Nasdaq’s $100M Bet on Kraken Pushes 24/7 Stock Trading as Wall Street Exchanges Go On-Chain
Today’s Focus
Nasdaq invested $100 million in Kraken parent Payward (valued at $21B) to push tokenized stocks toward 24/7 continuous trading and T+0 settlement. Tokenized stocks traded $1.41 billion during an 89.5-hour traditional market closure, with Robinhood Chain accounting for 57%. Citi lifted its 2030 tokenization forecast to $5.5 trillion, as DTCC, NYSE and Nasdaq all embed tokenization into core issuance, trading and settlement workflows.
Industry Flash
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Nasdaq injects $100M into Kraken parent — Payward’s valuation rises to $21B; the pair will launch Nasdaq Equity Tokens preserving full voting rights, delivering T+0-settled tokenized stock trading by 2027
Tokenized stocks trade $1.41B during market closure — accumulated across the Labor Day 89.5-hour halt, with Robinhood Chain at 57%; weekend volume nearly matches a weekday, validating 24/7 on-chain pricing
Citi lifts 2030 tokenization forecast to $5.5T — growth shifts to US equities ($2.6T), Treasuries ($0.8T) and money-market funds; DTCC pilot goes fully live in October, with NYSE and Nasdaq building 24/7 venues
U.S. Bank completes cross-border USBDC pilot — a live settlement between its North America and Europe entities on Stellar, one of the first bank-issued stablecoins to go live on a public chain, eyeing 24/7 settlement
Tether and Fasanara launch $400M private credit fund — deploying USDT capital to lenders across 60+ countries with a target of $3B from institutions, moving stablecoin liquidity into real credit markets
Bitwise PAPY lending vault tops $13.26M TVL in 8 days — a Morpho-based RWA-backed lending vault covering cross-border payments, home equity and GPU loans, targeting 5-6% APY with a ~$1B capacity cap
PayPal launches PYUSDx stablecoin development platform — built with M0 and MoonPay, letting businesses issue custom stablecoins backed by PYUSD, pushing stablecoins into programmable enterprise issuance
Pump.fun rolls out Custom Pairs — new tokens can now launch paired against tokenized stocks like Tesla, NVIDIA and the S&P 500, pulling tokenized equities into meme-launch infrastructure
Solana stablecoin market cap climbs to $16.4B — underpinning a meaningful share of the network’s DEX activity, while the Cardano Foundation joins a Dubai RWA industry panel; public-chain settlement-layer competition heats up
SEC revises transfer-agent rules to ease tokenized-securities recordkeeping — a new proposal could remove duplicate off-chain shareholder records and cut reconciliation costs, clearing the way for institutional adoption
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