Nasdaq CEO Sees Tokenization Unlocking Billions in Collateral
Adena Friedman, Nasdaq's chief executive, argued that putting financial assets on blockchain rails could unlock tens of billions in collateral and enhance market liquidity. At TOKEN2049 in Singapore, she named tokenized government debt, stocks, and money market funds as promising areas. Nasdaq is partnering with Kraken parent Payward on an equities gateway designed to connect regulated markets with permissionless blockchain networks.
At a Singapore industry gathering, Nasdaq's chief executive said tokenized government debt, company shares, and money-market funds could reduce collateral locked up for trading, exposure management, and settlement. She cited stablecoin regulation, including the GENIUS Act, as a factor encouraging institutions.
Nasdaq is working with Kraken's parent, Payward, on an equities gateway meant to connect regulated venues with open blockchain networks. Friedman also noted AI tools in Nasdaq's risk platform currently advise staff, with possible future execution, and said retail continuous trading leads institutional markets by about a decade.
If tokenized assets and round-the-clock markets expand, institutional investors, brokers, and retail traders may see faster transfers and potentially lower frictions, though operational and risk-control demands could grow. Society could benefit from more efficient capital movement, but unequal access, cybersecurity, and reliance on AI may raise concerns. Regulators and market operators would likely shape how broadly these changes reach.