Nasdaq and Kraken have announced a partnership to launch tokenized stock ETP products on the exchange, expected to go live in 2027.

There are several details worth noting about this collaboration.
Kraken, as a distribution partner, will offer tokenized versions of listed company stocks 1:1 linked to the actual shares for European and global customers. "1:1 linkage" means it is not a synthetic asset or derivative, but a true on-chain mapping of real stocks.
The key point is that Nasdaq is currently awaiting final approval from the SEC, which means tokenized stocks are moving from the "gray area" toward "compliance."
The long-standing concern of whether these are "stocks or cryptocurrencies" now has an answer: they are stocks, just managed using blockchain technology.
Last year, the US passed the "Genius Act," a stablecoin law, and traditional financial giants like NYSE and BlackRock have already accelerated their efforts in the tokenization space. Nasdaq’s entry this time shows they are serious.
If it truly launches in 2027, with 24-hour trading, instant settlement, and global circulation, these features once exclusive to crypto will officially enter the traditional stock market.
The moat of traditional brokerages will be completely broken down.