Nasdaq Tokenized Equities vs. Kraken xStocks na ₱1.49T

Nag-announce ang Nasdaq ng issuer-sponsored tokenized equities program noong March 9 na may full shareholder rights, proxy actions, at legal equivalence sa traditional shares. Nakatanggap ang Depository Trust Company ng SEC no-action letter noong December 2025 para suportahan ang on-chain minting at burning ng tokenized equities by mid-2026. Nag-file ang Nasdaq ng rule proposal nito noong 2025 at target operational readiness by first half ng 2027.

Umabot ang xStocks ng Kraken sa ₱1.49 trillion ($25 billion) sa total transaction volume across 85,000 unique holders, pero synthetic exposure lang ito—walang voting rights, dividends, o legal claims sa underlying shares, at restricted pa sa non-U.S. retail clients. Nag-frame ang Payward, parent company ng Kraken, ng gateway in terms of capital mobility at collateral efficiency, na may ₱237.61 billion ($4 billion) ng xStocks na na-settle on-chain across Solana, Ethereum, at TON.

Nagpakita ang regulators ng suporta sa issuer-sponsored approach. Naglabas ang SEC staff ng statement noong January 30 na tahasang naghihiwalay ng issuer-sponsored tokenized securities from third-party models tulad ng xStocks ng Kraken. Sinabi naman ng Federal Reserve, FDIC, at OCC noong March 5 na ang capital rules ay technology-neutral para sa eligible tokenized securities. Nag-announce din ang NYSE noong January na gumagawa sila ng separate tokenized-securities platform na may around-the-clock trading at instant settlement, para alisin ang traditional one-day trade delay.

Napakalaki ng stake para sa roughly 4,000 listings ng Nasdaq, na kumakatawan sa around ₱831.64 trillion ($14 trillion) in equity value. Ang hypothetical 0.1% token-rail adoption rate ay maglilipat ng ₱831.64 billion ($14 billion) ng equity value on-chain, habang 1% adoption means $140 billion. Nag-project ang McKinsey model noong 2024 ng $2 trillion in tokenized financial assets by 2030, excluding cryptocurrencies at stablecoins.

Tinitiyak ng proposal ng Nasdaq na ang tokenized at traditional securities ay fully fungible, sharing the same CUSIP number at material rights, with all trades clearing and settling through DTCC. Nanguna ang XRP Ledger sa Solana sa real-world asset tokenization through disciplined control structures by March 2026.

ℹ️ Article Details

• Source: https://wordpress.org/?v=6.4.3
• Original URL: https://cryptoslate.com/people-traded-25b-of-crypto-stock-tokens-that-do-not-make-them-stockholders/
• Reading Time: 3 minutes
• Category: featured-stories
• Tickers: SOL, ETH, XRP
• Key Takeaway: Nasdaq's issuer-sponsored model offers real shareholder rights—Kraken's $25 billion xStocks market doesn't.
• Slug: nasdaqs-tokenized-equities-vs-krakens-xstocks

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