Nasdaq Pushes for Inclusion of Tokenized Securities in Existing Order Books
Nasdaq is shifting its digital asset strategy towards integrating tokenized securities within the existing stock market. On August 11, it announced the establishment of Digital Liquidity Networks alongside the acquisition agreement of LeveL Markets. This organization will combine digital asset capabilities with market modernization functions. Since last year, Nasdaq has described tokenization as a means to improve capital market infrastructure, stating in a report published in September 2025 that digital assets and blockchain could contribute to efficiency improvements. In the same month, it submitted a proposal to the SEC to allow trading of tokenized securities, and it was reported that the SEC approved the proposal for the settlement of tokenized stocks in the first quarter of 2026. Nasdaq's plan is to facilitate the trading of tokenized stocks and exchange-traded products (ETPs) within the existing infrastructure and regulatory framework. DTC is a key part of the U.S. depository infrastructure, and Nasdaq aims to maintain investor rights and market order within existing market rules. DTCC plans to launch tokenization services in October 2026. Nasdaq's approach is an attempt to integrate tokenized securities into the existing market system through exchanges and depository infrastructure, with the scope of implementation varying based on regulatory approval.
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