Overview
- Nasdaq will co-develop an equities transformation gateway with Payward’s xStocks, with Kraken serving as the distribution partner for customers outside the United States.
- The tokens are intended to be 1:1 with underlying shares, preserving voting and dividends while automating corporate actions such as proxy ballots and dividend payments.
- Nasdaq’s prior SEC filing contemplates tokenized and traditional shares remaining interchangeable by settling both through DTCC infrastructure.
- The partners are targeting an operational start in the first half of 2027, with access limited to jurisdictions where approvals allow xStocks to operate.
- The approach aligns with the SEC’s 2026 staff guidance on tokenized securities, as peer venues pursue related offerings and Nasdaq connects European venues via Seturion.