened control over the activities of DAT companies (Digital Asset Treasury), which acquire cryptocurrencies and issue shares for such transactions. As of September 4, there are already 94 similar projects listed on the NASDAQ platform, and another 17 are listed on the NYSE.
Thus, the exchange's initiative could become an important step toward integrating blockchain into the global financial system and take the tokenization of securities to a new level.
