Nasdaq’s latest stock tokenization initiative is not simply to move stocks onto the blockchain. Its core significance lies in anchoring the compliance structure of “tokens are real stocks”, which is completely different from the offshore synthetic stock model in the market. It also marks Wall Street’s clear competition for on-chain equity control.

Nasdaq does not adopt a lightweight model of third-party packaging and synthetic equity, but instead creates issuer-led native tokenized equity.

Tokens have the same legal status as stocks and are directly linked to the issuer's official ownership register, fully retaining voting rights, corporate governance, dividends and residual asset claims. They are not just programmable rights and interests with stock trading attributes.

This route is completely in line with the regulatory definition of the U.S. Securities and Exchange Commission (SEC). The SEC clearly draws a clear line between tokenized securities initiated by the issuer and third-party synthetic models. The former’s token transfer directly updates the official ownership, while the latter only has indirect rights and hidden risks.

According to Nasdaq’s 2025 rule proposal,tokenized stocks need to share the same CUSIP code with traditional stocks and enjoy the same shareholder rights. Otherwise, they will be regarded as independent financial instruments. The plan targets to be implemented in the first half of 2027.

The structure retains the core system of the existing market. Tokens and traditional stocks are traded in the same order book and settled through DTC. While expanding on-chain functions, it maintains the core profit factors of institutions such as liquidity, clearing, and compliance.

This is in sharp contrast to Kraken’s xStocks. xStocks is a third-party synthetic model with no shareholder rights such as voting or dividends. It only provides on-chain trading exposure. However, it has gained more than 850,000 independent holders with its convenience, and the total trading volume has exceeded 25 billion US dollars, confirming the strong demand for on-chain stocks.

Nasdaq’s intention is to guide this demand to a compliant, issuer-centered track.

In terms of market size, Nasdaq has about 4,000 listed companies with a total market value of US$14 trillion. Even if only 0.1% of the equity is tokenized, the scale will reach US$14 billion, and 1% will be as high as US$140 billion.

Superimposed on McKinsey's prediction that tokenized financial assets will reach US$2 trillion in 2030, traditional exchanges have begun fierce competition. The New York Stock Exchange announced the establishment of a tokenized securities platform at the same time, focusing on all-weather trading and instant settlement. Nasdaq also teamed up with Europe's Seturion to expand post-trade business.

There are also positive benefits at the regulatory level. The Federal Reserve and three other institutions have clarified that capital rules are technically neutral, and tokenized securities with the same rights are treated the same as traditional equity capital, which alleviates institutional concerns. However, the overall legal framework still needs to be improved.

The current market has formed a differentiated pattern: In the short term, compliant true equity tokens and lightweight synthetic tokens will coexist. The former is oriented to institutions and has clear laws but cumbersome operations; the latter focuses on global convenience and occupies the native encryption distribution market.

If rights disputes or redemption risks arise in synthetic products, the value of the Nasdaq model will quickly become apparent; if the compliance system is too closed and inefficient, the lightweight model will still dominate.

In essence, Nasdaq’s layout is not to create encrypted packaging products, but to promote the programmability of real stocks, compete for the dominance of Internet-native stocks, and prevent overseas synthetic tokens from replacing real equity with complete legal attributes.