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Tokenising assets and the movement of funds could make tens of billions of dollars tied up as collateral more flexible to use, Nasdaq CEO Adena Friedman said. Digitising government bonds, equities and money market funds (MMFs) could make collateral easier to move and deploy.
Friedman made the remarks in Singapore on the 8th at TOKEN2049, Block Media reported. She said tokenisation could improve collateral liquidity in the global financial system. How ownership and settlement are designed will determine how tokenised assets can be used in trading and collateral management.
Tokenisation represents assets such as equities and bonds as digital tokens that can be transferred on a blockchain. Friedman highlighted digitising not only assets but also the movement of funds, allowing collateral to be used more flexibly across institutions and systems.
As trading hours expand, the time needed to manage risk and collateral also increases. Friedman said 24-hour markets require real-time risk management. Nasdaq has introduced digital agents to its risk management platform, initially using them to provide recommendations.
Nasdaq is pursuing tokenised securities trading within existing market infrastructure. In March 2026, the U.S. Securities and Exchange Commission (SEC) approved a proposed rule change for Nasdaq’s tokenised securities trading. Nasdaq’s proposal would allow conventional and tokenised securities to trade on the existing exchange.
Nasdaq has said it plans to begin trading equities 23 hours a day, five days a week, on December 6, 2026. Friedman said digital agents and artificial intelligence (AI) could support the risk management changes needed for longer trading hours.
For its stock token design, Nasdaq is also seeking to put issuers at the centre of ownership, investor experience, transparency and corporate governance. Its collaboration with Payward, the parent company of Kraken, was presented as part of this approach. Nasdaq has previously proposed integrating tokenised securities into its existing order book.
Friedman did not specify how much capital tied up as collateral tokenisation could actually free up. Her remarks outlined the potential to improve collateral liquidity and trading infrastructure.
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