Nasdaq and Kraken Explore Tokenised Stock Issuance

Financial market infrastructure is entering a new phase as digital asset platforms and traditional exchanges explore ways to introduce equities onto blockchain-based systems.

A New Partnership Targets Tokenised Equity Infrastructure

According to an announcement from Nasdaq, the exchange operator has partnered with Payward, the parent company of crypto exchange Kraken, to explore issuer-centric tokenised equities. This model could reshape how companies issue and manage shares using blockchain technology.

The partnership signals a growing convergence between regulated capital markets and digital asset platforms. Rather than relying solely on traditional clearing and settlement systems, the initiative places companies themselves at the centre of the tokenisation process, ensuring that digital tokens remain legally linked to the underlying shares.

The framework aims to provide issuers with greater visibility and control over how their securities are issued, transferred, and recorded across platforms.

Tal Cohen, president of Nasdaq, said tokenisation could help modernise how financial markets operate.

“Tokenisation has the potential to unlock the benefits of an always-on financial ecosystem, enhancing how investors access markets and how issuers engage with shareholders,”

Cohen said.

The issuer-centric model allows companies to play a direct role in how shares are created and how ownership records are maintained across both traditional and blockchain-based systems.

Institutional Interest in Blockchain-Based Securities Grows

The collaboration reflects a broader trend among major financial institutions that have increasingly been experimenting with tokenisation as a way to modernise financial infrastructure.

Traditional equity markets typically settle trades on a T+2 basis, meaning transactions are finalised two business days after execution. Blockchain-based tokenisation could potentially shorten settlement times by recording ownership changes directly on distributed ledgers.

Over the past several years, exchanges, banks, and fintech firms have studied tokenisation as a way to streamline asset transfers, improve transparency, and reduce settlement friction.

For Nasdaq, the partnership aligns with a broader institutional push toward digital asset infrastructure. The exchange operator has spent several years developing blockchain-based technologies through its market technology division aimed at automating corporate actions, dividend distribution, and compliance processes. The Nasdaq tokenised equity framework is reportedly expected to become operational around the first half of 2027.

Meanwhile, Kraken has been expanding its institutional offerings as regulators and financial institutions increasingly examine blockchain-based financial instruments. The collaboration represents an attempt to bridge the digital asset ecosystem with traditional equity markets.

Market Data Highlights Expansion of Tokenisation Efforts

Industry data suggests interest in tokenised financial assets continues to grow. A report by Boston Consulting Group estimated that tokenised assets across multiple categories could reach $16 trillion by 2030, depending on the pace of adoption across financial markets.

Research from Citigroup’s Global Perspectives and Solutions division projected that $4 trillion to $5 trillion in tokenised securities could emerge by the end of the decade under moderate adoption scenarios.

Market trackers also show that the tokenised real-world asset sector surpassed $10 billion in on-chain value in 2025, reflecting growing experimentation with digital representations of bonds, funds, and equities.

Major financial institutions have already begun testing these systems. For example, JPMorgan Chase has processed billions of dollars in tokenised transactions through its blockchain-based platform Onyx Digital Assets, while asset manager BlackRock launched a tokenised fund on blockchain infrastructure in 2024.

The Nasdaq-Kraken initiative highlights a transitional moment in financial markets, where traditional exchange infrastructure and digital asset platforms are increasingly exploring ways to operate together.

If the collaboration produces workable models for issuer-centric tokenised equities, it could influence how companies interact with capital markets in the future.

As pilot projects and partnerships continue to emerge, the initiative may offer an early indicator of how traditional exchanges and blockchain-based platforms collaborate in shaping the next generation of securities infrastructure.