Forget ETFs and DATs: Nasdaq’s Tokenization Is The Real Upgrade For Wall Street

Nasdaq’s move to let tokenized securities trade on its main market looks, to me, like the clearest signal yet that capital markets are going on-chain. If it gets approved, the first trades will be landing the moment the foundations are ready. A Tier-1 venue normalizing tokenization means we’re moving from a pilot to policy.

Tokenization has the potential to compress settlement cycles, reduce intermediaries, and widen distribution to both brokerage accounts and qualified-custody wallets. Crypto holders who want exposure to tokenized equities no longer have to go through a crypto → cash → broker → stock process.

Compliant structures allow the movement of crypto —> tokenized stock. In short, fewer hops equals better capital efficiency. 

Why Nasdaq’s push matters

1. Legitimacy and liquidity. Public exchanges set the norm for markets, and Nasdaq’s filing is a massive signal that simultaneously informs issuers, custodians, and market makers that tokenized instruments will be treated as the same economic security and invites institutions to adopt on-chain assets without changing how they value or govern them.
2. Catalyst for distribution. Tokenization projects face a liquidity problem; however, just days after Nasdaq’s filing, Franklin Resources, Inc. (NYSE: BEN) partnered with Binance Holdings Ltd.,, demonstrating a …

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