The US Securities and Exchange Commission (SEC) approved a Nasdaq proposal on March 18, 2026, allowing the introduction of tokenized trading for certain stocks.
Nasdaq first filed the proposal in September 2025. The SEC granted approval after a seven-month review. The tokenized stocks will trade on the same order book as traditional shares, with identical tickers, CUSIP numbers, and shareholder rights.
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“While comments were expressed regarding the risks of tokenization, such as prices diverging between tokenized and traditional securities, holders of tokenized securities not receiving the same rights as shareholders in the underlying company, provisions of securities laws being potentially inapplicable, and market surveillance concerns, these concerns have been addressed,” the notice read.
The approval filing states that the program is currently restricted to certain securities. This includes stocks listed in the Russell 1000 Index and ETFs that track major benchmarks, including the S&P 500 and Nasdaq 100. Crypto in America host Eleanor Terrett noted that the Depository Trust Company (DTC) will be involved in clearing and settlement.
The approval arrives as tokenized stocks reached $1.09 billion in total on-chain value. This represented a 15.1% rise over the past 30 days, according to RWA.xyz data.
Monthly transfer volume reached $2.48 billion, an 11% gain, while the holder count grew 11.32% to nearly 197,000 addresses. Ondo Finance commands a 61% market share, valued at $656.5 million. xStocks ranks second at 24.43% with $262.7 million.
Meanwhile, Nasdaq has also partnered with Kraken’s parent company, Payward, to develop an “equities transformation gateway.”
Whether other major US exchanges follow with their own rule filings will be the clearest signal of how quickly tokenized equities move from pilot infrastructure into everyday market practice.
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