Kraken Partners With Nasdaq In New Tokenized Stocks Move

bitcoinistPublicado em 2026-03-10Última atualização em 2026-03-10

Resumo

Kraken's parent company Payward has partnered with Nasdaq to develop an "equities transformation gateway," a new infrastructure layer connecting regulated tokenized equity markets with permissionless blockchain networks. The collaboration centers on Kraken's xStocks product, which has surpassed $25 billion in transaction volume with over $4 billion settled on-chain. Scheduled to become operational in H1 2027, Nasdaq's equity token design will use xStocks as its permissionless infrastructure layer, maintaining issuer control and regulatory compliance while enabling interoperability with DeFi environments. The gateway will allow seamless movement of tokenized equities between traditional markets and blockchain networks, with Kraken handling KYC/AML requirements. Payward's co-CEO Arjun Sethi emphasized that tokenization transforms equities into programmable instruments capable of serving as cross-platform collateral for trading, margin, derivatives, and lending—significantly enhancing capital efficiency beyond traditional brokerage limitations.

Kraken parent Payward has partnered with Nasdaq to build what the companies describe as an “equities transformation gateway,” a new infrastructure layer designed to connect regulated tokenized equity markets with permissionless blockchain networks. For crypto markets, the significance is clear: one of the largest traditional market operators is now working directly with a crypto-native tokenization framework to move equities between institutional rails and DeFi environments.

The partnership centers on xStocks, Kraken’s tokenized equities product, which Payward said has surpassed $25 billion in total transaction volume less than a year after launch. More than $4 billion of that volume has been settled on-chain, and the framework now counts over 85,000 unique holders across supported networks, giving Kraken a sizable footprint as tokenized stocks move from concept toward market structure.

Nasdaq And Kraken Join Forces

Under the proposed setup, xStocks will power the permissionless infrastructure layer for Nasdaq’s upcoming issuer-sponsored equity token design. That design, which Nasdaq expects to become operational starting in the first half of 2027, is meant to preserve issuer control, existing regulatory frameworks, and the rights attached to the underlying shares while still allowing those assets to interact with blockchain-based financial systems.

In practical terms, the gateway is supposed to let eligible users swap tokenized equities between a regulated, permissioned market environment and open on-chain ecosystems. Payward said this would allow assets to move “fluidly” between institutional trading infrastructure and decentralized financial networks, while Payward Services handles KYC and AML onboarding for participants accessing the bridge through Kraken.

Arjun Sethi, co-CEO of Payward and Kraken, framed the effort as a structural change to how equities can be used once they are placed on programmable rails. “Tokenization upgrades market infrastructure at the asset layer by allowing equities to exist as programmable financial instruments that can operate across both regulated capital markets and open blockchain networks,” he said. “Today most equities sit inside brokerage systems where their utility is largely limited to directional exposure and, in some cases, broker-specific margin arrangements.”

He argued that the current model leaves capital trapped inside siloed venues. “That structure fragments liquidity across venues and leaves a meaningful amount of capital static relative to its potential utility,” Sethi said. “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.”

Sethi went further, tying tokenized equities to a broader capital-efficiency thesis that will be familiar to crypto derivatives traders. “Bringing equities onto programmable infrastructure expands how they can function within a portfolio,” he said. “Instead of simply representing exposure to a company, tokenized equities can operate as collateral within unified trading systems that support spot markets, cross-margin trading, derivatives, perpetual futures, and financing environments.”

That point sits at the heart of the announcement. Payward is not pitching tokenized stocks merely as wrappers for traditional shares, but as collateral that can move across trading, lending and hedging systems under a unified margin framework. In jurisdictions where xStocks are already available, Payward will also serve for an initial period as the primary settlement layer for transactions tied to Nasdaq’s equity token design.

At press time, the total crypto market cap stood at $2.32 trillion.

Total crypto market cap, 1-week chart | Source: TOTAL on TradingView.com

Perguntas relacionadas

QWhat is the main purpose of the partnership between Kraken's parent company Payward and Nasdaq?

AThe partnership aims to build an 'equities transformation gateway,' a new infrastructure layer designed to connect regulated tokenized equity markets with permissionless blockchain networks, allowing equities to move between institutional rails and DeFi environments.

QWhat is xStocks and what milestone has it achieved according to the article?

