⚠️SEC Officially Approves Nasdaq Pilot Program for Tokenized US Stocks

According to SEC approval documents, Nasdaq has been approved to launch a pilot program for tokenized stock trading. Eligible participants can complete stock settlement and trading in tokenized form within a custodian framework.

The pilot program specifies:

Tokenized stocks will share order books and matching priorities with traditional stocks and must provide investors with identical rights and legal protections as ordinary shares.

This marks the first time the US has opened institutional access for "on-chain securities" at the level of mainstream exchanges.

From a structural perspective, this is not only a technological upgrade for RWA, but also a critical step in migrating traditional financial infrastructure on-chain. Previously, tokenized stocks were largely limited to offshore markets, while this pilot signals that core US equity assets are beginning to enter the on-chain mapping ecosystem.

The SEC also disclosed that it will solicit public comment on related innovation exemption rules in the coming weeks, though the pilot duration has not yet been announced.

This is not crypto gaining access to Wall Street—it's Wall Street beginning to go on-chain.