Nasdaq has just filed a rule change proposal with the U.S. Securities and Exchange Commission (SEC) on September 8, 2025, proposing to allow trading and settlement of stocks and listed ETP products on Nasdaq in the form of tokenization. According to the proposal, tokenized securities must be fully equivalent to traditional stocks, sharing the same CUSIP code and providing full rights such as voting, dividends, and ownership.
Trading will still occur on Nasdaq’s current order book, while settlement can optionally be carried out via the (DLT) distributed ledger platform of the Depository Trust Company. Nasdaq also limits trading to regular market hours to avoid liquidity fragmentation, while aiming to shorten settlement times to T+0.
The exchange dismisses the “shadow token” model as non-substitutable, viewing tokenization as merely an evolution of the electronic ledger system. If approved by the SEC, the service could launch by the end of Q3 2026.
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