Nasdaq(US:NDAQ) Xin Lang Cai Jing·2025-12-12 14:13Core Viewpoint - Nasdaq is prioritizing regulatory approval for tokenized stocks, working closely with the SEC to facilitate blockchain-based digital stock trading while ensuring investor protection and settlement standards [1][7]. Group 1: Introduction of "Digital Stocks" under Current Rules - Nasdaq adopts an "evolution rather than disruption" strategy, emphasizing that the essence of stocks remains unchanged, with investors retaining full shareholder rights and ownership [3][9]. - A rule change application submitted in September aims to allow trading of "stock tokens" (digital representations of publicly listed stocks) under existing national market system rules, using the same stock codes and CUSIP identifiers as traditional stocks [3][9]. - Tokenized orders will be processed seamlessly by clearing and depository trust companies, with trading occurring on Nasdaq's order book, adhering to SEC rules and national market system regulations to ensure equivalent investor protection and execution standards [3][9]. Group 2: From Settlement Efficiency to Smart Contract Potential - The value of tokenization will be released in phases: short-term focus on post-trade efficiency through immediate optimization of on-chain settlement; mid-term enhancement of collateral liquidity to release capital efficiency; and long-term support for innovative applications like corporate actions, proxy voting, and smart contracts through blockchain programmability [4][10]. - Nasdaq has integrated the "gold standard" collateral management software from the acquisition of Calypso with blockchain infrastructure to support the transfer of tokenized assets [4][10]. Group 3: SEC's Positive Attitude and Approval Process - Following the September application, the proposal is currently in a public comment period ending in mid-October, with Nasdaq collaborating closely with the SEC to expedite approval [5][11]. - Nasdaq views tokenization as a priority for the current administration, citing positive signals from SEC Chairman Paul Atkins regarding clear classification rules for digital assets and Commissioner Hester Peirce's willingness to work with tokenized companies that fully disclose asset characteristics [5][11]. - Despite not disclosing a specific timeline, Nasdaq emphasizes a "collaborative approach" to mainstream tokenization responsibly and investor-led [5][11]. Group 4: Market Expansion and Institutional Concerns - The global market for tokenized stocks is rapidly expanding, with a market capitalization exceeding $465 million and a monthly transfer volume growth of over 280% [6][12]. - Traditional financial institutions remain cautious, with the World Federation of Exchanges (WFE) urging regulators to strengthen oversight of tokenized stocks, warning that some blockchain products may "mimic" traditional stocks without granting shareholder rights or market protections [6][12]. - Nasdaq's response to these concerns is to "eliminate doubts through compliance," reiterating that tokens are fully interchangeable with traditional stocks, maintaining all rights and protections [6][12].