Nasdaq says tokenization could unlock capital across global markets

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Nasdaq on tokenization and capital

Highlights

Nasdaq CEO Adena Friedman stated at TOKEN2049 that tokenizing Treasurys, equities, and money market funds could enhance collateral fluidity across global markets.
Friedman emphasized that moving to 24/7 trading requires real-time risk controls, with Nasdaq deploying digital agents in risk management platforms and AI considered central to this shift.
This push toward tokenization is driven by growing institutional interest following the U.S. Genius Act, with firms like Kraken seeing increasing international demand for access to U.S. capital markets.

Tokenization push gains market backing

As reported by CNBC, Friedman says tokenizing Treasurys, equities, money market funds and the flow of money could make collateral far more fluid across the global financial system. Speaking at the TOKEN2049 conference in Singapore, she says that if money itself is tokenized, the movement of capital can also become more efficient.

She says institutional interest in tokenization has grown over the past year, helped in part by passage of the Genius Act in the U.S., which establishes a regulatory framework for stablecoins. Tokenization, which represents assets such as stocks and bonds as digital tokens transferred through blockchain technology, is increasingly converging with long-standing retail demand for around-the-clock trading.

24/7 trading raises operational demands

Friedman says moving to a fully 24/7 market is a much bigger task than simply upgrading exchange infrastructure. Financial institutions have traditionally relied on market closures to update systems and manage risk, but a continuous market would require risk controls and collateral management to operate in real time at all hours.

She says artificial intelligence could play a central role in that transition, and notes that Nasdaq has launched digital agents within its risk management platform that initially provide recommendations. Over time, she says, banks could allow those tools to take more direct action.

Interest is also emerging outside the U.S., with Kraken co-CEO Arjun Sethi saying international companies are exploring tokenization and access to U.S. capital markets. Friedman adds that not every asset is liquid enough for a 24/7 environment, but says deeper connectivity could broaden investor access to asset classes that have previously been harder to reach.

Our earlier article on OSFI’s 2026 Semi-Annual Risk Outlook explained how frontier AI is amplifying cyber, technology, third-party, and reputational risks across Canada’s financial system, even as institutions remain resilient on capital and liquidity. We also noted the regulator’s response, including updated guidance and technology risk bulletins on Generative, Agentic, and Frontier AI that emphasize stronger governance, controls, and accountability as adoption accelerates.

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