AxStocks is Kraken's tokenized equities product, which has surpassed $25 billion in total transaction volume less than a year after launch, with over $4 billion settled on-chain and more than 85,000 unique holders.

QWhen does Nasdaq expect its issuer-sponsored equity token design to become operational?

ANasdaq expects its issuer-sponsored equity token design to become operational starting in the first half of 2027.

QHow does Arjun Sethi describe the current limitation of traditional equities in brokerage systems?

AArjun Sethi states that in traditional brokerage systems, equities' utility is largely limited to directional exposure and some broker-specific margin arrangements, which fragments liquidity and leaves capital trapped in siloed venues.

QWhat broader function does Payward envision for tokenized equities beyond being wrappers for traditional shares?

APayward envisions tokenized equities functioning as collateral within unified trading systems that support spot markets, cross-margin trading, derivatives, perpetual futures, and financing environments, enhancing capital efficiency and interoperability.

Leituras Relacionadas

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

After a prolonged decline, the Chinese A-share market staged a strong rally on July 21. The STAR 50 index surged 10.73%, its largest single-day gain in nearly a year, leading a broad-based "V-shaped" reversal. The Shanghai Composite Index rose 1.79%, the Shenzhen Component Index gained 4.81%, and the ChiNext Index jumped 7.05%. Total market turnover reached 2.97 trillion yuan, an increase of 256.1 billion yuan from the previous session, with over 3,100 stocks advancing. The semiconductor sector spearheaded the rebound, with related ETFs posting significant gains. Analysts attribute the surge to three converging factors. First, coordinated capital inflows from "national team" institutions, insurance funds, listed company buybacks, and fund house self-purchases have bolstered market liquidity and confidence. Second, supportive policy signals, including commitments from regulators to ensure stable market operations, provided a favorable backdrop. Third, a stabilization and recovery in overseas markets, notably South Korea, created a positive external environment. Institutions suggest the most severe panic selling phase for the tech sector has likely passed, following a significant digestion of crowded positions and leveraged funds. While short-term volatility may persist, the medium to long-term outlook remains underpinned by enduring trends like AI computing demand expansion and semiconductor localization. The market's focus now shifts to the sustainability of supportive fund flows, earnings reports, and upcoming catalysts from the global AI industry chain.

marsbitHá 24m

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

marsbitHá 24m

U.S. Tech Momentum Stocks Post Largest Single-Day Gain Ever, But Is the Plunge Over?

US tech momentum stocks staged a sharp rebound on Tuesday (July 21st). Morgan Stanley's TMT Momentum Factor surged over 12%, marking its largest single-day gain on record, exceeding even peaks from the 2000 dot-com bubble. Key momentum indices from Goldman Sachs also posted their strongest daily performances in years. The rally was led by semiconductors, with the Philadelphia Semiconductor Index jumping 4.6%. This rebound followed three consecutive down days and a cumulative 33% plunge in momentum stocks, one of the steepest drawdowns since the dot-com era. Analysts attribute the surge largely to a short squeeze. Heavy selling had pushed high-beta momentum stocks into deeply oversold territory, forcing many short sellers, particularly in Asia, to cover their positions, creating a self-reinforcing buying spiral. However, the rebound's internals appear weak. Trading volume was notably low, and advancing stocks still lagged decliners on the S&P 500, indicating a narrow, concentrated rally rather than broad market participation. Diverging views emerge on the outlook. BTIG warns the bounce has hit key resistance and recommends selling into strength, citing extreme volatility and historical parallels to past market tops. Conversely, Goldman Sachs and UBS believe the momentum unwind is nearing its end, suggesting it may be time to gradually add exposure, as positioning has been significantly reduced. They caution, however, that high volatility warrants a measured approach, potentially using defined-risk strategies. The upcoming earnings season, particularly reports from major tech firms like Alphabet, is seen as a critical test for the rally's sustainability. Simultaneously, bond markets flashed a warning, with yields rising partly due to spiking oil prices. Analysts note that if long-term Treasury yields break decisively higher, it could pose a significant headwind for equities, especially growth stocks.

marsbitHá 31m

U.S. Tech Momentum Stocks Post Largest Single-Day Gain Ever, But Is the Plunge Over?

marsbitHá 31m

U.S. Tech Momentum Stocks Record Largest Single-Day Gain Ever, but Has the Rout Ended?

