US SEC Approves Nasdaq Securities Tokenization Trading, Stocks Can Be Traded On-Chain

According to the plan, qualified stocks and ETFs can be cleared and settled in the form of on-chain tokens within the existing trading system, and share the same order book, identical trading priority, and completely consistent shareholder rights with traditional stocks. The pilot is advancing based on the Depository Trust & Clearing Corporation (DTC) tokenization plan, allowing investors to choose whether to settle in token form when placing orders, with the system completing on-chain processing after trades are executed.

Nasdaq stated that aside from settlement methods, trading rules, market data, fee structures, and regulatory monitoring remain unchanged, with tokenized securities remaining fully within the existing securities law framework. Industry observers believe this marks "US stocks on-chain" officially entering the regulatory implementation stage, and may reshape the securities issuance, trading, and settlement system.