Nasdaq CEO Adena Friedman is targeting capital long trapped across global financial markets: tens of billions of dollars in inter-institutional collateral. Speaking at the TOKEN2049 Singapore forum on October 8, 2026, Friedman stated that blockchain tokenization could unlock collateral currently locked within various institutions. According to her, combining asset tokenization such as Treasuries, equities, and money market funds with tokenized cash for settlement would allow collateral to circulate frictionlessly between institutions.
Nasdaq’s move is more than just talk. On September 10, 2026, Nasdaq invested $100 million in Payward, Kraken’s parent company, in a deal valuing the firm at around $21 billion. The investment expands a partnership formed in March 2026 to build tokenized equity infrastructure, with the rollout of Nasdaq Equity Tokens slated for the second quarter of 2027.
Yet while traditional exchanges prepare, tokenized stock trading on the ground is already thriving on public blockchains.
Retail Stock Trading Outside Market Hours
Licensed broker Securitize launched 12 US stocks on the Solana blockchain on October 8, 2026, including Apple, Microsoft, Nvidia, Alphabet, Tesla, and Amazon. The launch allows crypto holders to trade US equities directly from their digital wallets.
The IMF’s latest Global Financial Stability Report, titled ‘Scaling Tokenization’, captures this market dynamic: among the five most actively traded tokenized US stocks, more than 50% of trades occur outside regular US market hours. Roughly 80% of these transactions involve fractional shares of less than one full share.
This overnight activity directly influences the underlying market. The IMF found that over 85% of overnight price moves in tokenized stocks are reflected in conventional equities within just five minutes after Wall Street opens.
Thin Liquidity and 24-Hour Shock Risks
That rapid price transmission comes alongside liquidity vulnerabilities. The IMF noted that tokenized stocks are 1.5 times more volatile than traditional equities, with significantly lower liquidity. The IMF warned of systemic risks stemming from the combination of automated margin calls, cross-platform collateral movement, and non-stop 24-hour trading, which could complicate efforts to manage market shocks.
Seeing the market’s trajectory, regulators and major exchanges are beginning to take action. The US SEC released an interim framework in September 2026 for tokenized equities from approved platforms. Concurrently, OKX and Intercontinental Exchange (ICE), the parent company of the NYSE, have filed plans to establish a 24-hour tokenized stock trading venue.
For retail investors, tokenized stocks ease access to global assets through fractional shares at any time. Yet in a thin, continuous market, high off-hours volatility demands careful risk assessment before regular market hours begin.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
