Wall Street and Crypto Race for 24/7 Tokenized Stocks
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- 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
- Kraken acquired xStocks developer Backed Finance in late 2025 and expanded the platform across its exchange
- Coinbase and Binance rolled out tokenized equity offerings in recent months, while Bybit and Bitget integrated xStocks
- DTCC announced plans to launch a tokenized securities service in October following a pilot with more than 50 financial and crypto firms
Why it matters: The SEC's approval of Nasdaq's tokenized stock pilot removes a key regulatory barrier, and the simultaneous push from crypto-native exchanges (Kraken, Coinbase, Binance) and incumbent infrastructure players (DTCC, NYSE/Securitize) compresses what was a fringe concept into a near-term operational shift in how equities trade and settle.
