Nasdaq CEO: Tokenization Could Unlock Tens of Billions in Global Capital

Tokenization of traditional financial instruments could unlock tens of billions of dollars in capital that is currently tied up as collateral across the global financial system, Nasdaq CEO Adena Friedman reported at the TOKEN2049 conference in Singapore on Thursday, Oct. 8, 2026. Speaking with CNBC journalist Joanna Ossinger, Friedman said that digitizing assets such as Treasurys, equities, and money market funds alongside the flow of money would render collateral significantly more fluid and efficient.

Genius Act Supports Institutional Interest in Asset Tokenization

Representing financial assets as digital tokens on blockchain networks allows them to be transferred. If we can tokenize money, then we can tokenize the flow of capital, Friedman said.

Institutional interest in asset tokenization has expanded over the past year, supported by regulatory developments in the United States. Friedman pointed specifically to the passage of the Genius Act, which established a regulatory framework for stablecoins.

Retail Demand Meets 24/7 Market Infrastructure

The growing institutional push toward tokenization is converging directly with demands from retail investors who want round-the-clock market access. Friedman noted that the retail trading ecosystem has been about 10 years ahead of institutional infrastructure regarding the desire for continuous trading. However, shifting major markets to a permanent 24/7 schedule presents a significant operational hurdle.

While exchange software can adapt easily to continuous operation, back-end risk and collateral management systems traditionally rely on closed market hours to update records. Everything has to be real time all the time, Friedman said, explaining that risk controls must function without interruption in a 24/7 environment. To aid this complex transition, Nasdaq has deployed digital agents within its risk management platform to offer automated recommendations, with the long-term goal of allowing banking systems to execute direct risk mitigation actions.

Global Firms Seek US Capital Market Access

International companies are increasingly exploring tokenization as a gateway to American public markets and investor capital. Arjun Sethi, co-CEO of cryptocurrency exchange Kraken, told CNBC that international firms of varying sizes are looking at blockchain rails to streamline their entry into global finance. Sethi cited an international company generating roughly $25 million in revenue that was actively exploring ways to access capital markets, alongside larger firms evaluating tokenized offerings and U.S. public listings.

Despite the momentum behind blockchain infrastructure, Friedman cautioned that round-the-clock trading may not apply universally across all asset types. Not every asset is liquid enough to support a 24/7 environment, she said. Nevertheless, enhanced connectivity across global networks stands to bring previously out-of-reach asset classes into portfolios for a wider range of investors.