{"id":19212,"date":"2026-01-05T16:18:00","date_gmt":"2026-01-05T16:18:00","guid":{"rendered":"https:\/\/bitunikey.com\/news\/nasdaq-filed-to-tokenize-stocks-the-filing-is-about-collateral-opinion\/"},"modified":"2026-01-05T16:18:11","modified_gmt":"2026-01-05T16:18:11","slug":"nasdaq-filed-to-tokenize-stocks-the-filing-is-about-collateral-opinion","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/nasdaq-filed-to-tokenize-stocks-the-filing-is-about-collateral-opinion\/","title":{"rendered":"Nasdaq filed to tokenize stocks; the filing is about collateral | Opinion"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<div class=\"cn-block-disclaimer\">\n<div class=\"cn-block-disclaimer__icon\">\n            <svg class=\"icon icon-info\" aria-hidden=\"true\"><use xlink:href=\"#icon-info\"><\/use> <\/svg>        <\/div>\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news\u2019 editorial.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p>\n<p>In September, Nasdaq <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.thebulldog.law\/nasdaq-s-tokenized-securities-proposal-legal-implications-for-investors-and-companies\" target=\"_blank\" rel=\"nofollow\">filed<\/a> proposed rule changes enabling the trading of tokenized securities that would still settle through DTC, the traditional U.S. clearing and settlement system. Weeks later, Binance <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/detail\/cf86a08282344844a05d15b4a8a78d0c\" target=\"_blank\" rel=\"nofollow\">approved<\/a> BlackRock\u2019s tokenized Treasury fund as collateral for off-exchange institutional activity via triparty arrangements (including Ceffu). The push is on for assets that move faster and can post as margin automatically.<\/p>\n<div id=\"cn-block-summary-block_138391a75aca954093c1a0252080187c\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Tokenization is shifting from wrappers to infrastructure: regulators and institutions are aligning on tokenized assets as regulated collateral that settles through existing rails (DTC\/DTCC), not parallel crypto markets.<\/li>\n<li>The real innovation is collateral mobility: firms like JPMorgan, BlackRock, and Nasdaq are building systems where tokenized Treasuries, equities, and funds post as margin, rebalance automatically, and move in seconds.<\/li>\n<li>2026 is the multi-asset inflection point: connecting tokenized equities, debt, stablecoins, and commodities into unified collateral engines will unlock liquidity, compress friction, and redefine how yield is generated.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Tokenized equities remain subject to the full securities framework, and the SEC is still clarifying the market-structure details \u2014 especially around venues, intermediaries, and how execution should be governed. In December, we got a clearer signal of where this is heading when the agency granted DTCC\u2019s clearing subsidiary a three-year no-action <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.dtcc.com\/news\/2025\/december\/11\/paving-the-way-to-tokenized-dtc-custodied-assets\" target=\"_blank\" rel=\"nofollow\">relief<\/a> to tokenize DTC-custodied assets \u2014 including Russell 1000 stocks, major index ETFs, and U.S. Treasuries \u2014 on approved blockchains starting in 2026. The trajectory is clear: the world\u2019s biggest institutions are already building for a future where tokenized assets function as regulated collateral, not speculative wrappers.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>Recently, BlackRock\u2019s Larry Fink <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.economist.com\/by-invitation\/2025\/12\/01\/larry-fink-and-rob-goldstein-on-how-tokenisation-could-transform-finance\" target=\"_blank\" rel=\"nofollow\">wrote<\/a> that tokenization is where the internet was in 1996, before Amazon became Amazon. Days later, SEC Chairman Paul Atkins <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2025\/12\/08\/ondo-token-gains-as-sec-ends-investigation-into-rwa-tokenization-platform\" target=\"_blank\" rel=\"nofollow\">said<\/a> tokenization has the potential to completely change the financial system over the next couple of years. These statements would have been unthinkable three years ago, but they are now the consensus among the people who run the largest pools of capital on the planet.<\/p>\n<p>The tokenized real-world asset market now sits at <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/app.rwa.xyz\/\" target=\"_blank\" rel=\"nofollow\">$18.6<\/a> billion in distributed value, with over 570,000 holders. Add stablecoins \u2014 already well over <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/defillama.com\/stablecoins\" target=\"_blank\" rel=\"nofollow\">$300 billion<\/a> in circulating supply \u2014 and you\u2019re looking at a settlement layer approaching the scale of a meaningful global financial rail. Major forecasts project $4 trillion or more by 2030. But market size is only one piece of a more important shift; what are these assets actually being used for?<\/p>\n<p>Tokenizing an asset, on its own, creates a wrapper. A wrapper does nothing. The value appears when the asset enters a system that can use it: price it, rebalance it, lend against it, hedge it, and account for it across multiple positions simultaneously.<\/p>\n<p>The institutions moving fastest aren\u2019t just minting tokenized assets. They\u2019re building collateral systems, rails that let tokenized assets function as margin, settle instantly, and move between positions without friction.