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▲ Coinbase (COIN), Nasdaq (NASDAQ), Tokenized Stocks/AI Generated Image
Coinbase and Nasdaq have entered a direct confrontation for dominance in the $3 billion tokenized stock market.
According to Benzinga on September 15 (local time), Coinbase Global (COIN) presented tokenized stocks, linked 1:1 to physical shares, as a new standard. Eligible non-U.S. investors can trade U.S. stocks 24/7 via blockchain. Each token is backed by actual shares held by a regulated custodian and reflects dividends and stock splits.
CEO Brian Armstrong stated that Coinbase's tokens differ from products that merely track stock prices. Investors have rights to actual shares held in a custody structure separated from bankruptcy risk. Coinbase designed the tokens to be traded within the Base ecosystem or used for lending and collateral.
Nasdaq (NDAQ) countered by investing $100 million in Payward, Kraken's parent company. The two companies are jointly developing Nasdaq Equity Tokens, aiming for a Q2 2027 launch. The plan is to combine Nasdaq's regulated market infrastructure with Kraken's cryptocurrency trading platform and xStocks infrastructure.
The competition's focus is not limited to tokenizing individual stocks like Nvidia (NVDA) or Apple (AAPL). The tokenized stock market, estimated by Reuters, is approximately $3 billion, with monthly trading volume under $30 billion. Coinbase is leveraging Chainlink price oracles and Base to connect tokenized stocks with decentralized finance. Nasdaq has adopted a strategy of directly linking blockchain assets with traditional financial market infrastructure.
Benzinga assessed that the tokenization competition is shifting from a simple cryptocurrency product race to a battle for financial market infrastructure. Coinbase is emphasizing integration with decentralized finance, while Nasdaq is pushing its existing securities market infrastructure. Key variables for future market expansion include regulatory frameworks, investor adoption, and the issuance of tokenized stocks with voting rights and shareholder rights.
[Article Key Summary]
-Coinbase has put forward tokenized stocks that are 1:1 linked to actual shares and reflect dividends and stock splits.
-Nasdaq is investing $100 million in Payward, Kraken's parent company, and is pushing for the launch of tokenized stocks in Q2 2027.
-The competition surrounding the approximately $3 billion tokenized stock market is expanding beyond trading products to a fight for dominance in financial infrastructure.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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