Nasdaq and Kraken Launch Tokenized Equities Gateway
Nasdaq and Kraken are building a tokenized equities gateway keeping issuers fully in control, with the program expected to go live in H1 2027 globally.
What to Know
- Nasdaq and Kraken parent Payward — along with subsidiary Backed — are building an equities transformation gateway for tokenized stocks
- The program is expected to go live in H1 2027, with issuer participation remaining voluntary
- Nasdaq filed its tokenization proposal with US securities regulators in September 2025, laying the groundwork for today's deal
- ICE invested in OKX last week with plans for NYSE-listed tokenized stocks by Q2 2026 — a full year ahead of Nasdaq's timeline
Nasdaq tokenized equities just got a real-world execution plan. The world's second-largest stock exchange announced Monday it's teaming up with Payward — Kraken's parent company — and Payward's subsidiary Backed, the issuer behind xStocks, to build an equities transformation gateway. The goal: tokenized stocks that move between regulated markets and on-chain networks without issuers losing control of their own equity.
What Is the Nasdaq-Kraken Equities Gateway?
The gateway creates interoperability between Nasdaq's market infrastructure and decentralized networks — a tokenized share could settle on-chain while still respecting the same shareholder rights and compliance rules as the original. Nasdaq president Tal Cohen tied it to the Nasdaq tokenization proposal SEC filing from September 2025: today's Kraken deal is the first visible execution step off that blueprint. The "issuer-centric" framing is deliberate — it's Nasdaq telling every nervous CFO that tokenization won't strip them of control.
Tokenization has the potential to unlock the benefits of an always-on financial ecosystem — enhancing how investors access markets, how issuers engage with shareholders.
Where Does Kraken's Acquisition of Backed Fit In?
The Kraken acquisition of Backed in December 2025 wasn't just a bolt-on. It handed Kraken the xStocks infrastructure and positioned the exchange as a bridge between TradFi settlement rails and crypto-native liquidity. Backed actually issues tokenized stock certificates — pair that with Nasdaq's issuer relationships and you get a closed loop neither party could build alone. Nasdaq plans to bring in additional issuers, transfer agents, and regulators as the framework expands, with participation staying voluntary.
Is Nasdaq Already Falling Behind on Tokenized Equities?
Here's the part the announcement glosses over. Intercontinental Exchange invested in OKX last week, targeting NYSE-listed Nasdaq tokenized equities live on that exchange by Q2 2026. That's a full year before Nasdaq's own H1 2027 target. The stock exchange that pioneered all-electronic trading is — for now — playing catch-up on its own concept.
Cohen says Nasdaq's issuer-sponsored model is about empowering public companies and expanding global access to US equity markets. Maybe. Or maybe the "issuer-centric" label is what you call tokenization when you need legacy power brokers to come along for the ride.