Nasdaq CEO Adena Friedman highlighted the potential of tokenization to unlock tens of billions of dollars in trapped capital during the Token2049 conference in Singapore on October 8, 2026. Friedman explained that tokenizing assets like Treasurys, equities, and money market funds, along with the flow of money, could make collateral more liquid, leveraging blockchain technology to enhance fluidity.
Friedman noted a growing institutional interest in tokenization, partly driven by the passage of the Genius Act in the U.S., which established a regulatory framework for stablecoins. She emphasized that tokenizing money could streamline the flow of capital. Meanwhile, retail investors have long pushed for 24/7 trading capabilities, staying ahead of institutional demand by about a decade.
The transition to round-the-clock trading would require significant changes, Friedman said. While the exchange infrastructure is the simplest part, financial institutions would need to adapt risk and collateral management processes to operate continuously. She suggested that artificial intelligence could play a critical role in managing this shift, with Nasdaq already integrating digital agents into its risk management platform.
Arjun Sethi, co-CEO of cryptocurrency exchange Kraken, added that companies outside the U.S. are exploring tokenization to access American capital markets. However, Friedman cautioned that not all assets are liquid enough to support 24/7 trading environments. Despite this, greater connectivity in the global financial system could open up new investment opportunities for previously underserved investors.