Author: Blockchain Knight

The latest initiative of Nasdaq to tokenize stocks is not simply about moving stocks to the blockchain; its core significance lies in anchoring the "tokens are real stocks" compliant structure, which fundamentally distinguishes it from the offshore synthetic stock models in the market, and marks a clear competition on Wall Street for on-chain equity control.

Nasdaq has not adopted a lightweight model that includes third-party packaging and synthetic rights but has created issuer-led native tokenized equity.

Tokens and stocks have completely equivalent legal status, directly connecting to the issuer's official ownership registry, fully retaining voting rights, corporate governance, dividends, and rights to claim remaining assets, and are not merely programmable rights that include stock trading attributes.

This approach fully aligns with the SEC's regulatory definition on January 30, which explicitly differentiates between issuer-initiated tokenized securities and third-party synthetic models. The former updates official ownership directly through token transfer, while the latter represents indirect rights and carries hidden risks.

According to Nasdaq's 2025 rule proposal, tokenized stocks must share the same CUSIP code as traditional stocks and enjoy equal shareholder rights; otherwise, they will be treated as independent financial instruments, with the plan aiming for implementation in the first half of 2027.

Its structure retains the core system of the existing market, with tokens trading on the same order book as traditional stocks, settled through DTC, preserving liquidity, clearing, compliance, and other core profit elements of institutions while expanding on-chain functionalities.

This sharply contrasts with Kraken's xStocks, which belong to a third-party synthetic model, lacking voting, dividends, and other shareholder rights, only offering on-chain trading exposure, yet has attracted over 850,000 independent holders thanks to its convenience, with total trading volume surpassing $25 billion, confirming the strong demand for on-chain stocks.

Nasdaq's intention is to guide this part of the demand towards compliant, issuer-centric tracks.

In terms of market size, Nasdaq boasts about 4,000 listed companies and a total market value of $14 trillion; even if only 0.1% of the equity is tokenized, the scale would reach $14 billion, while 1% would soar to $140 billion.

Coupled with McKinsey's prediction that tokenized financial assets will reach $2 trillion by 2030, traditional exchanges have engaged in fierce competition, with the New York Stock Exchange simultaneously announcing the development of a tokenized securities platform, focusing on around-the-clock trading and instant settlement, while Nasdaq has also partnered with Europe's Seturion to expand post-trade services.

On the regulatory front, favorable signals have been released, with the Federal Reserve and other three institutions clarifying that capital rules are technically neutral, treating tokenized securities and traditional stock capital equally, alleviating institutional concerns, though the overall legal framework still requires improvement.

The market has currently formed a differentiated pattern: in the short term, compliant true equity tokens and lightweight synthetic tokens will coexist, with the former aimed at institutions, having clear legal standing but cumbersome operations; the latter targeting global convenience, occupying the crypto-native distribution market.

If disputes over rights or payment risks arise with synthetic products, the value of the Nasdaq model will quickly become evident; if the compliant system is too closed and inefficient, the lightweight model will still dominate.

Essentially, Nasdaq's layout is not about creating crypto-packaged products but about promoting the programmability of real stocks, vying for dominance over Internet-native stocks, and avoiding foreign synthetic tokens from replacing real equity with complete legal attributes.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。