Nasdaq Wants to Trade Stocks as Blockchain Tokens Now
Published Date: 9/22/2025
Notice
Summary
Nasdaq is updating its rules to let people trade stocks in a new way—using tokenized securities powered by blockchain technology. This means shares can be bought and sold digitally on the same platform as regular stocks, making trading faster and more modern. This change affects investors and companies on Nasdaq and could roll out soon, opening doors to fresh money moves in the market.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Nasdaq Will Trade Tokenized Shares
Nasdaq amended its Equity rules (Equity 1, Section 1) to allow trading of tokenized equity securities and ETPs on the Exchange. Tokenized shares can trade on the same Order Book and with the same execution priority as traditional shares only if they are fungible, share the same CUSIP number, and afford holders the same material rights.
Trading Process and System Parity
Nasdaq's rules (Equity 4, Rules 4756, 4757, 4758) state that tokenized securities will use the same order types, routing strategies, market data, fee schedule, and surveillance as traditional shares. The rules also state that the mere fact an order is for tokenized securities will not change execution priority and that trades in tokenized securities handled by DTC will continue to settle on a T+1 basis.
Non‑Equivalent Tokens Will Be Treated Separately
Nasdaq's proposal says instruments that do not convey the same material rights, are not fungible, or do not share the same CUSIP will not be treated as equivalent to traditional shares and instead will be treated as distinct instruments (for example, derivative securities or ADRs).
DTC Timeline and Member Notice
Nasdaq will begin accepting tokenized securities only after DTC establishes required infrastructure and any regulatory approvals are obtained; Nasdaq notes DTC's process may be available by the end of Q3 2026. Nasdaq will send an Equity Trader Alert at least 30 calendar days before it begins accepting tokenized securities for trading.
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