<\/p>\n<p>JPMorgan\u2019s Tokenized Collateral Network converts money market fund shares into collateral that moves in seconds instead of days. BlackRock\u2019s BUIDL is being used not just as a yield product, but as institutional collateral in off-exchange workflows via triparty arrangements. And Nasdaq\u2019s approach matters because it doesn\u2019t build a parallel market. Tokenized securities in its proposal would settle through DTC, the same settlement plumbing that handles trillions in traditional equities. To a prime broker, both versions can look operationally familiar, except the tokenized version can be programmed to post automatically, clear more seamlessly, and rebalance against other positions. In parallel, the SEC\u2019s no-action relief for DTC formalizes that same idea at the core of U.S. market plumbing, while Coinbase <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.theblock.co\/post\/365141\/coinbase-to-offer-tokenized-stocks-and-prediction-markets-to-u-s-users-in-everything-exchange-cnbc\" target=\"_blank\" rel=\"nofollow\">prepares<\/a> to list tokenized U.S. equities alongside crypto, and Tether (USDT) openly <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-12\/tether-weighs-tokenizing-stock-after-it-completes-share-sale\" target=\"_blank\" rel=\"nofollow\">explores <\/a>tokenizing its own equity to provide onchain liquidity for investors.<\/p>\n<p>On the debt side, JPMorgan\u2019s <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.jpmorgan.com\/about-us\/corporate-news\/2025\/jpmorgan-commercial-paper-issuance-solana-blockchain\" target=\"_blank\" rel=\"nofollow\">$50 million<\/a> commercial paper issuance for Galaxy Digital on Solana (SOL) \u2014 settled entirely in USDC (USDC) \u2014 demonstrates what it looks like when bank-run money markets themselves become tokenized collateral flows.<\/p>\n<p>Right now, each of these systems tends to map to one asset class or one workflow. JPMorgan moves money market shares. BUIDL posts as institutional collateral in specific arrangements. Nasdaq\u2019s filing targets tokenized securities with DTC settlement. DTC\u2019s new service will cover blue-chip stocks, ETFs, and Treasuries, and Coinbase\u2019s plans center on exchange-listed equities. The next step \u2014 and the real 2026 inflection \u2014 is to connect them.<\/p>\n<p>Imagine a single collateral system where Treasuries, equities, and gold function as one pool. A treasury manager holds tokenized short-duration Treasuries, tokenized gold, and exposure to tokenized equities. Today, these sit in separate custody arrangements with separate accounting and separate liquidation logic. In a collateral engine, they function as a programmable balance sheet. The system rebalances risk automatically, adjusts collateral ratios as prices move, and unlocks liquidity without forcing a sale.<\/p>\n<p>This changes what yield products can look like: a liquidity position combining a stablecoin with a tokenized equity index, producing income inside the same instrument. Yield and protection structures that once required institutional minimums can be assembled from smaller positions and offered far more broadly.<\/p>\n<p>The set of acceptable collateral will keep expanding. Tokenized short-duration credit, structured notes, regulated fund shares, sovereign debt from multiple jurisdictions\u00a0 \u2014 anything that can be securely stored, priced, and verified onchain becomes usable.<\/p>\n<p>Fink is right about the 1996 comparison, but the analogy needs one adjustment. The internet in 1996 was about information moving faster. Tokenization is about collateral moving faster. The point isn\u2019t that assets live on a blockchain. It\u2019s that they stop sitting still. Collateral that can rebalance itself, post automatically, and move across positions without friction is capital that finally earns what it should. Most capital sits idle because moving it is expensive and slow. Multi-asset collateral changes that. The portfolio becomes liquid, and the yield follows.<br \/>That is where the value of the next cycle will be created\u00a0 \u2014 and the true infrastructure story of 2026.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-author author-card\">\n<div class=\"author-card__photo\"><\/div>\n<p><!-- .author-card__photo --><\/p>\n<div class=\"author-card__content\">\n<div class=\"author-card__name\">\n                Artem Tolkachev            <\/div>\n<p><!-- .author-card__name --><\/p>\n<div class=\"author-card__bio\">\n<p><b>Artem Tolkachev<\/b><span style=\"font-weight: 400;\"> is a tech entrepreneur and RWA strategy lead at Falcon Finance with a background in law and fintech. He founded one of the first blockchain-focused legal practices in the CIS, was later acquired by a global consulting firm, and pioneered the region\u2019s first Big Four Blockchain Lab. Over the past decade, he has advised major corporations, invested in startups, and built ventures across blockchain, cryptocurrencies, and automation. A recognized speaker and commentator, he focuses on bridging digital assets with traditional finance and advancing the adoption of decentralized finance worldwide.<\/span><\/p>\n<\/p><\/div>\n<p><!-- .author-card__bio --><\/p>\n<div class=\"author-card__social\">\n<p><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/artemtolkachev\/\" class=\"community-link\" target=\"_blank\" rel=\"nofollow\" aria-label=\"LinkedIn\"><\/p>\n<p>    <svg class=\"community-link__icon\" aria-hidden=\"true\">\n        <use xlink:href=\"#icon-social-linkedin\"><\/use>\n    <\/svg><\/p>\n<p><\/a><\/p>\n<p><a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/artemtolkachev\" class=\"community-link\" target=\"_blank\" rel=\"nofollow\" aria-label=\"Twitter\"><\/p>\n<p>    <svg class=\"community-link__icon\" aria-hidden=\"true\">\n        <use xlink:href=\"#icon-social-twitter\"><\/use>\n    <\/svg><\/p>\n<p><\/a><\/p><\/div>\n<p><!-- .author-card__social --><\/p><\/div>\n<p><!-- .author-card__content --><\/p><\/div>\n<p><!-- author-card --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news\u2019 editorial. In September, Nasdaq filed proposed rule changes&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-19212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/19212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=19212"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/19212\/revisions"}],"predecessor-version":[{"id":19213,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/19212\/revisions\/19213"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/2588"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=19212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=19212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=19212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}