Asset tokenization, which bridges the gap between cryptocurrencies and traditional finance, continues to attract the attention of large institutions recently. In this context, Nasdaq took a new step towards moving stocks to blockchain infrastructure. This move by Nasdaq aims for a model designed with a focus on direct share ownership and legal rights, as opposed to the synthetic representations or share-like crypto assets offered by a third party that have been prominent in the past.
Regulatory Equivalence in Nasdaq’s New Model
Nasdaq, which was founded in 1971 and is still one of the largest stock exchanges in the world, prioritizes tokenized stocks having the same legal status as real shares in its published road map. In this structure, tokens traded on the blockchain are directly integrated into the ownership record by the company and bring with them rights such as voting, participation in management processes, and dividends. In Nasdaq’s statement, this model essentially aims to offer the stock only through a different distribution layer, while completely protecting the fundamental rights and obligations.
SEC and Regulation Lines
In its statement published on January 30, the US Securities and Exchange Commission (SEC) emphasized that tokenized securities supported by the company and synthetic models offered by a third party should be approached clearly separately. According to the SEC’s approach, the transfer of the token provides an update in beneficial ownership and legal rights are established, as the company itself integrates distributed ledger technology into official owner records. Third-party models do not include the same level of rights and risks may arise.
Nasdaq stated that in the model announced on March 9, tokens are subject to official ownership registration, and all elements such as dividends, voting rights, governance and legal equivalence are protected.
The Nasdaq rule change, which is expected to go into effect in 2025, clarifies that tokenized shares will only be considered equivalent to a real share if they have the same CUSIP code and the same rights as a traditional share.
Lightweight Patterns and Market Trends
On some platforms, such as xStocks products within Payward, users only gain access to a stock-like financial position without receiving voting or dividend rights. Most of the xStocks products in question are traded on infrastructures such as Solana, Ethereum and TON and are only accessible to foreign individual investors. According to company data, xStocks has already reached a trading volume of over 25 billion dollars.
Nasdaq, on the other hand, focuses on ensuring that this demand is directed to a traditional and regulated market and that principal ownership and investor rights are not lost. Because whether official ownership registration will be in a company-centered structure or in alternatives that aim for easy distribution but offer fewer rights has become an important competitive element.
Preserving Classical Market Mechanics
Nasdaq’s proposal involves moving price formation, regulated exchange mechanics and clearing processes to the blockchain layer in a way that is compatible with traditional finance. In the planned model, when a transaction is marked as a token, the relevant position is automatically converted into tokens via DTC (Depository Trust Company). This process aims to keep liquidity, collateral movement and regulatory compliance at traditional market standards.
Tokenization Opportunities and the Latest Situation in Competition
Considering that Nasdaq is home to around 4,000 companies and has a total market cap of approximately $14 trillion, even small percentages of tokenization equate to enormous asset value. Modeling by McKinsey in 2024 predicts two trillion dollars of tokenized financial assets by 2030. On the other hand, examples such as ICE’s NYSE platform and Nasdaq’s Seturion partnership in Europe also show that competition is accelerating.
Statements by American financial authorities that they will consider tokenized and classical securities, which have the same legal rights regardless of technology, as equivalent in terms of capital adequacy, supported the increase in corporate interest in this area. Nasdaq also states that participation will be voluntary and future updates will be shaped by regulatory approaches.
Balance Between Rights and Distribution
There are two main paths ahead of the market: Rights-focused, company-based tokens with legal equivalence, and wrapper products that have fast liquidity and easy access but do not fully reflect shareholder rights. These models are expected to coexist in the near term. However, in case of any serious crisis or violation of rights in the market, the possibility of company-sponsored models coming to the fore will continue to be on the agenda.
As a result, Wall Street’s big players are trying to maintain control over the next generation of market infrastructure by making real staking programmable. Nasdaq’s goal is that the token that will prevail in the world of internet-based finance will be a share based on real ownership.
