The brief

Analyst view

• Nasdaq operates the world's second-largest stock exchange by market cap, listing over 4,000 companies.
• The exchange is the primary venue for technology and growth-focused companies globally.
• SEC approval of tokenized trading marks a shift toward blockchain settlement in capital markets.

Technical approach

As reported

Tokenization

Securities as blockchain tokens

Tokenized shares remain legal stocks with identical CUSIP, ticker and rights, but are represented on the blockchain for faster settlement on DTC rails.

Settlement

DTC-managed blockchain settlement

The Depository Trust Company handles clearing and settlement, preserving existing regulatory oversight while using blockchain backend.

Compatibility

Fungible with traditional shares

Tokenized and traditional shares trade on the same order book at identical prices, accessible through existing broker workflows.