Nasdaq Plans to Launch Tokenized Stocks in Q2 2027

Nasdaq, in collaboration with Payward, the parent company of the cryptocurrency exchange Kraken, is preparing to launch Nasdaq Equity Tokens in the second quarter of 2027. The project involves using the xStocks infrastructure to work with tokenized stocks. However, the companies have not announced the use of the XRP Ledger or the mandatory use of XRP.

On September 10, Nasdaq announced an agreement to invest $100 million in Payward. According to the quarterly report of the exchange operator, the investment was completed in the same month: Nasdaq acquired preferred shares of Payward. The partners intend to develop trading and settlement infrastructure while preserving investors' rights.

What the SEC Approved

On March 18, 2026, the U.S. Securities and Exchange Commission (SEC) approved a separate rule change for Nasdaq. It allows certain securities to be traded in tokenized form with settlements through the Depository Trust Company (DTC) infrastructure.

This decision does not imply a mandatory transfer of shares to a public blockchain and does not establish a connection with the XRP Ledger. The regulator's approval and the Nasdaq Equity Tokens project with Payward pertain to different tokenization mechanisms.

Where the XRP Ledger is Actually Used

On September 29, Ripple announced a partnership with the Brazilian depository CSD BR. In the first phase, the XRP Ledger blockchain is used as an additional layer for reflecting and verifying records of BTG Pactual investment fund shares. Official accounting and settlements remain in the CSD BR systems.

The Brazilian operator's infrastructure registers assets worth over 22 trillion reais. However, this figure characterizes its entire business, not the volume of funds already tokenized in the XRPL.

The mere placement of asset data on the XRP Ledger does not mean that their market value translates into demand for XRP. The token is needed for paying network fees and account reserves, and under certain trading arrangements, it can be used to provide liquidity.

The minimum fee for a standard transaction is currently 0.00001 XRP. Therefore, the potential impact of tokenization on demand depends on the number of operations, account structure, and actual use of XRP in settlements, not just on the value of assets represented in the network.