Wall Street · Tokenization · Crypto Briefing
Nasdaq CEO Adena Friedman confirms tokenization can free billions in trapped capital
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The exchange operator is pitching tokenized stocks as a fix for capital stuck in clearinghouses and brokerage plumbing.
Key facts
- At Ripple ’s Swell conference on November 4, 2025, she said there is “so much capital trapped” in how markets currently operate
- In September 2025, Nasdaq filed a proposal with the SEC to enable trading and tokenized settlement of equities and ETFs on its main markets
- Nasdaq CEO Adena Friedman thinks Wall Street has a cash problem
- The proposal keeps settlement running through the Depository Trust & Clearing Corporation, better known as DTCC
Summary
Nasdaq CEO Adena Friedman thinks Wall Street has a cash problem. Speaking to CNBC, Friedman argued that tokenization could free up billions in trapped capital and make assets more liquid. At Ripple ’s Swell conference on November 4, 2025, she said there is “so much capital trapped” in how markets currently operate. The capital she means sits inside clearinghouses and traditional brokerage systems.