Heads up, everyone: as of September 8, 2025, Nasdaq has officially filed for a rule change with the U.S. SEC that could turn the entire stock exchange into a dual-rail system traditional vs. blockchain tokenized trading. Think of it as TradFi meets DeFi, with the same order book, same execution priorities, same shareholder rights only now, powered by blockchain. (Reuters)
What Went Down
Dual-form trading: Investors can choose between trading in the existing digital system or in a tokenized blockchain version of the same stock or ETF; all while maintaining the same CUSIP, rights, and benefits. (Nasdaq)
Infrastructure stays clean: Trades clear and settle via the Depository Trust Company (DTC); no need for Nasdaq building proprietary blockchain rails.
Judicious rollout: If the SEC signs off, the first tokenized trades could go live by Q3 2026. (Reuters)
Why This Matters
This is blockbuster stuff: No major U.S. exchange has done this before it’s a first-in-class move in regulated securities markets.
Wall Street just got a blockchain makeover: We're not talking about back-office novelty this could reshape trading, settlement, even compliance.
Full shareholder rights baked in: Nasdaq stresses tokenized versions must preserve everything from voting to dividends or they’re treated as separate, synthetic instruments.
The Industry Is Already Racing Ahead
Galaxy Digital just became the first Nasdaq-listed company to tokenize its own equity (on Solana via Superstate), and these tokenized shares are fully backed by real shareholder rights, not derivatives. (Barron's)
Coinbase is angling for SEC approval to offer tokenized U.S. equities, clearly seen as a serious contender.
Robinhood already offers “tokenized” U.S. equities in Europe, though OpenAI warned that these offerings don’t represent actual equity. (Business Insider)
Kraken has launched “xStocks” for global users tokenized versions of Apple, Tesla, Nvidia, ETFs, etc., on Solana. (The Wall Street Journal)
Context & Skepticism
The SEC’s “crypto mom,” Commissioner Hester Peirce, reminds everyone that:
“Tokenized securities are still securities.”
That means all the normal rules still apply, even if you’re using a blockchain.
Why This Is a Once in a Generation Overhaul
24/7 trading potential
Near-instant settlement
Programmable, fractional ownership
New rails but with IRL compliance
If equities, bonds, funds and maybe even REITs or private debt go on-chain with full regulatory oversight, then Smartblocks isn’t just in the game: we are the game.
This is the moment. Not just hype.
Cap markets may never look the same again.