At a glance
Type: venue
Jurisdiction: United States
Chain: unknown
Status: rule approved by SEC 2026-03-18
Last updated: 2026-10-17
| Field | Value |
|---|---|
| name | Nasdaq tokenized securities rule |
| jurisdiction | United States |
| product_name | SR-NASDAQ-2025-072 |
| structure | Same security, tokenized form; same CUSIP/ticker/rights, same order book |
| chains | unknown |
| who_can_buy | DTC Pilot eligible participants |
| num_assets | Russell 1000 constituents + certain ETPs |
In plain English: Nasdaq can now trade tokenized versions of the same stocks it already lists, settled through DTC’s pilot.
The SEC approved Nasdaq’s rule on 18 March 2026, enabling tokenized trading during DTC’s tokenization pilot (SEC).
Original notice: SEC Rel. 34-103989. The approval keeps tokenized shares on the same book with the same priority, CUSIP, symbol and rights, settling through the DTC pilot; see Reg NMS model.
On 10 Sep 2026 Nasdaq agreed to invest $100M in Payward, Kraken’s parent, to build Nasdaq Equity Tokens (NETs) linked to xStocks; NETs are expected in Q2 2027 (Nasdaq).
What this means for holders
- A tokenized share on Nasdaq trades on the same order book, with the same CUSIP, symbol and shareholder rights as the regular share (SEC).
- Settlement runs through the DTC tokenization pilot, so the token is an entitlement recorded via DTC (SEC).
Reference information only, not investment advice.
Sources
Public originals for the facts on this page.
- https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf
- https://www.govinfo.gov/content/pkg/FR-2026-03-23/html/2026-05563.htm
- https://www.reuters.com/legal/government/nasdaq-receives-sec-nod-trading-tokenized-securities-2026-03-18/
- https://www.sec.gov/files/rules/sro/nasdaq/2025/34-103989.pdf
Last checked 2026-10-17. Headline fields only; unknown means not yet verified from a source.