Nasdaq(US:NDAQ) Xin Lang Cai Jing·2025-09-18 01:59Core Viewpoint - Nasdaq's proposal to introduce tokenized securities aims to integrate blockchain technology into mainstream financial markets, marking a significant evolution in global capital market structures [5][10]. Group 1: Tokenization of Securities - Tokenized securities refer to the process of converting traditional financial assets into digital tokens via blockchain, allowing for 1:1 anchoring with physical securities and granting equivalent voting, dividend, and governance rights [7]. - The tokenization framework extends beyond public market securities to include Real World Assets (RWA) such as real estate, private equity, and art, enabling low-cost, high-transparency trading of previously illiquid assets [7][12]. - Stablecoins are expected to play a crucial role as transaction mediums and settlement tools in the tokenized ecosystem, facilitating instant payments without relying on traditional cross-border remittance networks [7][8]. Group 2: Nasdaq's Tokenization Settlement Plan - Nasdaq's tokenization settlement plan involves four key steps: investors select the "tokenized settlement" option through brokers, settlement instructions are sent to the Depository Trust Company (DTC), DTC locks the corresponding stocks in a dedicated account and triggers the minting of equivalent tokens via smart contracts, and finally, tokens are distributed to brokers' on-chain wallets [8]. - This hybrid model of "off-chain trading, on-chain settlement" retains traditional market liquidity while leveraging blockchain's efficiency, achieving near-instant (T+0) settlement and significantly reducing counterparty risk and capital costs [8][11]. Group 3: Strategic Motivations Behind Nasdaq's Move - Nasdaq's push for tokenized securities addresses deep-rooted inefficiencies in traditional settlement systems, aiming to compress the lengthy T+2 settlement process to seconds, thus lowering costs and risks associated with trading [11]. - The initiative seeks to expand the asset boundary by enabling the fractionalization of non-standard assets, thereby attracting a diverse range of global assets and new on-chain investors [12]. - By leading the charge in compliant tokenization frameworks, Nasdaq aims to maintain its global trading technology leadership amidst increasing competition from firms like BlackRock and JPMorgan [13]. Group 4: Implications for Global Financial Infrastructure - Nasdaq's approach to tokenization is reshaping the development path of global financial infrastructure, ensuring that digital tokens have the same legal status and investor rights as traditional securities [15]. - The integration of programmable features through smart contracts is expected to automate complex processes such as corporate governance and compliance, enhancing operational precision and efficiency in global capital markets [15]. - The hybrid model of "on-chain and off-chain" is anticipated to become an industry standard, opening compliant pathways for trillions in non-standard assets to enter the blockchain ecosystem [15]. Group 5: Challenges and Future Outlook - Despite the promising outlook for tokenized securities, structural challenges such as regulatory compliance, traditional financial system inertia, and the need for significant infrastructure upgrades pose hurdles to widespread adoption [16][17]. - The lack of a unified global regulatory framework for securities tokens remains a significant barrier, as different countries have varying legal definitions and investor access rules [16][17]. - The potential impact on Chinese stock exchanges could be profound, as Nasdaq's advancements in T+0 settlement and RWA compliance may attract domestic investors to overseas blockchain markets, challenging the current capital flow dynamics [19][20].