A notable step has been taken in the US financial markets. The US Securities and Exchange Commission (SEC) has approved Nasdaq to establish a tokenization-based trading infrastructure for certain stocks. This development is considered a concrete step demonstrating the increasing intertwining of traditional finance and blockchain technology. The regulation, approved by the SEC on March 18, 2026, actually comes after an approximately seven-month review process of an application made in September 2025. Under the new system, certain investors will be able to conduct stock transactions in tokenized form. These transactions will go through clearing and custody processes via a pilot program run by Depository Trust Company (DTC). One of the most striking points is that tokenized shares will operate on the exact same trading infrastructure as traditional shares. These assets will share the same order book, be subject to the same priority rules, and use the same ticker and CUSIP numbers. Investors will also have the same ownership rights in tokenized shares as in classic shares. The scope of the pilot program is currently limited. Accordingly, large-cap company stocks included in the Russell 1000 index, as well as ETFs tracking major indices such as the S&P 500 and Nasdaq 100, will be part of this system. This indicates that more liquid and regulated assets are preferred in the initial stages.
Stocks are being moved to the blockchain and will be traded with the same rights
This decision by the SEC signals a more constructive period in its approach to crypto and blockchain-based financial products. While the institution emphasizes that existing securities laws will continue to apply to tokenized assets, it is also working on new regulatory headings such as "innovation exemption." SEC Chairman Paul Atkins stated that their goal in this process is to both ensure investor safety and make the US a center of financial innovation.
On the other hand, the tokenization process is not entirely smooth. Some market participants express concerns that price differences may arise between tokenized shares and traditional shares, that investor rights may not be fully protected, and that market oversight may become more difficult. However, the SEC stated in its approval text that these risks have been largely addressed and that necessary measures are planned.
Market data also supports growth in this area. The total value of the tokenized stock market has reached $1.09 billion, recording an increase of over 15% in the last 30 days. Monthly transaction volume has exceeded $2.48 billion, while the number of users has risen to approximately 197,000 addresses. Ondo Finance leads in this area with a 61% share, while xStocks is in second place with approximately 24% share.
It is also known that Nasdaq is working on an infrastructure called the "equities transformation gateway" together with Kraken's parent company, Payward. This initiative aims to create a faster and more integrated bridge between traditional finance and crypto markets.
This move by the SEC is seen as a critical threshold in terms of bringing tokenized financial products to mainstream markets. Now, attention is focused on whether other major players, such as the New York Stock Exchange, will take similar steps. How quickly this process progresses will determine whether tokenization moves beyond the pilot phase and becomes a part of daily financial transactions.
