Nasdaq and Kraken plan tokenized stocks launch in early 2027

Nasdaq and Kraken define core deal

Nasdaq has agreed a partnership with Kraken parent Payward to develop infrastructure for tokenized stocks. These are digital representations of traditional shares recorded on blockchains. The arrangement combines Nasdaq’s market infrastructure and Payward’s xStocks framework for tokenized instruments. Public announcements describe an issuer-sponsored model, where listed companies retain control over their equity tokens. Several news outlets report the same partnership between Nasdaq and Payward.

"This issuer-sponsored model for tokenized equity securities is crafted to empower public companies and improve global access to U.S. equity markets.", 09 March 2026. — Tal Cohen, President, Nasdaq

Planned launch in first half 2027

Nasdaq states that the first issuer-sponsored tokenized stocks are expected in the first half of 2027. The plan covers U.S. equities, which are shares in companies listed on American exchanges. This timing appears in Nasdaq’s announcement and in finance news reports. The date is presented as an expected launch timeline rather than a fixed regulatory deadline.

How the issuer-sponsored model works

The model is described as issuer-sponsored, meaning the company that issued the stock sponsors the tokenized version. Nasdaq and Payward present this as a way to keep existing shareholder rights and market rules in place. Tokenized stocks are planned to remain aligned with prices on primary exchanges. The framework aims to maintain protections such as accurate pricing and orderly settlement. Public communication emphasizes regulatory protections similar to those for traditional shares traded on Nasdaq.

"With xStocks, our goal is to make equities natively interoperable across trading venues, financial applications and blockchain networks while preserving issuer rights, regulatory protections and price integrity.", 09 March 2026. — Arjun Sethi, Co-CEO, Payward and Kraken

Bridge between regulated markets and blockchains

The partnership describes a bridge between regulated equity markets and blockchain networks. Public materials mention a permissioned environment for primary trading, where only eligible participants access core markets. They also describe a permissionless infrastructure layer, connected through xStocks, for interaction with decentralized networks in eligible jurisdictions. Statements highlight that any blockchain connection should preserve issuer rights and legal protections. Detailed public technical documentation of specific decentralised finance (DeFi) integrations is not yet available.