Nasdaq has prioritized its proposal to launch tokenized stocks, filing with the U.S. Securities and Exchange Commission (SEC) on September 8, and is now awaiting feedback during the public comment period. Matt Savarese, Nasdaq's head of digital assets strategy, emphasized in a CNBC interview that the exchange is prepared to respond quickly to SEC inquiries, stating, "We'll just move as fast as we can" and "We hope to kind of work with them as quickly as possible."
The initiative aims to introduce tokenized versions of stocks listed on Nasdaq, representing real shares without overhauling the core investment system. Savarese clarified that Nasdaq is not seeking to disrupt traditional equities but to bring tokenization into the mainstream under existing SEC rules, ensuring investor protections and compliance. The proposed system would allow trading of tokenized stocks on the same ticker and order books as conventional stocks, maintaining fungibility between digital and traditional forms.
Benefits highlighted include streamlined post-trade processing, faster settlement, and potential applications in collateral mobility and programmable corporate actions. Nasdaq targets a launch by Q3 2026 if approved, with the goal of bridging traditional finance and blockchain-based markets. Industry responses are mixed: Galaxy Digital tokenized its equity on the Solana blockchain earlier this year, while Dragonfly's Rob Hadick expressed concerns about value diversion from broader ecosystems like Ethereum.
Nasdaq's historical role in financial innovation, such as the shift to electronic trading, supports its tokenization efforts, focusing on a regulated and transparent approach to foster institutional adoption.