U.S. tech momentum stocks staged a dramatic rebound on Tuesday, July 21st. Key momentum indices like the Morgan Stanley TMT Momentum Factor and Goldman Sachs' High Beta Momentum Long Index posted historic or near-historic single-day gains, fueled largely by semiconductor stocks. This sharp rally followed a severe three-day sell-off that saw momentum stocks plunge 33%, marking one of the steepest pullbacks since the dot-com bubble. Analysts attribute the bounce primarily to a short squeeze, as forced covering from over-leveraged traders, particularly in Asia, created a buying spiral. However, the rally's health is questioned due to weak market breadth—overall trading volume was low, and decliners outnumbered advancers in the S&P 500 despite the index's gain—suggesting a narrow, concentrated surge rather than broad recovery. Opinions on the sustainability diverge. BTIG strategists warn the rebound has hit key resistance levels, citing extreme volatility and historic stock dispersion as signs of an ongoing broader correction, and recommend selling into strength. Conversely, Goldman Sachs and UBS view the aggressive momentum unwinding as nearing its end, noting reduced positioning and a lack of new fundamental catalysts. They suggest the sell-off presents a selective opportunity to add exposure, albeit cautiously and gradually using defined-risk strategies. The immediate trajectory hinges on the ongoing earnings season, with market focus on Alphabet's capital expenditure guidance for AI investment clarity. Meanwhile, bond markets present a risk, with rising Treasury yields—potentially heading toward 5.5%—and widening credit spreads for mega-cap tech companies posing a threat to equity valuations. The combination of technical factors, earnings results, and macro conditions leaves the durability of the rebound in doubt.

链捕手Há 34m

U.S. Tech Momentum Stocks Record Largest Single-Day Gain Ever, but Has the Rout Ended?

链捕手Há 34m

Long-Divided Must Unite, Long-United Must Divide: When L1 Becomes Its Own Rollup, What Is Ethereum's Endgame?

"The Inevitable Cycle: When L1 Becomes Its Own Rollup – What is Ethereum's Endgame?" For years, the Ethereum community grappled with concerns that L2s were fragmenting the ecosystem and eroding L1's value. While L2s provided cheaper execution, they also splintered liquidity and the unified user experience of a single chain. This has prompted a fundamental reassessment of the relationship between L1 and L2. Ethereum's roadmap is evolving. The "Scale" initiative merges L1 and L2 expansion into a holistic framework. L1 itself is advancing with higher gas limits, statelessness, and zkEVM verification, no longer content to be just a low-throughput settlement layer. Consequently, the primary value proposition of L2s is shifting from merely providing cheap blockspace to offering L1 cannot easily provide: application-specific optimizations, privacy features, and flexible governance models. L2s are becoming a spectrum of execution environments with varying degrees of security inheritance from Ethereum. A critical challenge in this multi-chain future is interoperability. The vision is to make Ethereum "feel like one chain again." This relies on advancements in native account abstraction (like EIP-7702) and intent-based architectures (Open Intents Framework), where users declare desired outcomes, and solvers handle the complex cross-chain execution. Furthermore, shortening Ethereum's finality time from minutes to seconds is crucial, as it underpins trust between chains for bridges, stablecoins, and cross-chain applications. Perhaps the most provocative idea is that Ethereum L1 itself could become a form of "its own Rollup." As zkEVM and proof systems mature, high-performance nodes could execute transactions and generate validity proofs. Regular validators would then verify these proofs instead of re-executing all transactions. This blurs the traditional L1/L2 hierarchy, making "Rollup" more of a general execution-verification architecture. Native Rollup aims to integrate L2 validation more directly into the Ethereum protocol, allowing L2s to inherit L1's security more fully and move away from reliance on security councils. In the end, L2s are not destined to replace L1 or be made obsolete by it. The likely future is a unified system where diverse execution environments—each optimized for specific use cases like DeFi, gaming, or privacy—coexist. They will share a common foundation of security, liquidity, and verifiable state, seamlessly connected to restore a cohesive user experience. The next phase for Ethereum is not just about scaling through separation, but about intelligently reintegrating what was separated back into a coherent whole.

链捕手Há 50m

Long-Divided Must Unite, Long-United Must Divide: When L1 Becomes Its Own Rollup, What Is Ethereum's Endgame?

链捕手Há 50m

Trading

Spot
活动图片