Nasdaq CEO Adena Friedman says tokenizing collateral assets could make collateral more mobile and potentially “free up” tens of billions of dollars currently tied up in market infrastructure. Speaking to CNBC, she argues that converting assets used as collateral into tokenized forms could increase how easily they can be transferred and reused across trading and settlement processes.
Friedman points specifically to tokenizing U.S. Treasurys, equities, and money market fund assets. The outlets describe her comments as focused on collateral liquidity across global markets, suggesting that tokenization could reduce friction in moving collateral between participants and jurisdictions. The coverage largely aligns on the magnitude of the potential impact—tens of billions—while offering limited additional detail on timelines or specific implementation plans. Overall, the story centers on how asset tokenization might change collateral management rather than on a particular product launch or regulatory decision.
