The US Securities and Exchange Commission has approved Nasdaq’s proposal to launch a pilot programme enabling the trading of tokenised stocks alongside traditional securities.
The initiative will allow selected high-volume equities to be traded in either standard or tokenised form on the same exchange, with identical pricing, tickers and shareholder rights.
The pilot will be conducted in partnership with the Depository Trust Company, with access limited to eligible participants as Nasdaq tests the integration of blockchain-based assets.
Tokenised securities will initially include stocks from the Russell 1000 Index as well as exchange-traded funds tracking major indices such as the S&P 500 and Nasdaq-100.
The approval follows industry concerns around pricing discrepancies and market surveillance, which Nasdaq addressed through amendments to its proposal.
The move reflects a broader push by major financial institutions to explore tokenisation as a way to improve settlement efficiency and enable extended trading hours.
Nasdaq’s trial comes amid growing competition, with firms including Intercontinental Exchange and partnerships with platforms like Kraken also advancing tokenised stock initiatives.