Nasdaq CEO Friedman: Tokenization to Free Billions from 'Trapped Capital'

TVS News AI, editorially supervised, presents Nasdaq CEO Friedman: Tokenization to Free Billions from 'Trapped Capital'.

Nasdaq CEO Adena Friedman sees billion-dollar potential in tokenization. As financial news service CNBC reported on October 9, 2026, the process could free "dozens of billions of dollars" in previously tied-up capital – so-called "trapped capital".

This positions the head of Nasdaq, one of the world's largest technology stock exchanges, clearly as a proponent of tokenization. Which specific asset classes, markets, or time horizons she has in mind does not emerge from the CNBC report. The occasion – conference, interview, or hearing – also remains unclear.

What Tokenization Is

Tokenization means mapping real assets – such as stocks, bonds, or fund shares – as digital tokens on a blockchain. The goal is usually to reduce settlement costs and make hard-to-trade assets more liquid. Precisely this "trapped capital" – currently hard-to-access or tied-up capital – should, in Friedman's view, become more fluid through tokenization.

What Is Known So Far – and What Is Not

The only thing confirmed is Friedman's statement that tokenization could free "dozens of billions of dollars" in tied-up capital. Whether there are already concrete pilot projects by Nasdaq in this direction, what regulatory hurdles she sees, and by when the potential is to be realized – all of that the CNBC report leaves open.