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ZEC $1,235 Nasdaq CEO says tokenizing collateral could free tens of billions
Adena Friedman says tokenized Treasuries, stocks and money market funds could make collateral flow more easily between banks.
Key takeaways
- Tens of billions at stake. Friedman said tokenization could release tens of billions of dollars in collateral capital.
- Tokenized stocks grow. Tokenized stocks have grown 473% this year to a $3.75 billion market cap.
- Nasdaq backs Kraken. Nasdaq agreed in September to invest $100 million in Kraken parent Payward.
What happened
Adena Friedman, chief executive of Nasdaq, said blockchain tokenization could unlock tens of billions of dollars that are tied up as collateral in global financial markets. CNBC reported her comments from an October 8 interview at TOKEN2049 in Singapore, where she described converting Treasury securities, stocks and money market funds into digital tokens to make the assets easier to transfer.
Friedman said tokenizing both the instruments and the money used to settle transactions could help banks manage collateral, which she said becomes "very fluid" when assets and cash move together. Nasdaq agreed in September to invest $100 million in Payward, the parent of Kraken. Securitize launched tokenized versions of 12 U.S. stocks on Solana in October, including Apple, Amazon and Tesla.
Why it matters
Collateral is capital that banks and trading firms pledge to support trades, loans and other obligations. Friedman said the current system can require institutions to hold large amounts of capital for those arrangements. She warned that continuous trading would need real-time risk controls and enough liquidity across assets.
Friedman said institutional interest in tokenization grew over the past year, partly because of the U.S. GENIUS Act, which created a federal framework for payment stablecoins. She added that this interest meets retail demand for round-the-clock trading, saying the retail ecosystem has been about 10 years ahead. Arjun Sethi, co-CEO of Kraken, said companies outside the U.S. are showing interest in tokenization and access to American capital markets.
What the data shows
Tokenized stocks have grown 473% this year to a $3.75 billion market cap, according to Token Relations. Ondo leads issuers at $980 million, ahead of xStocksFi at $954 million and Binance bStocks at $877 million. Securitize has issued $341 million in tokenized equity, and its SECZ is the largest single tokenized stock at $328 million. BNB Chain holds the most by network at $1.19 billion, followed by Ethereum at $832 million and Solana at $734 million.
What is still unclear
- Friedman did not announce that Nasdaq had already released those funds or completed an industrywide tokenization system.
- The tens of billions figure was presented as her assessment of an opportunity, not a verified calculation of funds already released.
Questions readers ask
What did Nasdaq's CEO say about tokenization?
Adena Friedman said tokenization could free tens of billions of dollars tied up as collateral. She named Treasury securities, stocks and money market funds as assets that could be represented on a blockchain.
How large is the tokenized stock market?
Tokenized stocks have grown 473% this year to a $3.75 billion market cap, per Token Relations. Ondo leads issuers with $980 million, ahead of xStocksFi at $954 million and Binance bStocks at $877 million.
Has that collateral money already been released?
No. Friedman did not announce that Nasdaq had already released those funds or completed an industrywide tokenization system.
Which networks hold the most tokenized stocks?
BNB Chain holds the most at $1.19 billion, followed by Ethereum at $832 million and Solana at $734 million.
