Deployments · platform by Nasdaq

Nasdaq trading of securities in tokenised form

Nasdaq rules approved by the SEC in March 2026 let members buy eligible Russell 1000 stocks and major index ETFs in tokenised form on the normal order book, with the same ticker, CUSIP, rights and priority as ordinary shares. Trades clear at NSCC/DTC on T+1 and DTC's tokenisation service then delivers the token to the buyer's chosen wallet. Trading cannot start until DTC's service is live, and Nasdaq must give members 30 days' notice.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Announced since 18 Mar 2026^[1] — Rule approved but not yet effective; no Equity Trader Alert announcing a start date was found by 2026-10-11. · Reviewed 1d ago

Assets: Equity Fund interest^[1]
Tokenised Russell 1000 stocks, same CUSIP as the ordinary share
^[1]
Tokenised ETFs tracking indices such as the S&P 500 and Nasdaq-100
Networks: DTCC private network (Besu) Private, permissioned^[3]
Networks used by the underlying DTC tokenisation service in July 2026; the Nasdaq filing does not name chains.
Canton Network Public, permissioned^[3]
As above.
Use cases: Secondary trading^[1]
Jurisdictions: United States

Participants

NasdaqPlatform provider, Operator^[1]United States
DTCCOperator, Depositary or trustee^[2]United States

Operates under

SEC order approving Nasdaq trading of securities in tokenised form (SR-NASDAQ-2025-072)United States · Regulator rule or rulebook^[1]
SEC no-action relief for the DTC Tokenization ServiceUnited States · No-action relief^[2]

Likely relevant regulation

SEC framework for tokenised securities and crypto assets (federal securities laws, staff statements and exemptive relief)United States

Timeline

Happened 15 Jul 2026 · Participant joined · recorded 11 Oct 2026
Nasdaq is among the firms in DTCC's first live production trades using DTC-tokenised assets.^[3]
Happened 18 Mar 2026 · Regulatory approval · recorded 11 Oct 2026
SEC approves the rule change, as amended in January 2026; effectiveness is tied to DTC's tokenisation infrastructure.^[1]
Happened 8 Sep 2025 · Announcement · recorded 11 Oct 2026
Nasdaq files a proposed rule change with the SEC to trade securities in tokenised form.^[1]

Sources

[1]Order Approving a Proposed Rule Change, as Modified by Amendment No. 2, to Amend the Exchange's Rules to Enable the Trading of Securities on the Exchange in Tokenized Form — US Securities and Exchange Commission, 18 Mar 2026. Accessed 11 Oct 2026.A
[2]SEC approves Nasdaq tokenized trading — Ledger Insights, 19 Mar 2026. Accessed 11 Oct 2026.C
[3]DTCC Turns Tokenization into Reality: U.S. Trades Successfully Processed Using DTC-Tokenized Assets — DTCC, 15 Jul 2026. Accessed 11 Oct 2026.B

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