secapprovesnasdaqtokenizedstockspilot

The U.S. Securities and Exchange Commission (SEC) has approved a Nasdaq pilot program that will allow eligible participants to settle certain equity trades in tokenized form using infrastructure operated by the Depository Trust Company (DTC), according to a PANews report.
Under the pilot, tokenized stocks will share the same order book and execution priority as traditional stocks and must provide shareholders with the same rights and privileges as regular trading stocks. The goal is to preserve existing market structure while testing tokenized settlement workflows.

On March 18, 2026, the U.S. Securities and Exchange Commission (SEC) approved a pilot program for Nasdaq to trade and settle tokenized versions of certain securities. This initiative integrates blockchain technology directly into the primary U.S. equity market infrastructure for the first time. 

Pilot Program Key Features
Asset Scope: Initially limited to high-volume stocks in the Russell 1000 Index and ETFs tracking the S&P 500 and Nasdaq-100.
Unified Trading: Tokenized shares will trade on the same order book and at the same price as traditional shares.
Identical Rights: Tokens will carry the same tickers, CUSIP numbers, and shareholder rights, including dividends and voting privileges.
Settlement Infrastructure: Trades will settle through a Depository Trust Company (DTC) pilot program, which converts entitlements into token form after standard T+1 clearing.
Eligibility: Only "eligible participants" can choose to receive delivery in tokenized form by setting a specific "tokenization flag". 

Strategic Objectives
Efficiency: Testing blockchain's ability to eventually provide near-instant settlement and reduce counterparty risk.
24/7 Access: Laying the foundation for round-the-clock trading, though initially restricted to standard market hours.
Modernization: Shifting away from legacy book-entry systems to more transparent, digital-native "digital twins" of traditional shares. 

Regulatory Context
Approval Timeline: Nasdaq first filed for the rule change in September 2025; approval followed amendments addressing SEC concerns about surveillance and price divergence.
Institutional Adoption: The move aligns with a broader industry push toward Real World Asset (RWA) tokenization, with competitors like the NYSE's parent, ICE, also exploring similar blockchain platforms. 

The pilot launch is expected in Q3 2026. 

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Sign is not selling to the government 'to replace your existing system with ours', but 'to add a backup layer next to you that won't crash.'
The difficulty in selling these two statements is significantly different. The former requires the government to acknowledge failure, which poses great political resistance. The latter is the standard logic for IT risk control, and any technical team can approve the budget.
So why can Sign sell this backup layer? The answer is provided by the Tiger Research report: TokenTable has done $3 billion in token distribution and 55 million wallets in Web3. This large-scale distribution combined with identity verification and anti-duplication capabilities addresses the same issue that governments face when issuing CBDCs and social welfare. This is a real delivery record, not a concept.

This question has been troubling me for several days until I saw that report from Chainwire, which made me understand.
Sign sells to the government not "to replace your existing system with ours", but "to add a backup layer next to you that won't crash".
The difficulty in selling these two statements is not even close. The former requires the government to admit failure, which has tremendous political resistance. The latter is standard logic for IT risk control, and any technical team can approve the budget.
Then there's the question of how Sign can sell this backup layer—Tiger Research's report provides the answer: TokenTable has distributed $3 billion worth of tokens and created 55 million wallets in Web3. This large-scale distribution combined with identity verification and anti-duplication capabilities addresses the same problem that the government faces with issuing CBDCs and social welfare. This is a real delivery record, not a concept.