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Nasdaq to launch equity token design
09 March 2026 US
Image: Exnoi/adobe.stock.com
Nasdaq has announced its plan to launch an equity token design, a new approach to tokenising equities that puts public companies at the center of ownership rights, the investor experience, transparency, and governance.
The corporation will facilitate the tokenisation of equities, allowing public issuers to have more control over their shares in tokenised form.
This initiative also aims to introduce programmable investor engagement that modernises the connection that issuers have with investors, notably as it relates to proxy-related actions, corporate actions, and governance rights.
Nasdaq’s partnership with Payward, the parent company of Kraken, will also be focused on designing an equities transformation gateway to enable issuers and investors to move seamlessly between permissioned and permissionless environments.
The partnership will enable tokenised equities to move fluidly between regulated markets and global onchain markets while preserving issuer rights, regulatory compliance, and price integrity.
The initiative builds upon Nasdaq’s tokenisation proposal, filed with the US Securities and Exchange Commission (SEC) in September 2025, in which Nasdaq proposed enabling equity securities — including, but not limited to the issuer-sponsored tokens — to trade on its markets and to settle in token form through the Depository Trust & Clearing Corporation (DTCC).
Nasdaq’s initiative is also consistent with the SEC's 2026 Staff Statement on Tokenised Securities, which classifies tokenised equities the same under federal law as it does regular equity securities.
Tal Cohen, president of Nasdaq, remarks: “Tokenisation has the potential to unlock the benefits of an always-on financial ecosystem — enhancing how investors access markets, how issuers engage with shareholders.
“We believe that public companies should always remain at the center of the equity market ecosystem. This issuer‑sponsored approach for tokenised equity securities is designed to empower public companies and enhance global accessibility to US equity markets.”
Arjun Sethi, co-CEO of Payward and Kraken, adds: “For international customers, this expands access to public markets where traditional distribution has been limited.
"For US customers, it will enable greater collateral efficiency and capital mobility across trading and financing workflows. Our partnership with Nasdaq helps build the liquidity layer and applications needed for tokenised equities to function within a global, always-on market structure.”
The corporation will facilitate the tokenisation of equities, allowing public issuers to have more control over their shares in tokenised form.
This initiative also aims to introduce programmable investor engagement that modernises the connection that issuers have with investors, notably as it relates to proxy-related actions, corporate actions, and governance rights.
Nasdaq’s partnership with Payward, the parent company of Kraken, will also be focused on designing an equities transformation gateway to enable issuers and investors to move seamlessly between permissioned and permissionless environments.
The partnership will enable tokenised equities to move fluidly between regulated markets and global onchain markets while preserving issuer rights, regulatory compliance, and price integrity.
The initiative builds upon Nasdaq’s tokenisation proposal, filed with the US Securities and Exchange Commission (SEC) in September 2025, in which Nasdaq proposed enabling equity securities — including, but not limited to the issuer-sponsored tokens — to trade on its markets and to settle in token form through the Depository Trust & Clearing Corporation (DTCC).
Nasdaq’s initiative is also consistent with the SEC's 2026 Staff Statement on Tokenised Securities, which classifies tokenised equities the same under federal law as it does regular equity securities.
Tal Cohen, president of Nasdaq, remarks: “Tokenisation has the potential to unlock the benefits of an always-on financial ecosystem — enhancing how investors access markets, how issuers engage with shareholders.
“We believe that public companies should always remain at the center of the equity market ecosystem. This issuer‑sponsored approach for tokenised equity securities is designed to empower public companies and enhance global accessibility to US equity markets.”
Arjun Sethi, co-CEO of Payward and Kraken, adds: “For international customers, this expands access to public markets where traditional distribution has been limited.
"For US customers, it will enable greater collateral efficiency and capital mobility across trading and financing workflows. Our partnership with Nasdaq helps build the liquidity layer and applications needed for tokenised equities to function within a global, always-on market structure.”
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