Nasdaq plans to launch the Nasdaq Equity Token (NET), a tokenized stock that preserves the legal rights and governance structure of existing shares, in the second quarter of 2027.
NET is designed to represent Nasdaq-listed shares in token form on a blockchain while preserving the voting and legal rights of the underlying stock. The structure will link blockchain records to the issuer’s official shareholder register, so that transferring a token represents the transfer of the actual underlying security.
Nasdaq has agreed to invest $100 million in Payward, the parent company of Kraken, to build the relevant infrastructure. The two companies plan to connect Payward’s xStocks ecosystem with Nasdaq’s market infrastructure to support NET distribution, trading and post-trade processing.
Nasdaq is developing tokenized stocks to support on-chain settlement and an always-on trading environment while maintaining existing regulatory frameworks and issuers’ governance rights.
Sources
- Nasdaq — Nasdaq Advances Always-On Markets and Tokenized Equities Strategy with Agreement to Invest in Payward — 2026-09-10 — [ ]
- Nasdaq — Nasdaq to launch equity token design, putting issuers at the center of tokenization — 2026-03-09 — [ ]
- Payward — Payward Deepens Relationship with Nasdaq to Advance Tokenized Equities and Always-On Infrastructure — 2026-09-10 — [ ]