SEC clears Nasdaq pilot as exchanges race to tokenize stocks
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- Kraken acquired xStocks developer Backed Finance in late 2025 and has since expanded the platform across its exchange
- Bybit and Bitget have integrated xStocks, while Coinbase and Binance have rolled out their own tokenized equity offerings in recent months
- The SEC approved Nasdaq's pilot in March to trade tokenized stocks alongside conventional securities on the same exchange
- NYSE partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs
- The DTCC announced plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms
Why it matters: Tokenized equities are graduating from crypto-native platforms into core market infrastructure, with three settlement and trading layers—Nasdaq's pilot, NYSE's Securitize partnership, and DTCC's October service—moving simultaneously. For traders, the shift means 24/7 stock access; for incumbents, it means competing with on-chain rails built by the crypto exchanges that already captured early market share.
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